The Digital Euro Conference 2024: A Recap

by Digital Euro Association on Mar 20, 2024 7:45:00 AM

The Digital Euro Conference (DEC24), conducted on February 29, 2024, assembled a diverse group of experts, policymakers, and industry leaders in a hybrid setting, combining both on-site and remote participation. The engaging event happened in two designated spaces (Audimax and Innovation Room) and featured discussions, presentations, and panel sessions focusing on topics such as Central Bank Digital Currencies (CBDCs), stablecoins, and Commercial Bank Money Tokens.

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The following is an in-depth overview of the main highlights and key insights derived from the conference:

Audimax

Welcome, Introduction, and Opening Keynote

Dr. Jonas Gross, chairman of the Digital Euro Association (DEA), began the conference by extending a heartfelt welcome to the 300 attendees present on-site and the 500 joining online. In a poignant moment, he also honored the memory of Prof. Dr. Philipp Sandner, a co-founder and esteemed board member of the DEA, whose untimely passing in January.

The DEA’s chairman further delivered a concise overview of the think tank, underscoring the three fundamental pillars that guide all activities within the association: education, community & collaboration, and public affairs. To conclude his address, he announced five significant partnerships with Eurodollar, Aleph Zero, The HBAR Foundation, The National Bank of Georgia, and Stablecoin Standard.

DEC2024-061 Dr. Jonas Gross - Chairman of the DEA

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Part 1: Central Bank Digital Currencies (CBDCs)

Anne-Sophie Gógl delivered a keynote address on the digital money ecosystem and its outlook in 2024. She concluded with four key takeaways: purpose (each digital money form has its purpose for existing), role (each market participant still has the opportunity to find his role in the ecosystem), foundation (the foundation for different digital money forms has been laid) and design (we are shaping the digital future of money right now).

Subsequent panel discussions delved into the digital euro's implementation path and its real-world impact.

DEC2024-068 Anne-Sophie Gógl - KPMG

Panel Discussion: The Digital Euro: Path to Implementation

Dr. Jonas Gross moderated the first panel of the conference, which discussed the path to digital euro implementation. Panelists representing the European School of Management and Technology, International Monetary Fund, University of Würzburg, and Banque de France shared their insights and engaged in discussions about the intricacies of the digital euro implementation, focusing on the use cases.

DEC2024-083 Dr. Jonas Gross - DEA (Left), Prof. Dr. Peter Bofinger - University of Würzburg (Centre-Left), Tao Sun - International Monetary Fund (Centre-Right), Prof. Dr. Joachim Würmeling - European School of Management and Technology (Right) and Alexandre Stervinou - Banque de France (on-screen)

Panel Discussion: When the Rubber Meets the Road - Real-World Impact of the Digital Euro

Tamara F. Schmidt from the DEA moderated the panel on the real-world impact of the digital euro, with panelists representing Deloitte, Evonik, IKEA along with Miguel Fernández Ordóñez (former Bank of Spain). The discussion delved into regulatory considerations and adaptations, the influence of the digital euro on financial services, its limitations, the transformation of consumer behavior, and strategies for businesses to collaborate effectively with financial institutions and regulators to facilitate a seamless transition to the digital euro.

DEC2024-116 Tamara F. Schmidt - DEA (Left), Miguel Fernández Ordóñez - Former Bank of Spain (Centre-Left), David Mackeith - Deloitte (Centre), Axel Schaefer - IKEA (Centre-Right) and Heinz-Guenter Lux - Evonik (Right)

Keynote: DLT and the Future of Financial Market Infrastructure (FMI)

Alexander Kech presented a keynote on the DLT and the future of FMI. He talked about the future of capital markets and the customer’s perspective by accessing multiple FMI and bank services through one unique set of accounts/wallets. In addition, he touched on the challenges faced by the ecosystem, which include, among others, legacy tech and operation migration and asset, platform & regulatory fragmentation.

Subsequent panel discussion delved into the promise of wholesale CBDCs.

DEC2024-131 Alexander Kech - SDX

Panel Discussion: Big Money, Big Moves - The Promise of Whosale CBDCs

The panel on wholesale CBDCs, moderated by Anne-Sophie Gógl from the DEA, featured experts from BIS, Deutsche Börse, Swiss National Bank and Goldman Sachs. Panelists delved into their projects' insights and hurdles, focusing on issues like the fragmentation of existing solutions that wholesale CBDCs might alleviate. They also agree on being agnostic about the technology solution.

