Friday, 20 May 2022

BIS and Bank Indonesia invite global innovators to take up CBDC challenges  

5 min read

 The Bank for International Settlements (BIS) Innovation Hub and Indonesia’s G20 Presidency, through Bank Indonesia, launched the third G20 TechSprint Initiative, focusing on developing new solutions for central bank digital currencies (CBDCs). 

The G20 TechSprint Initiative 2022 is an international competition to explore innovation and develop cutting-edge sustainable technological solutions. It is open to participants from around the world. This year’s “hackathon” invites global innovators to develop new solutions for issuing and distributing CBDCs; use them to advance financial inclusion and improve interoperability between payments systems following successful initiatives on regulatory and supervision compliance and green finance solutions in previous years. 

The BIS Innovation Hub and Bank Indonesia have published three problem statements in the following categories for the 2022 TechSprint:

Agustín Carstens, general manager of BIS said, “There is a collective belief that CBDCs have potential for promoting the public interest in this age of digital money. Trust in money is the glue that holds the financial system together. It is for this reason that, as technology advances, central banks must ensure that the monetary system remains fundamentally a public good and preserve its stability”.

Perry Warjiyo, governor of Bank Indonesia mentioned that the ultimate goals of CBDCs can be achieved by recognising the importance of collective understanding of its technology and inclusive collaboration among major developed countries and emerging economies, which has always been the core purpose of the G20.  “Through the G20 TechSprint 2022, we aim to foster and challenge the international community to propose and deliver the most practical and deployable solutions in designing and implementing CBDCs.”

How to participate

Interested participants can compete and develop innovative solutions to these problems using the appointed APIX hackathon platform, which facilitates registration, prototype building and online judging of project proposals.

Re-disseminated by The Asian Banker

Diary of Activities