Central Bank Digital Currency Project
Akif Koca
PricewaterhouseCoopers, Turkey

Abstract
Payment & settlement systems have been evolving along with technological advancements in the last couple decades. The introduction of different forms of electronic banking, the advance of internet banking services, advances in mobile phone/mobile payment technology as well as other advancements have led to a reduction in the use of physical cash. Further incremental and disruptive advancements in payment and settlement systems have the potential to further promote a cashless society which remains as an important goal for many central banks around the world. Additionally, the first mover cryptocurrency, Bitcoin, and a vast number of alternatives (e.g., Ether, Litecoin, Monero, XRP) have been expanding their footprints, despite the volatility of their prices, issues with scalability and privacy among other challenges. These developments provide opportunities and threats for central banks and have the potential to impact the formulation of monetary policy and the regulation of payment systems. Considering the fact that these cryptocurrencies may emerge as a form of money, this poses a direct challenge to the Central Banks’ primary function of money supply. The Central Bank of the Republic of Turkey (CBRT), considering these wide-ranging developments in the digital currency and payment domains, initiated this project.

Short Bio
Akif is currently working as a Senior Manager in the PwC Advisory Services. He started his professional career at the Turkish Ministry of Development and served in various roles and functions in this organization. In the first 10 years, he worked as an expert/senior expert in the Industry Department, and in the last 5 years, he led the Department of Service Industries. He has taken part in important reforms such as strategic planning initiative in the Turkish public sector. He has also supported policy development and transformation in line ministries in the areas of industrial policy and regional development. After 15 years in government, he joined McKinsey&Company and supported various engagements with ministries and public institutions. He joined PWC Public Sector Advisory team in December 2017. He has delivered projects in a broad set of topics including economic and social development, regional development, industry competitiveness, system level transformation and digitalization. Akif holds a B.S. in Industrial Engineering and minor in Economics from METU, an MBA from Haas School of Business at UC Berkeley and a PhD in Management and Organization from Başkent University.

Venue
Friday, March 15, 2019 at 4.00 pm in IE03