

Is It Game Over for Fiat Currency Finance?
June 16, 2025
1 Day Event: 9.00am to 8.00pm

For more information contact:


Topics:
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Can fiat currencies survive?
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Can cryptocurrency displace fiat currency?
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Do money, payments and credit need banks?
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Who will control the digital money infrastructure?
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Can digital money boost economic growth?
Who attended:
Central Banks, Bank, Payment Infrastructure Organisations, Stablecoin Issuers. Attendees will include those working in the securities, money, payments or foreign exchange (FX) markets, and any users of securities, money market, payments and FX services.
Venue:
The Aon Centre, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AN
Keynote Speaker

Ali Moussavi
Head of the Bank of England's Payment Strategy Unit

Speakers
Daniel is an Advisor and Solution Architect at the Bank for International Settlements (BIS) in the Innovation Hub where he builds technology solutions for the central banking community with a special focus on blockchain and CBDC. Currently, Daniel serves as the Project Manager for Project Agorá, which explores how tokenisation can enhance the functioning of the wholesale cross-border payments. Before the BIS he was lead digital currency work at R3, was a software engineer manager and a technical educator. He started his career as an Infantry Combat Commander in the Israeli army and received an honours degree in Computer Science and Mathematics from the University of Toronto.

Dr Heike Winter
Head of Department: Analysis, Policy, Ecosystem Digital Euro at Deutsche Bundesbank

