Central bank digital currency (CBDC) and stablecoins, particularly Libra/Diem as a global stablecoin, are game changers to international business. Digital currency affects digital identity and data and will significantly affect the business eco-system. This important and current topic area sees economies conducting a series of trials or exploring the possibility of CBDC (such as China and the EU). Central banks are working with international organizations (like BIS) to share their experience regarding CBDC. CBDC and global stablecoin will profoundly affect commercial banks, private payment system, technology firms, as well as businesses and other stakeholders involved in payments and that need to use currency.
These developments raise questions which include: What are the different approaches to CBDC? What is the future trend of international business in the view of CBDC? What are the implications of CBDC for regulators, businesses and other stakeholders in Australia, Singapore and the region? How should jurisdictions address the challenges and reap the benefits? Will CBDC lead to innovation in the business?
Co-sponsored by the Centre for Commercial Law in Asia (CCLA), Singapore Management University (SMU) and UNSW Law & Justice’s Herbert Smith Freehills China International Business and Economic Law Centre (CIBEL), this Banking Law Webinar Panel 1: Challenges for CBDCs, Stablecoins and Digital Payments in the Asia-Pacific were held virtually on 21 May 2021.