DEC2024-344 Anne-Sophie Gógl - DEA (Left), Amar Amlani - Goldman Sachs (Centre-Left), Dr. Oliver Sigrist - Swiss National Bank (Centre-Right), Thomas Wißbach - Deutsche Börse (Right) and Sonja Davidovic - BIS (on-screen)

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Part 2: Stablecoins, Tokenization, and the Future of Money

To kick off the second part of the conference, Steffen Schacher from UDPN / GFT presented a keynote titled “The Future of the Financial Infrastructure with the World’s First All-in-One-Sandbox for Digital Currencies”, which delved into the UDPN (Universal Digital Payment Network) solution. Together with Tim Bailey, they made a live demo showing the solution from a central bank perspective. The system has a use cases center, which includes PvP transfer, Person to Merchant DvP Payent and cross-border PvP transfer.

DEC2024-373 Steffen Schacher - UDPN / GFT

Keynote: The Digital Euro - Regulatory Aspects

Dr. André Hofmann from Linklaters delivered a comprehensive keynote speech on the digital euro regulatory aspects, which covered the characterization of the digital euro, payment infrastructure (online and offline functions) and the future landscape of payment means.

DEC2024-153 Dr. André Hofmann - Linklaters

Panel Discussion: MiCAR’s Mandate: Steading Stablecoins

This panel, moderated by Benedikt Faupel from Bitkom, brought together experts from Circle, KPMG, STASIS and Casper Network. The panelists discussed the MiCAR definition, its implications for the stablecoin ecosystem, and the remaining challenges ahead of the regulation's enforcement in June 2024.

DEC2024-184 Benedikt Faupel - Bitkom (Left), Jens Siebert - KPMG (Centre-Left), Gregory Klumov - STASIS (Centre-Right), Ralf Kubli - Casper Network (Right) and Patrick Hansen - Circle (on-screen)

Panel Discussion: The Standoff: Stablecoins vs. Tokenized Deposits

Moderated by Sarah Palurovic from the DEA, the panel discussed the standoff between stablecoins and tokenized deposits. Panelists from Onyx by J.P. Morgan, Lloyds, EY, and Monerium highlighted distinctions between tokenized deposits and deposit tokens, followed by insights into their varying risk profiles and real-world applications.

DEC2024-199 Sarah Palurovic - DEA (Left), Peter Left - Lloyds (Centre-Left), Dr. Jón Eglisson - Monerium (Centre), Emma Landriault - Onyx by J.P. Morgan (Centre-Right) and Dr. Jan Rosam - EY (Right)

Panel Discussion: The Rise of Tokenization in Traditional Banking

The subsequent panel on tokenization in traditional banking was moderated by Conrad Kraft, from the DEA, who hosted panelists representing Societe Generale - FORGE, IntellectEU, Fireblocks and Moody’s. The panelists began by establishing a shared definition of tokenization, emphasizing its potential to enhance asset liquidity and reshape regulatory frameworks. Discussions covered the challenges and opportunities of integrating tokenization technology, focusing on overcoming technological hurdles, enhancing transparency and risk management, and the significance of 'proof of assets and liabilities'. The conversation also highlighted the need for fund managers to develop specific competencies to navigate the unique risks of tokenization. As the panel wrapped up, the experts shared their vision for the future of tokenization, underlining its role in evolving market infrastructure, improving settlement processes, and its broader impact on the financial ecosystem.

DEC2024-237 Conrad Kraft - DEA (Left), Varun Paul - Fireblocks (Centre-Left), Javier Garcia - IntellectEU (Centre-Right), Marat Faritov - Moody’s (Right) and David Durouchoux - Societe Generale - FORGE (on-screen)

Panel Discussion: The World After - The Future with CBDCs & Digital Money

Dr. Jan Rosam from EY led the panel discussion on the future of CBDCs and digital currencies, featuring representatives from Unicredit, Worldline, Idemia, and Ripple. The conversation explored the ramifications of CBDC and digital money implementation and offered perspectives from technology providers, service providers, and banks on its future trajectory.

DEC2024-257 Dr. Jan Rosam - EY (Left), James Wallis - Ripple (Centre-Left), Patricia Battenberg - Worldline (Centre), Manfred Richels - Unicredit (Centre-Right) and Jerome Ajdenbaum - Idemia (Right)

Panel Discussion: The Financial Future: CBDCs, Stablecoins, Tokenized Deposits - Visions of Tomorrow?

Manuel Klein from Deutsche Bank moderated the concluding panel, which assembled experts from the EU Commission, SODA, Valor Capital Group, and Mastercard. During this session, panelists shared their perspectives on the future, addressing questions not only from Manuel but also from the engaged audience.