At the Deutsche Bundesbank, Heike Winter is responsible for policy issues relating to the digital euro. This comprises committee work in the Eurosystem and in the German banking industry. After completing her degree in economics, Heike worked at an institute for economic theory. She joined the Deutsche Bundesbank in February 1999, working initially in the Public Relations and Economic Education Departments before transferring to the Payments Department in March 2007. Since February 2024 she is team head in the new department digital euro.
Shearin Cao is Citi’s EMEA Regulatory Engagement Function Director for Regulatory Policy: She has extensive experience in regulatory policy advocacy, regulatory analysis and interpretation, regulatory change implementation and compliance, business strategy planning and execution, traded and model risk management. She provides strategic and technical advisory to business and product heads to help navigate regulatory uncertainty, and to deliver regulatory compliance from a forward-looking perspective. Prior to Citi, she was the Global Head of Regulatory Change function across Risk, Compliance, and Financial Crime at Standard Chartered Bank.
Gilbert is focused on unlocking the power of blockchain for everyone, to create an empowered, interconnected world. Gilbert has more than 20 years of cybersecurity experience and C-level accountability as a CISO, CIO and CTO. He has worked in government – for Downing Street, HM Treasury, the Cabinet Office, Ministry of Justice and NSW Health – and has also served in the private sector, at Mastercard, Vocalink, CSC, EY, PwC, BP and HSBC. With a keen interest in disruptive technology, Gilbert established the Blockchain ISO Standard TC307 initiative in 2015 and is the Convenor of the the Interoperability working group WG7 for ISO.
Sophia Shluger is a financial services executive and global business development professional, with almost two decades of track record and deal-making experience from Goldman Sachs, Santander Investment Securities, American Express and Amber Group, among others. As a crypto market specialist, she has recently focused on RWAs, specifically putting digitally native bonds onto blockchain as Chief Commercial Officer at PV01. Previous to that, she was responsible for UK and EMEA institutional expansion as European Managing Director for Amber Group, a fintech unicorn and crypto native market maker.
Peter Left has over 20 years of Financial Markets experience in Treasury & Trading at Lloyds Banking Group. Peter started his career structuring and trading derivative solutions. Recognising the increasing costs of derivatives on the balance sheet Peter moved to managing the balance sheet costs of derivatives. Peter then ran Money Market and Repo Sales and Trading eventually moving to Treasury where he managed the Funding and Liquidity of the Ring-fenced Bank group. From this role Peter led the thinking on Digital Money & Assets. Peter is now Head of Digital & Markets Innovation at Lloyds Banking Group where he works to ensure regulated money and assets benefit from the latest technologies.
Alex Dunn is Director for Innovation & Strategic Initiatives at Visa. He is part of the Visa Direct money movement business where he is leading global strategic growth projects to build the future of money and payments inc. several cross-industry collaborations. He previously worked in Visa’s Product & Payment Services Risk team, leading strategic risk initiatives to drive growth, enhance Visa’s operational resilience and protect the payments ecosystem.
Before Visa, Alex worked for 7.5 years at the Bank of England across Risk, Supervision and Parliamentary Affairs. Inc. a secondment from the Bank as Head of Risk at the Office for National Statistics. He has an MBA from the University of Exeter Business School and MSc from the London School of Economics.
Jon is a co-founder and the chairman of Monerium. Prior to this, he served as the vice chairman and chairman of the Icelandic Central Bank’s supervisory board from 2013 to 2017. Jon has been involved in the crypto space since 2012. Back then he developed a model to estimate the power consumption and profitability of mining Bitcoin. When Ethereum launched soon after, he recognized its potential to revolutionize finance and co-founded Monerium following six months of research. Jon holds a Ph.D. degree in Economics and a master’s degree in engineering. He is a former adjunct professor at Reykjavik University and lectured at the University of Iceland in the economics and engineering departments. Additionally, Jon was a visiting scholar at Columbia University in New York. Fun fact: Jon wrote the all time most read paper on “Journal of Applied Economics”
Amarjit leads EY’s Blockchain Assurance Practice across Europe, the Middle East, India and Africa. He works with clients across the financial services sector who hold digital assets. His assignments range from traditional audits, to internal control reviews, as well as external regulatory investigations for the UK Financial Conduct Authority (FCA) on areas of complex regulatory change. Amarjit represents EY at the Institute of Chartered Accountants of England and Wales (ICAEW) chairing the Digital Assets SteerCo as well as at the UK Financial Reporting Council (FRC) and FCA on financial services and Client Asset (CASS) matters.
