The Digital Pound Foundation’s podcast where we discuss the prospects for implementing a digital pound and the impact of new forms of digital money more broadly.
19: How Blockchain and Tokenization Is Revolutionising the Financial Industry | Poundcast Episode 19
Tokeny co-founder Daniel Coheur joins host Helen Disney to explore how blockchain and tokenization are revolutionizing the financial industry with enhanced transparency, efficiency, and liquidity.
1 Aug 2024TRANSCRIPT
18: Unlocking the Potential of Web3 in Financial Services
In episode 18 of the Poundcast, we welcome Rita Martins, author of the book "Web3 in Financial Services: How Blockchain, Digital Assets and Crypto are Disrupting Traditional Finance". Rita discusses her career journey from consulting roles at Accenture and HSBC to her current focus on blockchain technology in finance.
During this episode, Rita elaborates on the transformative potential of Web3 and the evolving blockchain ecosystem, explaining how traditional finance and decentralized finance (DeFi) are beginning to converge. She covers key topics such as tokenization, digital identity, and practical applications of blockchain in the financial services industry. The episode highlights the advantages of digital assets, unique ownership, and the future role of digital money, including stablecoins and central bank digital currencies (CBDCs).
Listeners will gain insights into how blockchain and Web3 are poised to enhance efficiency and foster innovation in the financial sector. Rita shares examples and discusses the practical benefits and future possibilities of integrating decentralized technologies in mainstream finance. This episode offers valuable information for financial professionals, tech enthusiasts, and anyone interested in the future of money and financial technology.
27 Jun 2024TRANSCRIPT
17: How Star Wars and Star Trek Got The Future of Money So Wrong!
In episode 17 of the Poundcast, we are thrilled to host technologist and thought leader Dave Birch. With a rich background in secure communications and financial services, Dave shares his insights on the evolution of money from physical forms to digital assets. We delve into the historical context of money, discuss the role of digital identity, and explore the fascinating world of digital currencies and their potential to reshape the financial landscape.
Join us as we journey through the concept of money evolving from atoms to bits, the influence of technology on society, and the potential future where digital assets replace traditional currencies. Dave's unique perspective on digital identity, tokenisation, and the far-reaching implications of cryptocurrencies offers a thought-provoking exploration of the financial future.
Whether you're interested in the history of money, the future of digital currencies, or just enjoy a good conversation about technology's impact on society, this episode is a must-listen. Tune in for a captivating discussion that spans from tally sticks to the metaverse, and discover what the future holds for the way we think about and use money.
11 Jun 2024
16: Crypto Asset and Stablecoin Regulation in the UK: Past, Present and Future
In Episode 16 of the Poundcast, we are joined Laura Navaratnam to explore the evolving landscape of crypto asset regulation in the UK. Laura is the UK Policy Lead at the Crypto Council for Innovation and previously spent seven years at the UK Financial Conduct Authority in a variety of leadership roles. In this episode, Laura shares her extensive experience, detailing the historical context, current state, and future outlook for crypto regulation, with a particular focus on stablecoins. We discuss the complexities of the regulatory perimeter, the impact of global events, and the delicate balance required to foster innovation while ensuring consumer protection. Join us for a deep dive into the intricacies of digital money regulation and what it means for the UK's position as a fintech leader.
1 May 2024TRANSCRIPT
15: The Social and Economic Benefits of a CBDC
In Episode 15 of the Poundcast, we are joined by Simon Youel, Head of Policy and Advocacy at Positive Money, a key player in the realm of economic reform and an advocate for the responsible creation and distribution of money. As a recent addition to the DPF community, Positive Money brings a wealth of insights into the transformative potential of digital currencies in enhancing social and economic policies. During this episode, Simon discusses the foundational issues of how money and banking systems operate, the misconceptions around money creation, and the pivotal role banks play in economic stability. The conversation delves into the evolution of Positive Money’s focus from the mechanics of money creation to broader economic reforms, including the advocacy for digital currencies and improved macroeconomic policies. Simon explains the innovative proposals for central bank digital currencies (CBDCs), emphasising the need for secure, inclusive digital payment systems that reduce reliance on traditional banks and enhance financial inclusivity. We also explore the implications of digital money for green finance, housing policies, and macroeconomic management. Simon stresses the importance of considering digital money not just as a technological innovation but as a tool for achieving better socio-economic outcomes and addressing contemporary challenges like climate change and economic inequality.
