WASHINGTON, Nov. 17, 2022 /PRNewswire/ — On November 28, 2022, the University of Maryland Robert H. Smith School of Business invites Darrell Hubbard, a founding member of the Digital Currency Monetary Authority, to teach a graduate class on central bank digital currency (CBDC) as a part of its Fall Guest Speaker Series.
The first generation of cryptographic cash was engineered for untrusted public participants and was not intended to be facilitated by regulated financial institutions. Cryptographic cash for trusted monetary authorities and financial institutions must be reimagined to achieve widespread adoption by central banks, retail and commercial banks, merchants, and citizens.
The class will provide a deep dive discussion on the best practices and design considerations of CBDC for domestic and international financial transactions and will answer many open questions on the design and interoperability of both retail and wholesale CBDC.
General ledger consensus algorithms and immutable ledger policies are just two of many CBDC design considerations to understand when accounting for and auditing CBDC transactions.
The class will introduce Crypto 2.0, a set of open standards for realizing a digital currency public monetary system suitable for central banks, member banks, Fintech, and cryptocurrency exchanges.
“Educating our students on cryptographic cash and their technological design implications on accounting are important as the global banking and financial systems adopt CBDC’s for payment transactions,” states Stacey Ferris, Adjunct Professor of Accounting, Department of Accounting and Information Assurance.
Students will learn the differences between CBDC’s and cryptocurrency, CBDC monetary policy, regulatory compliance considerations, consensus models appropriate for CBDC’s, and the use cases and framework needed to achieve CBDC widespread adoption.
The two-hour class will be open the public. Policymakers and government officials from the United States Treasury, the Bank of International Settlements (BIS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), and many central banks around the world have been invited to attend.
The general public can join the discussion via the link below starting at 6:00pm EST.
https://umd.zoom.us/j/91964048528?pwd=K1NRWEpGekhYNjNVcjZCd2sydmZYQT09
The DCMA is the world leader in the innovation of digital currency technology and monetary policy frameworks for governments and central banks. The DCMA has coined the phrase “Crypto 2.0” to distinguish first generation cryptographic technologies from cryptographic solutions and monetary policies reimagined for the regulated banking and financial services industry.
