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Central Bank Digital Currencies - Economic Affairs Committee to hold first evidence sessions

Monday 11 October 2021

On Tuesday 12 October 2021 the House of Lords Economic Affairs Committee will be taking evidence from two panels of witnesses as part of its new inquiry on Central Bank Digital Currencies (CBDC).

These evidence sessions will be streamed live on Parliament TV.

The first session will begin at 3pm. Giving evidence will be:

  • Simon Gleeson, Partner, Clifford Chance
  • Professor Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University.

The second session will begin at 4pm. Giving evidence will be:

  • Natasha de Teran, Member of the Financial Services Consumer Panel
  • Georges Elhedery, Group Executive and Co-CEO of Global Banking & Markets, HSBC.

Topics the committee is likely to cover in these sessions include:

  • Main issues driving central banks to explore central bank digital currencies.
  • The threat to financial stability of privately issued digital currencies, particularly stablecoins.
  • The disintermediation risk to the commercial banking sector posed by CBDCs.
  • Trade-offs central banks and governments need to consider when assessing the level of privacy and data protection in their designs for a CBDC.
  • The advantages of CBDCs offer to consumers, merchants or people sending money overseas that cannot be replicated through improvements to existing payment systems.
  • How CBDC could stifle innovation in finance and payments.
  • How CBDC can square the circle of being 'like cash' while meeting 'know your customer', anti-money laundering and other requirements.

The committee’s inquiry is looking at the main issues confronting HM Treasury and the Bank of England as they explore the potential of a possible CBDC for the UK. It will also examine how a CBDC might affect the role of the Bank, monetary policy and the financial sector.

The committee recently issued a call for written evidence. The deadline for the submissions is 15 October 2021. Read the call for evidence and find out how to submit evidence.

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