Skopje, 5 October 2022

The challenges and opportunities that the global wave poses in the use of digital payments were the subject of the yesterday’s panel discussion, the first day of the 14th Conference on Payments and Market Infrastructure, organized by the National Bank of the Republic of North Macedonia with the support of De Nederlandsche Bank.

Gabriel Soderberg, Financial Sector Expert in the Monetary and Capital Markets Department of the IMF, Ignacio Terol, Project Manager of the Central Bank Digital Currency in the European Central Bank and Igor Velickovski, manager of the Payment Systems Department in the National Bank of the Republic of North Macedonia, participated in the fruitful discussion on fast and convenient payments, which do not jeopardize the safety and are created according to the consumers’ needs, as an imperative of digitalization of payments. The participants had the opportunity to follow the presentation titled “Incorporating international dimension in the design of the central bank digital currency” by Anneke Kosse from the Bank for International Settlements, as well as Ria Roerink from De Nederlandsche Bank, who considered the topic “Digital currency:  what, why and how?”

The participants emphasized that the increasing presence of new technologies in payments confirms the importance of including central banks in policy making to accelerate the digitalization process.  In that context, the confidence of the public in central banks is of great importance in the process of digitalization of payment services, in terms of maintaining price stability as their main goal.  When introducing novelties from the technological development, central banks need to take into account the possible risks, for which appropriate sound solutions are necessary.

Implicitly relying on digital payment channels, there is an inevitable need for introducing tools for the customers to use in a safe, fast and convenient way.  All of this should be available for the customers at minimal cost. Providing competition in payment services is of great importance for the participants, which is a basis for further development and encouragement of digitalization.

The participants discussed the introduction of central bank digital currency as an opportunity to accept the challenge of globalization and digitalization.  Moreover, they suggested that with the digital currency, central banks will provide stability and confidence in payment systems, at the same time providing good balance, on the one hand by strengthening the efficiency, speed and price, on the other by reducing risks posed by digitalization.  

The discussions also covered the impact of digitalization on cross-border payments.  It was pointed out that enhanced international cooperation of central banks is needed, to achieve higher level of interoperability and consistency of the national legal frameworks that will provide security and speed.

The fourteenth Conference on Payments and Market Infrastructure continues tomorrow, as a platform for sharing experiences and perceptions of trends and challenges for cyber security and open banking and enhanced authentication in the era of digital transformation.