Amarjit is chair of the EY Sikh Network and an active supporter of the Diversity and Inclusiveness program within EY.
Mike Manning is a strategic advisor and former fintech executive focused on the business applications of digital assets, cryptocurrencies, and CBDCs. As Amazon’s first Head of Blockchain and Digital Currency, he led the company’s strategic engagement with central banks and helped shape the design of the digital euro. He has held senior roles at Figure Technologies and Symbiont, advancing blockchain use in capital markets, and was the founding CEO of DealVector, a fintech platform improving transparency and liquidity in structured finance. Mike specializes in bridging emerging technologies with go-to-market strategy and real-world adoption.
Jonny Fry is Head of Digital Assets Strategy for ClearBank Ltd, established in 2015 becoming the first bank in over 250 years to be regulated as a clearing bank in the UK. Jonny is CEO of TeamBlockchain Ltd a research and publishing firm that since March 2018 has produced Digital Bytes, a weekly analysis focused on the commercial opportunities of using blockchain technology and digital assets. He is a NED of TURN, a blockchain-powered reporting platform for the asset management industry and is an advisor to a number of other firms. Jonny is Chairman at Gemini Capital UK, which owns a Dublin based fund administration platform where he is regulated by the Central Bank of Ireland. For over 20 years Jonny was CEO of Premier Asset Management Plc, a London Stock Exchange-listed asset management company that he co-founded.
Emanuel Vila joined CLS in 2024, as the Strategy and Innovation Director in the CEO Office, where he is responsible for supporting the shaping and execution of CLS’s corporate strategy, while driving innovation across the organization.
His work focuses on existing and emerging technologies, particularly Distributed Ledger Technology (DLT) and Artificial Intelligence (AI), helping CLS explore new opportunities and efficiencies in the industry.
Prior to joining CLS, Emanuel spent a decade as a Management Consultant at Ernst & Young, during which he supported several industry-wide projects, including the Regulated Liabilities Network (RLN), the Digital Gilt Roadmap and The Future of FX.
Aka the Bankers’ Plumber. Olaf has been in Financial Services for over 35 years. Liquidity has been a central theme in Olaf’s work over the last 25 years. Recently, Olaf worked with what is now Fnality International in the early stages of their work to create a means of on-chain payment, a synthetic CBDC. Olaf has led various projects related to CLS and FX settlement. Most recently, with Prof. Alistair Milne, Olaf co-authored a paper for the SWIFT Institute: Payment “Tokens”: a route to optimising liquidity management?
Olaf has taught on several subjects including Intraday Liquidty Risk Management and Investment Banking Operations. He is also the author of a book on operations: “The Bankers’ Plumber’s Handbook“
Tony McLaughlin is the Founder of Ubyx Inc., a company dedicated to achieving stablecoin ubiquity through cash equivalence and mutualized acceptance. With extensive experience in emerging payments and financial technology, Tony bridges the gap between regulated finance and the modern digital economy. https://ubyx.xyz
Prior to founding Ubyx Inc., Tony led Emerging Payments and Business Development in Citi’s Treasury and Trade Solutions (TTS) business. During his tenure at Citi (2004-2024), he served as Cash Management Head for Asia Pacific based in Hong Kong and Global Transaction Services Head for the United Kingdom, where he spearheaded engagement with large public sector clients and payment aggregators.
Austen is a senior product manager, covering interoperability and integration for R3’s Corda and existing Corda use-cases. Prior to this, Austen acted as a strategic advisor and product manager for CBDC and tokenized deposits, working on R3’s initiatives with Central Banks in EMEA, APAC, and AMER.
As President of Bullish Exchange, Chris provides strategic leadership to broaden Bullish’s institutional customer base, expand its regulatory footprint, and drive the platform’s next phase of growth. Prior to this role, Chris served as Vice President, Head of Institutional, where he led strategic initiatives that fueled growth and innovation between the exchange and exchange-related products.
Chris joined Bullish after nearly five years at Fidelity, where he was instrumental in their rapid growth, serving in various leadership roles including Head of Institutional, Head of Europe, and President of Fidelity Digital Asset Management. Prior to Fidelity, he was a Managing Director at Barclays Investment Bank, where he led commodities trading and digital assets.
Chris holds a Bachelor of Science in Accounting and Finance from the London School of Economics and Political Science.
Natasha has 25+ years of experience in Capital Markets and Fintech, she led structured products at Goldman Sachs and pioneered fintechs with Standard Chartered and Barclays in wealth and the aid payments space. Her proudest moment to date is feeding 4000 displaced people in Afghanistan and providing them with lifesaving support.
Natasha is a fitness fanatic and in her spare time likes to workout or practice Yoga. She finds that a combination of fitness and yoga helps her create balance and mindfulness.
Moderators
























