Today the Bank for International Settlements (BIS) announced a hackathon, the G20 TechSprint with Bank Indonesia that targets central bank digital currencies (CBDC). Indonesia currently holds the G20 Presidency.
The hackathon will focus on three areas. Firstly the basics of effectively issuing, distributing and transferring CBDCS but also including programmability. This can be for either a retail or a wholesale CBDC. It also wants to explore enabling financial inclusion and interoperability with existing payment systems.
“There is a collective belief that CBDCs have potential for promoting the public interest in this age of digital money,” said Agustín Carstens, General Manager of the BIS. “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.”
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