The financial world is undergoing a seismic shift, driven by the rapid adoption of digital currencies, blockchain, and fintech innovations. For central banks, this presents both unprecedented challenges and new opportunities to modernize operations and maintain monetary sovereignty. This essential training course, titled Digital Money Nexus: Central Banking Operations, is meticulously crafted to empower central bank professionals, regulators, and financial leaders with the skills to strategically adapt their core functions—from monetary policy implementation to financial stability oversight—in this new, tokenized era. By focusing on practical application and forward-looking strategies, this program ensures participants are at the forefront of this digital transformation.

This comprehensive curriculum is designed for those who must navigate the complex interplay between traditional central banking principles and the disruptive force of digital money. The course will delve into a wide array of topics including the design of digital payment systems, the impact on financial supervision, and the crucial role of risk management and cybersecurity. Equip your team with the expertise to lead in the digital economy, ensuring that central banks can continue to foster a secure, efficient, and inclusive financial system for the future.

Duration: 5 Days

Target Audience

• Monetary policy and research department staff from central banks.
• Financial supervisors and regulators from national authorities.
• Executives and senior managers in central bank payment system departments.
• Financial market infrastructure operators and oversight staff.
• Treasury and debt management officials.
• Legal and compliance professionals working in the financial sector.
• Cybersecurity and IT specialists in central banks and financial agencies.
• Economists and analysts specializing in digital finance.
• Fintech entrepreneurs and innovators collaborating with central banks.
• Communication and public relations officers managing central bank policy narratives.

Objectives

• Analyze the impact of digital money on monetary policy formulation and transmission.
• Develop strategies for overseeing and regulating digital payment systems.
• Understand the role of financial supervision in a world of non-bank digital finance.
• Formulate risk management frameworks for digital assets and new technologies.
• Evaluate the cybersecurity and operational resilience requirements for central bank operations.
• Explore the legal and regulatory challenges of digital currencies.
• Assess the implications of digital money on financial stability.
• Learn from international best practices in adapting central bank functions.
• Design effective communication and public engagement strategies for a digital era.

Course Modules Module 1: Digital Money and the Monetary Policy Framework

• The evolution of money and its forms in the digital age
• Impact on money supply, demand, and interest rate channels
• New tools for implementing monetary policy in a digital ecosystem
• The role of CBDCs and other digital assets in affecting inflation
• Case studies on international central bank responses to digital currency

Module 2: Regulating Digital Payments and Fintech

• Understanding the new landscape of digital payment services and providers
• Developing effective licensing and oversight frameworks for fintech
• Ensuring consumer protection and fair competition in the digital space
• The role of central banks in fostering innovation through regulatory sandboxes
• Managing cross-border payments and international cooperation

Module 3: Financial Supervision and Digital Assets

• The challenge of supervising non-bank financial intermediaries
• Integrating digital asset supervision into existing regulatory structures
• Assessing and mitigating risks from decentralized finance (DeFi)
• The use of SupTech and RegTech to enhance supervisory effectiveness
• Ensuring compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) standards

Module 4: Risk Management and Resilience

• Identifying and quantifying new risks posed by digital money (e.g., cyber, operational)
• Developing a robust risk management framework for central bank systems
• Strategies for ensuring the operational resilience of critical financial infrastructure
• Managing data privacy and security in a hyper-connected environment
• Business continuity planning for a digital-first world

Module 5: Central Bank Digital Currency (CBDC) - Operational Readiness

• The operational distinctions between a CBDC and other digital currencies
• Preparing internal systems for the issuance, distribution, and redemption of a CBDC
• Public-private partnerships and the role of commercial banks
• Managing the digital identity and authentication aspects of a CBDC
• Developing technical specifications and governance protocols

Module 6: Financial Stability in a Digital World

• The potential for disintermediation of commercial banks by digital money
• Monitoring and mitigating risks from crypto-assets and stablecoins
• The impact of digital money on financial market liquidity and asset prices
• Systemic risk from interconnected digital financial networks
• The role of central banks as lenders of last resort in a digital ecosystem

Module 7: Cybersecurity for Central Bank Systems

• Advanced cybersecurity threats targeting central banking infrastructure
• Implementing a zero-trust security model for digital operations
• The use of cryptography and other security protocols for digital assets
• Building a culture of security awareness across the organization
• Collaborating with national and international bodies on cyber defense

Module 8: Legal and Governance Frameworks

• The legal definition of digital money and its status as legal tender
• Developing a clear governance model for new digital payment systems
• The legal implications of smart contracts and automated transactions
• Addressing data ownership, sovereignty, and international law
• Ensuring the enforceability of contracts and consumer rights

Module 9: Strategic Communication and Public Engagement

• The importance of transparent communication in building public trust
• Developing a clear communication strategy for digital monetary policy
• Engaging with the public and financial stakeholders on digital initiatives
• Countering misinformation and ensuring financial literacy in a digital world
• Managing the central bank's brand and reputation in the digital sphere

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 7 working days before commencement of the training.