Agenda
All timings allow for some run over in time and allowing for questions.
Click the plus signs to read more about each panel.
Keynote speaker: Ali Moussavi - Head of the Bank of England's Payment Strategy Unit
Can fiat currencies survive?
Topics and Questions:
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Since their inception in August 1971 fiat currencies have become synonymous with persistent inflation, the accumulation of debt by the public and the private sectors, periodic financial crashes followed by bail-outs of banks and other financial institutions, occasional confiscations of assets, quantitative easings and extended periods of low and even negative rates of interest. Are there benefits that outweigh these costs?
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Central bank digital currencies (CBDCs) would put fiat currencies on-chain. Will this lead to outcomes different from the historical experience of fiat currencies off-chain?
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The CBDCs that have been launched have not proved popular with merchants or consumers. Does this owe anything to previous experience with off-chain fiat currencies?
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Would a non-fiat CBDC (e.g., one backed by a scarce asset or even government bonds) have a higher chance of adoption?
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Which of the two main forms of digital money are traditional banks incentivised to issue: Stablecoins or tokenised deposits?
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Some say an opportunity was missed after the great financial crisis of 2007-09 to transform or replace fiat currencies. If a similar opportunity arose, what path should any transition to a new system follow?
Panellist:
Richard Crook – CEO at Deus X Pay
Michael Cyrus – Head of Short Term Products, Equity Finance & FX at Deka Bank
Peter Left – Head of Digital and Markets Innovation at Lloyds Bank
Jonny Fry – Head of Digital Assets Strategy at ClearBank
Natasha Benson – Chief Operating Officer at Ownera
Moderated by Dominic Hobson, Co-Founder at Future of Finance
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Can cryptocurrency displace fiat currency?
Topics and Questions:
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Does Bitcoin (or any other form of digital money) offer a viable alternative design to fiat currencies?
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If the viable design as a replacement for fiat currencies is not Bitcoin, what would be a viable design (e.g., a form of digital money backed a scarce commodity such as gold or government bonds or a tax-raising government as issuer)?
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Bitcoin lacks the speed and capacity to be useful as money in day-to-day consumer transactions. Could it instead play a role similar to central bank money in settling netted transactions handled by other digital apps (akin to the role of an RTGSs in the current commercial bank/central bank money system)?
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The Czech central bank floated the idea of adding Bitcoin to its currency reserves. Though other central banks (the ECB and the SNB) have rejected the idea, will Bitcoin reserves remain unthinkable?
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Bitcoin competes successfully with weaker fiat currencies (such as those of Argentina, South Africa and Nigeria). Might weak fiat currencies be the first to be displaced by a cryptocurrency?
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The Trump administration seeks to cancel work on a US dollar CBDC, liberalise the regulation of cryptocurrencies, promote Stablecoins and add some cryptocurrencies to central bank reserves. Do these measures strengthen or weaken the US dollar as the world’s principal fiat currency reserve.
Panellist:
Mike Manning – Independent
Dr Heike Winter – Head of Department: Analysis, Policy, Ecosystem Digital Euro at Deutsche Bundesbank
Chris Tyrer – President at Bullish Exchange-
Do money, payments and credit need banks?
Topics and Questions:
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Bitcoin was designed as a peer-to-peer payments system which does not need banks, but has survived so far as an instrument for (a) speculation and (b) self-custodied savings. Is it capable of developing into a payments and savings service alternative to banks?
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Does the Bitcoin model imply the end of commercial bank money (bank deposits, created by fractional reserve banks making loans)?
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Are Stablecoins and tokenised money market funds pioneering the future of money (uncapped, high yield, non-bank deposits) or injecting the past of money (bank credit-fuelled arbitrage and carry trading) into the cryptocurrency markets?
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Might (tokenised?) money market funds replace banks as providers of retail demand deposit, payment and borrowing services (as proposed by Larry Kotlikoff in his Limited Purpose Banking idea of 2010)?
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Non-banks have already taken significant market share from banks in payments for consumers and corporates domestically and across currencies and borders. But can they operate now or in the future without banks or banking market infrastructures?
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Can programmable digital money out-compete conventional fiat currency service enhancements such as “instant” payments, account-to-account payments, embedded finance and open banking?
Panellist:
Reyer Kooy – Global Head of Operations ‑ Digital at Apex Group
Jón Egilsson – Co-founder and Chairman at Monerium
Austen Appleby – Senior Product Manager CBDCs at R3
Amarjit Singh – EMEIA Blockchain Lead at EY
Olaf Ransome – Founder at 3C Advisory
Moderated by Mike Manning – Independent-
Who will control the digital money infrastructure?
Topics and Questions:
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The existing infrastructure is the product of telecommunications rather than digital technology, necessitating the updating of ledgers on proprietary systems via data exchanges between counterparts and their agents across messaging utilities such as SWIFT and settlement via centralised utilities such as ACHs, RTGSs and CLS. Are common platforms (such as the Regulated Liability Network or Partior) developing into viable alternatives or are they a means of preserving the status quo?
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Bitcoin comes with a decentralised network infrastructure that has no need of fiat currency money transfer payment and clearing systems. Can it (or something like it) ever be strong enough to make fiat currency market infrastructures redundant? )
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Stablecoins support multiple blockchains, permitting near-real time transfers between digital wallets without bank intermediation, across as well as within borders. Are they a short-term expedient or a long-term solution?
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The card networks are trying to keep abreast of developments in digital money, including providing distribution infrastructure for Stablecoins. Are they pursuing a viable long-term strategy?
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What incentives do banks have to invest in the infrastructure necessary to support CBDCs?
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Making cross-border payments faster, cheaper, more transparent and more accessible is a priority of international financial market regulators. Are initiatives such as Project mBridge and Project Agora too backwards-compatible to provide durable solutions?
Panellist:
Alex Dunn – Director for Innovation & Strategic Initiatives at Visa
Gilbert Verdian – CEO at Quant
Ivan Mortimer-Schutts – Global Head of vLEI at Global Legal Entity Identifier Foundation (GLEIF)
Emanuel Via – Director CEO Office Corporate Strategy and Innovation at CLS
Moderated by Dominic Hobson Co-Founder at Future of Finance-
Can digital money boost economic growth?
Topics and Questions:
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In March 2024 BCG estimated that, if introduced at scale, a retail CBDC plus Stablecoins and tokenised deposits could boost Hong Kong GDP by 0.5 per cent every year until 2032, generating an extra HK$160 billion in wealth, by releasing financial assets for use as collateral, improving policy targeting, increasing investment in Web 3.0 businesses and and cutting cross-currency settlement costs. Are the gains tempting enough to impel change?
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Economic growth in Europe and North America has faltered since fiat currencies were introduced in the early 1970s, which some blame on the monetary policies made possible by fiat currencies, because they erode savings, increase debt, encourage consumption and lead to misallocation of investment. What sort of digital money would encourage productive investment, innovation and growth?
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Is it prudent to believe that code and cryptography can make digital forms of money resistant to the same temptations as fiat currency (i.e., avoid inflation of money supply, capture by interest groups, the emergence of regulatory and infrastructural barriers to entry, and the underwriting of risks by central banks)?
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If digital forms of money can be made less prone to inflation, they should in principle weaken the case for debt and strengthen the case for equity financing. What impact might digital money have on the securities markets?
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Would a Digital Money system based on 100 per cent reserving or “narrow” banking need commercial banks as allocators, managers and traders of credit risk (and central banks as the final underwriters of commercial bank risk)?
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In the long run, is it the destiny of Digital Money to embrace the status quo or replace it?
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Panellist:
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Rupert Poland - Digital Assets Leader at Aon
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Javier Garcia Nonay - Head of Digital Assets and Tokenisation at Kaleido
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Hugo Coelho - Head of Digital Policy and Regulation at the Cambridge Centre for Alternative Finance
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Moderated by Dominic Hobson Co-Founder at Future of Finance
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