BIS and Bank Indonesia to run CBDC TechSprint

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Bank Indonesia and the Bank for International Settlements (BIS) Innovation Hub are inviting developers to take part in a central bank digital currency hackathon.The latest TechSprint event, which comes as Indonesia takes on the G20 Presidency, is looking for participants ready to accept technology challenges related to wholesale and retail CBDCs.

The online hackathon will focus on three issues: building effective and robust means to issue, distribute and transfer CBDCs; enabling financial inclusion; and improving interoperability.

Shortlisted teams will showcase their prototypes in July, with winners to be chosen in October by an independent panel.

The winners for each category will receive an award of $53,000. All short-listed projects receive a stipend of S$10,000.

Agustín Carstens, general manager, BIS, says: “There is a collective belief that CBDCs have potential for promoting the public interest in this age of digital money. Trust in money is the glue that holds the financial system together.

“It is for this reason that, as technology advances, central banks must ensure that the monetary system remains fundamentally a public good and preserve its stability.”

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