21 Mar 2024TRANSCRIPT
14: Exploring the Future of Digital Currency in Africa
In Episode 14 of the Poundcast, we delve into the dynamic world of African digital currency with Adedeji Owonibi, Founder and CEO at Convexity. Adedeji shares his expertise on the developments in the Nigerian CBDC and stablecoin space, shedding light on initiatives like the eNaira and the African Stablecoin Consortium. He discusses the vision behind the cNGN stablecoin and its potential benefits for the Nigerian economy, fintech ecosystem, and digital strategy implementation. Adedeji also offers insights into the challenges and opportunities surrounding the adoption of CBDCs, highlighting the innovative solutions being built on top of these platforms. From regulatory discussions to technological innovations, this conversation provides valuable insights into the future of digital currency in Africa.
25 Jan 2024TRANSCRIPT
13: Stablecoins, Tokenized Deposits and the Future of Private Money
In Episode 13 of the Poundcast, we speak to Elise Soucie, Director of Policy and Regulation at Global Digital Finance (GDF). We discuss how the landscape of new forms of digital money is evolving and take a deeper dive into stablecoins - asking what is a stablecoin, who might want to issue one and why? What is the difference between tokenized deposits and stablecoins and what’s the potential for innovation? How do recent regulatory proposals in the UK impact the potential for innovation? And lastly - but perhaps most importantly of all - how can regulation be optimised for genuine innovation around stablecoins to make the UK really attractive as a destination?
2 Nov 2023
12: Stablecoins and the future of finance
In this episode of Poundcast, host Jannah Patchay is joined by Ramy Soliman, Policy Lead and Co-Founder of Stablecoin Standard and President at GMO Trust - a New York regulated stablecoin issuer, as he discusses his journey into the world of stablecoins and his interest in the space. Ramy shares his experience working in the foreign exchange and prime brokerage industry before being drawn to the transformative potential of stablecoins
5 Oct 2023
11: Exploring the Potential of Digital Assets in Wholesale Markets
In this episode of Poundcast, Jannah Patchay speaks with Duncan Trenholme, Managing Director and Global Co-Head of Digital Assets at TP ICAP. They discuss why TP ICAP became interested in digital assets for wholesale markets and the potential barriers to mass adoption. Duncan shares insights on settlement, wholesale central bank digital currencies, and the transformative power of blockchain and distributed ledger technology in financial markets.
26 Jul 2023
10: Innovating Britain: The Future of Fintech and Digital Currencies
Please note this episode was recorded before the Electronic Trade Document bill gained its royal assent.
In episode 10, Poundcast’s host Jannah Patchay is having a conversation with Lord Chris Holmes of Richmond MBE regarding the UK's leading role in the areas of innovation, fintech, and the emerging digital economy. They discuss recent changes in UK legislation that impact the industry, as well as the most significant use cases for digital currencies. Together they explore ways to address public concerns and ensure that the rollout of CBDC involves the widest possible public discourse and engagement.
8 Jun 2023
9: The Nature of Money - The Role of Currency in the Digital Era
In episode 9, our host Jannah Patchay speaks to Kene Ezeji-Okoye, Co-Founder and Co-CEO of Millicent Labs. In this episode, Jannah and Kene discuss the rise of digital currencies in the context of digital fiat, how central banks reacted to the advent of stablecoins and in particular the potential threat posed by Facebook's Libra / Diem project, how commercial bank money functions today, and what citizens gain from the advancement of CBDCs not only here in the United Kingdom, but on a global scale.
15 Mar 2023
8: Designing the Digital Money of the Future: Digital Pound vs Digital Euro
In episode 8, our host Jannah speaks to Sarah Palurovic, Executive Director of our partner organisation, the Digital Euro Association. Sarah is also an economist and research assistant at the Frankfurt School Blockchain Center. Her focus is on executive education in blockchain and digital assets, specializing in the economics of cryptocurrencies and emerging business models. Jannah and Sarah discuss progress towards a digital Euro as well as a digital Pound. How do these compare and what impact will they have on one another?
1 Mar 2023
7: The Making of a Digital Pound: exploring the creation of a UK CBDC
In this episode, Jannah Patchay, Policy Lead at the Digital Pound Foundation is in conversation with Varun Paul, Central Bank Digital Currency and Market Infrastructure Director of Fireblocks. They discuss private sector objections to retail Central Bank Digital Currency - how does the recent Bank of England and HM Treasury consultation address these as regards the UK? They also look at non-interest bearing - and its limits - how will this address concerns of outflows from commercial bank deposits. They also ask how will a digital Pound support private sector innovation and how might such a currency be designed?
