Abstract
The financial world is undergoing a radical transformation as Central Bank Digital Currencies (CBDCs) and cryptocurrencies redefine the concept of money. CBDCs, issued by central banks, promise faster transactions, enhanced monetary policy control, and greater financial inclusion. Meanwhile, decentralized cryptocurrencies like Bitcoin and Ethereum challenge traditional banking by offering borderless, censorship-resistant alternatives. This presentation explores the growing interplay between these digital currencies. While CBDCs could strengthen government oversight of payments, they may also compete with private cryptocurrencies and stablecoins. Key discussion points include: Monetary Policy Shifts: How programmable CBDCs might enable real-time economic adjustments Privacy Concerns: The trade-off between financial surveillance and anti-crime measures Financial Inclusion: Can digital currencies bank the unbanked? Geopolitical Implications: The race for CBDC dominance between the US, China, and EU The presentation will also examine potential collaboration scenarios, such as CBDCs operating on blockchain networks or integrating with DeFi. As this digital currency revolution unfolds, one critical question remains: Will these technologies coexist, compete, or converge to create a new global financial system? The future of money is being written now-and the implications will affect everyone.
Short Bio
Prof. Dr. Muhammad Ashfaq is widely recognized as an outstanding and experienced business and finance expert with more than 15 years of international experience. He is currently working as Academic Director International and Professor of Business Administration at IU International University of Applied Sciences in Germany. He is also regular visiting faculty member at Wittenborg University of Applied Sciences in the Netherlands and the international MBA program at Coburg University, Germany, University of South Florida USA. His research interests include FinTech, Islamic finance, sustainable finance, cryptocurrency, CBDCs and banking. Prof. Ashfaq is also the lead author of the book "Central Bank Digital Currencies and the Global Financial System: Theory and Practice".
