| Simon Chantry, Bitt
| John Kiff, Satoshi Capital Advisors

Many central banks are studying, designing, prototyping, or rolling out retail CBDCs. Motivations differ significantly across jurisdictions, but there is one potential advantage that could be common to all cases.

If central banks agree on some basic technological foundations, retail CBDCs could interoperate and become a solution to cross-border retail payments. Is this an overlooked potential benefit of retail CBDCs?

We asked guests Simon Chantry (Co-founder & CIO, Bitt) and John Kiff (Head of CBDC/ Digital Captial Markets Advisory, Satoshi Capital Advisors), who joined session #12 of the CBDC Broadcast, to discuss.

The session covered:

• Whether a CBDC could be a catalyst for responsible innovation in the digital economy and ensure interoperability with legacy and future payment solutions for cross-border payments
• The possibility of a CBDC crowding out other payment instruments
• Whether achieving full interoperability is likely if retail CBDCs are designed with local use in mind
• The factors determining if CBDCs could be interoperable
• How foreign exchanges issues typical of cross-border payments be solved via interoperable CBDCs
• The competitors of cross-border retail CBDCs- correspondent banking, stablecoins and cryptos or both
• Whether an FMI’s decision to provide interoperability between a CBDC with another form of money would be a commercial decision based on its business model
• Whether the type of CBDC issued to the market would impact the willingness of FMIs to provide interoperability
• The benefits cross-border retail CBDCs bring to the table

| Anneke Kosse, Bank for International Settlements
| Illaria Mattei, Bank for International Settlements

Today, 90 per cent of central banks are exploring Central bank digital currencies, with over half already developing digital currencies or conducting experiments.

In Session #10 of FNA’s 60-minute webinar series, The CBDC Broadcast, guests Anneke Kosse and Ilaria Mattei from the Bank for International Settlements joined FNA to discuss the recent report ‘Gaining Moment – Results of the 2021 BIS Survey on Central Bank Digital Currencies and the report “Options for access to and interoperability of CBDCs for cross-border payments.”

The session covered:

• The current state of CBDCs
• Emerging trends surrounding bank engagement, motivations and intentions
• The critical questions to address when developing a CBDC
• Common interoperability models and the likelihood they are to succeed
• Wholesale CBDCs and cross-border payments
• The cross-border frictions CBDCs could address
• The importance of international cooperation to the success of a CBDC