DEC2024-291 Manuel Klein - Deutsche Bank (Left), Christian Rau - Mastercard (Centre-Left), John Kiff - SODA (Centre), Bruno Batavia - Valor Capital Group (Centre-Right) and Dr. Joachim Schwerin - EU Commission (Right)

Innovation Room

The Innovation Room was dedicated to presentations on digital money use cases, new market infrastructure, Central Banks on CBDCs, and the next generation of financial systems. Valentin Kalinov and Atakan Kavuklu from the DEA moderated the sessions:

Introduction to CBDCs - John Kiff from SODA
Digital Pound Retail Use Cases - Searching for the Killer Application - William Lorenz from the Digital Pound Foundation
Taler - The Future of Money You Can Actually Hold in 2024 - Leon Schumacher from Taler Systems
Fee Models for CBDCs - María Sáenz de Buruaga from Monitor Deloitte
María Sáenz de Buruaga - Monitor Deloitte
Accelerating Digital Asset Adoption with Catalyst Operating System - Jonathan Mayeur from IntellectEU
Jonathan Mayeur - IntellectEU
Open Source for CBDCs - Karen Ottoni from Hyperledger

Karen Ottoni - Hyperledger
Integrating Digital Money into Enterprise Applications - Darius Heydarian and Bernhard Schweizer from SAP
Darius Heydarian (Left) and Bernhard Schweizer (Right) - SAP
An Update on the Sand Dollar - Shaqueno Porter from the Central Bank of the Bahamas
Shaqueno Porter - Central Bank of the Bahamas
Central Bank of Hungary CBDC Framework and Achievements - Anikó Szombati from the Central Bank of Hungary
Anikó Szombati - Central Bank of Hungary
E-CNY and Cross-border CBDC: Issues, Dispute Settlement, and Beyond - Prof. Heng Wang from Singapore Management University
Prof. Heng Wang - Singapore Management University
Decentralized Settlement: From the Smart Derivative Contract (SDC) to Stateless Cross-Chain DVP - Peter Kohl-Landgraf and Prof. Dr. Christian Fries from DZ BANK
Peter Kohl-Landgraf (Left) and Prof. Dr. Christian Fries (Right) - DZ BANK
The Norwegian Central Bank CBDC Phase 4 Sandbox, Setup and Use Cases - Lasse Meholm from Finansit
Innovation and Stability - Ramy Soliman from Stablecoin Standard

Here’s what a few of the attendees had to say about the event:

“The conference is very inspiring with influential attendees worldwide.” - Xiaojing Zhao

“Bunch of Digitial Money nerds, talking about the important stuff, with great insights and thrilling discussions. I couldn't wish for more :-)!” - Daniel Stein

“I really enjoyed the DEC24 especially the quality of fellow speakers and panelists and the breadth of organizations present from the industry.” - Christian Rau

“So much energy on the topic with many interesting debates.” - Clement Jozwiak

“The best non-commercial event to stay informed of the latest developments regarding the digital payment ecosystem, with the possibility of attending and networking online or on-site.” - Philippe Tissot

"Experiencing DEC24 was an eye-opener for me. It was a dive into a world where innovation meets creativity to forge an unforgettable journey. DEC24's ability to captivate and educate at the same time is truly remarkable. I look forward to what DEC25 has in store.” - Olivier Atangana

“The Digital Euro Conference goes far beyond the implementation of CBDCs, touching upon the world of stablecoins, DeFi and tokenization and the balance between regulation and innovation.” - Ulli Armbrust

DEC24 emerged again as an invaluable platform where stakeholders could share ideas, glean insights, and collectively influence the trajectory of digital money. Our heartfelt gratitude goes to our sponsors, speakers, panelists, and attendees for their unwavering support and significant contributions, which played a pivotal role in the success of the conference.

DEC2024-311 Marcel Kaiser - Defiria (Audimax moderator)

DEC2024-059 Conference Attendees in Audimax: Mr. Erdem Tunçer (Consul General of the Republic of Türkiye) and Ms. Fatma Dirkes (Director and Vice President at Frankfurt School) at the first row

DEC2024-039 Foyer of the Conference

DEC2024-357 (1) DEA Team (from left to right): Tamara F. Schmidt, Valentin Kalinov, Anne-Sophie Gógl, Immanuel Robles y Zepf, Atakan Kavuklu, Valentin Seehausen, Sarah Palurovic, Conrad Kraft, Dr. Jonas Gross and Lena Grale