Event Details

While the world's first central bank digital currency (CBDC) was issued in the Bahamas in October 2020, the concept of a CBDC dates back as early as 2003 when the Bank of International Settlements (BIS) published a working paper discussing the role of central bank money in the payment ecosystem. CBDCs started to be taken more than just an interesting economic idea when Facebook announced in June 2019 that it would issue a digital currency called Libra that are essentially blockchain tokens backed by a basket of currencies.


Among the major economies in the world, China is taking the leading role in implementing CBDCs. China first tested its digital Renminbi in four cities such as Shenzhen and Suzhou in 2020, and further extended the test to six other cities including Shanghai in 2021. People's Bank of China, in collaboration with BIS, has also been experimenting with cross-border payments using CBDCs with central banks in Thailand and The United Arab Emirates. Although more wary of the risks of CBDCs, other major central banks such as the Federal Reserve (FED) and the European Central Bank (ECB) are becoming more open towards CBDCs. The ECB will make its decision to launch a digital Euro or not in the middle of this year, and the FED will publish a research paper discussing the possibility of issuing a digital Dollar in this summer. The BIS estimates that 86% of central banks are actively exploring CBDCs, with 1/5 of the world population poised to use the CBDCs of their central banks within 3 years.


The associated explosion of stablecoins — privately-issued digital currencies that peg to a stable reference such as the US dollar — has gone up 20x to become a US$100 Billion market over the last year. An estimated US$24 trillion dollars of digital assets (1/4 the broader money supply of the world) will be created by 2027. The global consensus on digital currencies/assets have surpassed a critical inflection point with both institutional adoption and massive retail demand. Top global financial institutions including investment banks, payment companies, asset managers, insurance companies and university endowments are mobilising to embrace digital currencies and assets.


CBDCs are likely coming in the foreseeable future. How will CBDCs work and what are its advantages compared with conventional currency? How will CBDCs change the monetary and financial systems that have been keeping the world economy running? What are the implications of CBDCs for the business world? We will discuss these questions in our lunch event where Dr Michael Sung, Founder and Chairman of CarbonBlue Innovations and Co-Director of the Fintech Research Center at Fudan University, will share his thoughts on the future world of CBDCs with our audience.

Please note that this event is limited to senior-level executives and per invitation only. If you are not an existing member of The Economist Corporate Network, but would like to learn how you can attend our events, please contact us.

Agenda

12 PM - 12:30 PM
Registration & Drinks
12:30 PM - 2 PM
Lunch and Discussions

Speakers

  • Prof. Michael Sung (Founder and Chairman of CarbonBlue Innovations, Associate Professor at Fanhai International School of Finance at Fudan University)

    Prof. Michael Sung

    Founder and Chairman of CarbonBlue Innovations, Associate Professor at Fanhai International School of Finance at Fudan University

    Prof. Michael Sung is a technology venture builder and investor, having founded various companies over the years in diverse high-tech industries ranging from fintech, AI, blockchain, semiconductor, and new materials industries. He is founder and Chairman of CarbonBlue Innovations, a cross-border tech-transfer platform that is focused on rapidly commercializing and scaling internationally-sourced blockchain, fintech, and digital finance innovation to developing countries. Prof. Michael Sung is the founding Co-Director of the Fintech Research Center at the Fanhai International School of Finance at Fudan University. His applied research includes digital finance, fintech policy & regulation, AI & blockchain innovation, cryptoeconomics, digital asset investment banking, asset-backed securitization, green finance, as well as finance and business model innovation associated with cryptotoken economies.

    Prof. Sung is frequently invited to speak at high-profile international events including at the UN, OECD, OMFIF, Vatican, C100, Money20/20, Global Blockchain Business Council, Crypto Finance Conference, etc. and has organised and hosted high-profile events including the One World Blockchain Forum and an annual Future of Fintech and Finance Forum at Davos. Prof. Sung serves as a member of the CBDC Committee for the World Digital Economy Council, China Digital Finance Advisory Group for the United Nations Task Force on Digital Financing of the Sustainable Development Goals, China Ambassador for the Global Blockchain Business Council, and is also working with the UN Economic and Social Commission for Asia Pacific on various digital finance and digital economy initiatives.

    Prof. Sung received his Ph.D. in EECS at the MIT Media Lab/Computer Science and Artificial Intelligence Laboratory as well as a graduate financial engineering degree from MIT Sloan Business School.

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  • Dr. Guoxiong Zhang (Shanghai Director, Economist Corporate Network)

    Dr. Guoxiong Zhang

    Shanghai Director, Economist Corporate Network

    Dr. Zhang is the Network Director of the Economist Corporate Network at Shanghai. He is also leading the Economist Corporate Network's economic and business research in China.

    Before joining The Economist Group, Dr. Zhang was an Assistant Professor of Economics at Antai College of Economics and Management, Shanghai Jiao Tong University. He was also a Visiting Scholar at Kellogg School of Management, Northwestern University. Dr. Zhang has extensive research experience in the Chinese economy, particularly China's monetary and fiscal policies, from both academic and policy perspectives. His research journey on the Chinese economy started at the Asian Development Bank in 2011. As a faculty member at Shanghai Jiao Tong University, Dr. Zhang leads two state-funded research projects as the principal investigator. Dr. Zhang's research has been presented at numerous international academic conferences and published in several prominent academic journals. At Shanghai Jiao Tong University, he taught macroeconomics and finance.

    Dr. Guoxiong Zhang graduated from the University of California, Irvine, with a Ph.D. in Economics and an MS in Statistics. He also holds a BA in Economics from Zhejiang University.

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