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Bank Indonesia (BI) and Bank for International Settlements (BIS) under the Indonesia G20 Presidency, today (12/7) announced the shortlisted finalists for the G20 TechSprint Initiative 2022 challenges on central bank digital currencies (CBDC). This year's competition was launched in April 2022. BI, BIS and experts from central banks around the world have selected 21 finalists from large global corporations to more specialized fintechs. This international competition is to explore innovation in order to develop cutting-edge technology-based solutions that are sustainable. This competition is one of a series of side events for the Indonesia G20 Presidency, which was previously announced through press release No. 24/116/DKom dated April 25, 2022.
In his remarks, BI Deputy Governor, Juda Agung mentioned that while the need to explore CBDC is inevitably high for central bank, design choices still left unresolved. In practice, we need to understand how policy goals, practical issues and technology intersect. The best way for central banks to prepare for this future of payment is to explore, experiment, conduct proof of concept, pilot and develop the CBDC. BI Deputi Governor, Juda Agung also stated that the G20 TechSprint Initiative is an opportunity individual and community to show off their best potential and bring the most innovative and applicable solution in CBDC.
On the same occasion, Acting Head of the BIS Innovation Hub, Ross Leckow mention that CBDCs have been attracting strong interest from central banks around the world. The proposals from the finalists offer unique and innovative technology solutions that could allow CBDCs to be widely adopted. This highlights the G20 TechSprint's role in bringing together innovators and the central banking and regulatory community.
The finalists were selected among close to 100 participating teams from over 15 countries and jurisdictions. The panelist has demonstrated their solutions, which refers to three problem statement: (i) building effective and robust means to issue, distribute and transfer CBDCs, (ii) enabling financial inclusion, and (iii) improving interoperability to better connecting payments systems.
Furthermore, the finalists have a chance until the end of August 2022 to complete their prototypes, which will then be judged by an independent expert panel convened by BI. They also participated in a CBDC Masterclass to glean practical insights into some of the CBDC experiments underway at the BIS Innovation Hub. Winners for each of the three categories will be announced in October ahead of the G20 summit. The list of 21 finalists can be seen here.
Further information concerning TechSprint 2022 is available through www.G20TechSprint.id.
Jakarta, 12th July 2022
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