The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org/) participated as a knowledge partner in a conference titled ‘“Exploring Central Bank Digital Currency: Pathways to Global Standards”’ held on 28-29 November 2023 in Virginia, United States.

The conference was the first-of-its-kind gathering of international financial policymakers and provided a platform for the launch of new research on critical areas in the Central Bank Digital Currency (CBDC) field.

The conference aimed to level-set the major players on the key technology and policy considerations before a country decides to develop a CBDC, outline areas of potential public-private cooperation, and create a roadmap to eventual global standards.

Dr. Hilal Houssain, Associate Manager for Knowledge Solutions at IsDBI, participated in a roundtable session titled: “Defining Success: Achieving Safe, Efficient, Connected Networks.”

The session featured a tee-up of the current issues around how to move from discussion to action on the central bank digital currency. The session reflected on the needs of countries and their Central Bank / Private Sector Enterprise / Public Sector Entity and explored the question “What more is needed for countries to successfully progress their digital currency ecosystem?”

Others on the panel were the head of FinTech and SupTech Development/Innovation Office in the National Bank of Georgia, the deputy director at the Banque de la République d'Haiti, the advisor for financial system development at the German Agency for International Cooperation (GIZ), and a lead researcher on Central Bank Digital Currency at Bank of Zambia.

Dr. Houssain presented on the recent development of innovative Islamic financial solutions by the IsDBI, including the patented digital voucher and credit enhancement system. He further highlighted the importance of improving financial stability through the CBDCs, and informed the participants that the IsDBI is currently developing a workable demonstration for a patent-pending stabilization system for the same purpose.