22 Feb 2023
6: Why Does An Economist Care About CBDCs?
In episode 6, our host Jannah Patchay, Policy Lead and one of the originating members of the Digital Pound Foundation, speaks to James Pomeroy, Global Economist at HSBC. In a time where many regions around the world are increasingly moving away from cash, Central Bank Digital Currencies can offer people similar levels of privacy and accessibility, however, there’s often a misconception that governments and central banks will use the technology to oversee and control what people can spend their money on. In this podcast, James explains why such an overreach by governments and central banks is highly unlikely, and on the contrary, could provide the mechanism to deliver faster and more targeted support for people and families, as well as the all-important data, in real-time, to help avoid periods of high inflation and recession.
24 Jan 2023
5: Digital Currencies: Undoing the Internet's Original Sin
In episode 5, Jannah Patchay, Policy Lead and one of the originating members of the Digital Pound Foundation, speaks to Nick Philpott, COO of Zodia Markets. In this episode, Jannah and Nick discuss how digital currencies could help undo “the internet’s original sin”, explore his experiences with the Libra project and talk about how the stablecoin landscape has developed from a policy / regulatory perspective, as well as examining the top wholesale use cases for stablecoins.
14 Dec 2022
4: Stablecoins - policy and regulatory challenges
In this episode, our host Jannah Patchay, policy lead and one of the originating members of the Digital Pound Foundation, interviews Teana Baker-Taylor, Vice President, Policy & Regulatory Strategy, UK/EU at Circle, on stablecoins and the policy and regulatory challenges they present, as well as how they relate to Central Bank Digital Currencies. How should new forms of digital money be regulated and what are different jurisdictions doing to address issues surrounding market conduct. And last but not least what are the prospects for a digital Pound, perhaps in the form of a privately-issued stablecoin?
3 Nov 2022
3: Transformative Potential: Digital Money in Wholesale Markets
In episode 3, our host Jannah Patchay, Policy Lead and originating member of the Digital Pound Foundation, speaks to Olaf Ransome, founder of 3C Advisory and also known as The Banker’s Plumber. In this interview, we turn our attention to the applications of new forms of digital money in wholesale markets. As we'll see, the potential of digital currencies to improve settlement times has massive implications for liquidity and funding across the financial system.
In the digital asset space there are new exchanges or execution venues and new custody solutions. Settlement processes also need a means of payment. The line to date is that if the assets are on-chain then we need that means of payment to be on-chain. What are the requirements for something to be a widely accepted means of payment and settlement? And does it have to be central-bank issued or backed by reserves held at a central bank?
5 Sept 2022
2: Regulated Liabilities and the Future of Digital Money
In this episode, host Jannah Patchay, Policy Lead and one of the originating members of the Digital Pound Foundation speaks to Tony McLaughlin, Managing Director of Emerging Payments and Business Development at Citi.
Jannah and Tony have a wide-ranging discussion on what would make a digital Pound a foundation for innovation and what attributes it should have. How do concepts like fungibility and interoperability support an ecosystem of digital Pounds? Regulated liabilities – what are they? What are different types of money? As well as Tony’s thoughts on stablecoins and the latest industry developments around them.
SHOW NOTES
SHORT SUMMARY
Jannah Patchay, Policy Lead and an Originating Member of the Digital Pound Foundation, speaks with Tony McLaughlin, Managing Director of Emerging Payments and Business Development at Citi, about the nature of digital currencies and their legal and technological attributes.
HIGHLIGHTS
▶ What are different types of #money (https://www.linkedin.com/feed/hashtag/?keywords=money&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6972950795314941952)?
▶ How do #digitalcurrencies (https://www.linkedin.com/feed/hashtag/?keywords=digitalcurrencies&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6972950795314941952) add to the mix?
▶ How do concepts like #fungibility (https://www.linkedin.com/feed/hashtag/?keywords=fungibility&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6972950795314941952) and #interoperability (https://www.linkedin.com/feed/hashtag/?keywords=interoperability&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6972950795314941952) support an ecosystem of digital Pounds?
▶ And regulated liabilities – what are they, and why do they matter?
