About this event
Tony McLaughlin, Managing Director Transaction Banking at Citi Bank, will present his proposal for a tokenized regulated liabilities network as a complement to unregulated stablecoins and CBDCs.
Digital payment solutions based on distributed ledger technology (DLT) are seen as a highly disruptive force in payment ecosystems of national fiat currencies all around the world. Various institutions have increased their efforts to modernize payment infrastructures and to realize the potential efficiency gains of tokenized money. This includes central banks as the monetary institutions of the public sector but also many private stablecoin providers around the globe.
The supply of stablecoins has risen dramatically over the last years and use cases have emerged not only in the crypto- but also in the non-crypto ecosystem. However, it still remains unclear if stablecoins will provide an economically scalable solution for the tokenized money of the future as most of them are still unregulated and are considered to increase risks in the financial sector. On the other hand, central banks are discussing whether to issue retail central bank digital currencies (CBDCs). If not designed properly, CBDCs might disintermediate the banking sector and potentially change the way commercial banks operate. The question remains, therefore, how to issue scalable tokenized money.
In his article “The regulated internet of Value” (https://www.citibank.com/tts/insights/articles/article191.html), Tony McLaughlin outlines a network on which different forms of money that we already know today can be transferred as tokens issued on distributed ledgers. These different monies are all “regulated liabilities” and include commercial bank money, electronic money, and central bank money. A network that tokenizes regulated liabilities on the same chain may deliver a next generation digital money format with the benefits of DLT but without the downsides of currently discussed digital money forms such as stablecoins or CBDCs.
As DLT has the potential to represent multiple forms of digital value, we might go further and envision the creation of networks that tokenize regulated liabilities and regulated assets on the same chain. Such a network would be significantly different from today’s siloed financial architecture: It would embody all types of tokenized assets and money in an ‘always on’, programmable and global network — a regulated internet of value.
The aim of this webinar is to understand the “tokenization thesis” and the proposal of the regulated internet of value better. In particular, we will focus among others on these questions:
How do current forms of money differ from cryptocurrencies?
Which efficiency gains does tokenization of money and assets promise?
What are the limiting factors of currently discussed forms of tokenized money?
How can currently existing forms of money be represented on a DLT?
Which processes need to be included in order to be able to transfer these tokenized monies?
Which benefits will the regulated internet of value bring?
During the webinar, you will also have the opportunity to ask direct questions to the speaker.
Participants of the webinar
Tony McLaughlin, Emerging Payments and Business Development, Treasury and Trade Solutions (Citi)
Manuel Klein, Co-founder and member, Digital Euro Association (DEA)
Location and Date
Location: Online. Details for the live broadcast will be sent to you on the day of the event (no prior software installation required)
Date: October 27, 2021
Time: 18h00–19h00 (CET)
18:00 – Welcome and introductory words (Manuel Klein, Co-founder and member, Digital Euro Association)
18:05 – Introduction of the Digital Euro Association (Manuel Klein)
18:10 – Presentation of the regulated internet of value proposal (Tony McLaughlin)
18:30 – Q&A
19:00 – End of webinar
Tickets and registration
Required via Eventbrite; you will receive the URL for the webinar in advance.
Who should participate?
Employees and decision-makers from the financial sector interested in blockchain technology and advancements of the monetary system
Decision-makers and employees from the financial and capital market industry who are affected by the introduction of a digital Euro
Lawyers and consultants with a focus on capital market law and digitization
Decision-makers and employees from the financial and capital market industry who are affected by the regulation of the crypto market
Journalists from the economics and technology department
Other groups of people with an interest in capital markets, crypto assets, technology, and digitization
Employees of startups with digital business models
Digital Euro Association