+ 1:00 pm - 4:00 pm Washington, D.C.
+ 6:00 pm - 9:00 pm London
+ 7:00 pm - 10:00 pm Brussels
New Framework for the Digital Economy, an IIF Forum in partnership with LSEG, will be held in Washington, D.C. on Wednesday, April 20, alongside the World Bank/IMF Spring Meetings. We very much look forward to welcoming participants back to Washington, D.C. In-person attendance is by invitation-only, however, if you would like to view the proceedings online please register below.
Leading voices have looked at the trajectory of data localization and digital protectionism around the world and called for a “Digital Bretton Woods” moment. Digital transformation of the global economy and our daily lives has raised the stakes and made data a central focus for policy, trade, and economic growth. At the same time, the G20, through the Data Free Flow with Trust initiative, and the G7 have found it difficult to make progress at a global level to mitigate the trend toward localization. Impacts of this global drift toward digital protectionism will have broad-based and problematic effects on the economy and individual opportunities for innovation and growth. The forum will bring together business leaders, policymakers, and technology experts to understand the problem and identify paths forward on international “rules of the road” for the digital economy in two key areas: digital economic cooperation and digital currency.
The Role of Data Flows in Economic Growth and Paths of Progress for International Cooperation
First, the forum will hear perspectives from senior policymakers and c-suite leadership as we explore how the open flow of data can drive capital creation, promote healthy competition, open opportunities for economic growth, and further improve international financial services. Understanding better solutions to safeguard privacy, security, and financial stability, without giving rise to a new digital nationalism, will help support high-growth sectors on which the economy is increasingly reliant. With multilateral agreements still elusive, and geopolitics increasing headwinds, it is up to like-minded countries and industries to work together to create consistent principles and standards that can form nodes of progress.
The Digital Future of Money and Trade
Digital transformation is changing every aspect of the way we think about money—be it a medium of exchange, a store of value, or a unit of account. Central Bank Digital Currencies (CBDCs) and private sector-led Stablecoins will impact retail (digital cash) and wholesale markets (co-existence of old and new payment frameworks). A majority of central banks are now exploring CBDC development, and most countries have used some form of digital money during the pandemic. While digital currency markets might still appear small relative to the global financial system, they are scaling rapidly and could reach systemic status with surprising speed. Moving forward, these new instruments will undoubtedly play a role in trade, commerce, and development of the digital economy and high-growth sectors. If design and development fail to adequately account for connectivity and interoperability among instruments, they will create obstacles and not solutions.
For additional information, please contact Mina Loldj at [email protected]