TO GO FURTHER
Visit https://digitalpoundfoundation.com/ (https://digitalpoundfoundation.com/)
TIMESTAMPS
[00:00:00] Intro
[00:00:25] Tony's background and current role
[00:02:03] What does it mean to have a digital Pound?
[00:05:01] Is blockchain necessary for a successful digital Pound?
[00:08:57] Thoughts on stablecoins?
[00:17:03] What would make a digital Pound a foundation for innovation? What attributes should it have?
[00:20:13] What can we do with a digital Pound that we can’t do today?
[00:22:01] Programmability – how does this fit in?
[00:27:19] Regulated liabilities – what are they? What are different types of money?
[00:33:54] Regulated liabilities network and the digital money of the future
[00:37:02] Legal Instruments - in depth
[00:40:40] Conclusion
ABOUT THE PODCAST
The Poundcast is the podcast of the Digital Pound Foundation, an independent member-led forum supporting the implementation of a well-designed digital Pound, and the development of a diverse and effective ecosystem for new forms of digital money in the UK.
21 Jun 2022
1: Digital Currencies and the Future of Money
In episode 1, podcast host Jannah Patchay, Policy Lead and one of the originating members of the Digital Pound Foundation is in conversation with Lee McNabb, Payments Strategy Lead at NatWest.
In this introductory episode, Jannah and Lee discuss some of the key questions often asked about digital currency such as: what is a digital currency? How does it differ from the money we have today? And what's the difference between digital currency and cryptocurrencies like Bitcoin? What can we do with digital currencies that we can't do today And what impact might digital currencies have on our financial system more broadly?
SHOW NOTES
SHORT SUMMARY
Jannah Patchay, Policy Lead and one of the Originating Members of the Digital Pound Foundation is in conversation with Lee McNabb, Payments Strategy Lead at NatWest. In this introductory episode, Jannah and Lee discuss some of the key topics about digital currencies.
🎧Link to the podcast: https://digitalpoundfoundation.com/poundcast-episode-1-digital-currencies-and-the-future-of-money-with-lee-mcnabb-of-natwest/ (https://digitalpoundfoundation.com/poundcast-episode-1-digital-currencies-and-the-future-of-money-with-lee-mcnabb-of-natwest/)
HIGHLIGHTS
▶ What is digital currency? How does it differ from the money we have today? And what's the difference between #digitalcurrency (https://www.linkedin.com/feed/hashtag/?keywords=digitalcurrency&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6949702477969543168) and #cryptocurrencies (https://www.linkedin.com/feed/hashtag/?keywords=cryptocurrencies&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6949702477969543168) like Bitcoin?
▶ What's the difference between public and private forms of digital currency? What can we do with digital currencies that we can't do today?
▶ What impact might digital currencies have on our financial system? What impact might they have on businesses and consumers?
▶ Why might a country want to have a #CBDC (https://www.linkedin.com/feed/hashtag/?keywords=cbdc&highlightedUpdateUrns=urn%3Ali%3Aactivity%3A6949702477969543168)?
▶ What sorts of things might banks be thinking about, when it comes to the emergence of digital currencies?
TO GO FURTHER
Visit https://digitalpoundfoundation.com/ (https://digitalpoundfoundation.com/)
TIMESTAMPS
[00:00:00] Intro
[00:01:29] Introducing Lee McNabb - Natwest
[00:03:17] How do we differentiate between digital currency and other types of money?
[00:06:51] Why should we want digital currencies?
[00:11:56] Learnings from central banks about digital currencies
[00:20:28] Potential Impact of digital currencies on the financial ecosystem
[00:27:19] The UK regulatory perspective
[00:31:03] How are digital currencies going to impact our lives?
[00:33:55] Conclusion
Inside a recent episode
19: How Blockchain and Tokenization Is Revolutionising the Financial Industry | Poundcast Episode 19
Published 11 Nov 2024 · Transcript excerpt
[…] The problem with the ERC20 is that it is not permission, meaning that if the condition is met, which is you have the money, I have the securities, then the smart contract will execute. However, if you start dealing with securities, there can be far more complex conditions that you need to enforce. And the most important one and basic one is KYC. And in the KYC, there are also other conditions that need to be met. Like, you know, is it an accredited investor? Is it a qualified investor? What is the country of residence? And clearly, we realized that the ERC-20 was not sophisticated enough to take into consideration those complexities. […]
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