Tech in Finance Conference 2023: CBDCs and The Future of Banking
EXPERTS GETTING TOGETHER IN TECH IN FINANCE ENSURE THAT THE CREATION OF THE DIGITAL EURO WILL BE ONE OF THE MOST IMPORTANT REFORMS OF THE 21ST CENTURY AND WILL DEEPLY TRANSFORM FINANCIAL SERVICES
- It will cause a liberalization of financial activities in which citizens and companies will be able to participate.
- Tech in Finance has hosted 17 sessions and brought together more than 150 professionals representing more than 20 companies in Malaga.
The creation of digital currencies by central banks was one of the star topics addressed at the Tech in Finance Conference 2023 which brought together more than 150 national and foreign professionals related to the technology and the financial world representing more than twenty companies and institutions.
In the round table dedicated to this topic, the former governor of the Bank of Spain, Miguel Angel Fernández Ordóñez, explained that the process of creating the digital euro is going to be the most important reform of the 21st century, at the height of the telecommunications revolution in the 20th century and will involve the design of a platform so that, in addition to banks, citizens can also use this currency, which will produce a liberalization of financial activities.
He also considered that one of the advantages that the digital euro will bring is the disappearance of monetary policy, to the extent that banks will not have to alter interest rates to control demand, but rather control the issuance of money. All this will lead to softening macroeconomic policies and interventions by central banks will be less necessary.
He also explained that he sees the process of creating the digital euro by the European Central Bank as unstoppable, which has already approved the preparation phase, which will last 2 years, and requested that regulators carry out an educational effort so that citizens understand well the significance of this reform, the repercussions on their daily lives and end up supporting it.
Alex Saiz Verdaguer, CEO of MONEI, warned of possible political pressure to stop this process of financial transformation. He also pointed out in this regard that it will have to be a very smooth process so as not to endanger the current financial system. However, he assured that the digital euro has technically overwhelming potential and will open up a range of extremely advanced functionalities available to companies and SMEs.
Juan Lobato, co-founder and co-CEO of Ebury, described a scenario, starting from the creation of the digital euro, in which, apart from the banks, there will be payment service providers. That is, the door will be opened so that any citizen or company that wants to provide payment services, without having to have a lot of capital, can do so within the conditions established by the regulations.
Tech in Finance is organized by the global fintech Ebury, with technology headquarters in Malaga, and has chosen the Diocesan House of Malaga as the venue for its celebration. In total, 17 sessions were held, including round tables and conferences in which Artificial Intelligence was addressed as the main topics; financial services at scale, and cryptocurrencies and CBDCs (Central Bank Digital Currencies).
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MONEI is the leading omnichannel payments platform in Southern Europe.