BI, BIS unveil 2022 G20 Techsprint Initiative

Trading

Bank Indonesia (BI) and Bank for International Settlements (BIS) Innovation Hub today unveiled the 2022 G20 TechSprint Initiative as one of the side events of Indonesia’s G20 Presidency.

The 2022 G20 TechSprint Initiative is an international competition event to explore innovations to develop sustainable advanced technology-based solutions and is open for people from across the world to participate.

During the 2022 G20 TechSprint Initiative unveiling event here on Monday, Governor of BI Perry Warjiyo noted that the competition was first held during the Arab Presidency.

The event was organized for the third time this year under Indonesia’s G20 Presidency with a theme that concerns the Central Bank Digital Currency (CBDC).

“Through the 2022 G20 TechSprint, we aim to encourage and invite international communities to deliver the most practical solutions in designing and implementing CBDC,” Warjiyo explained.

The end goal of CBDC can be achieved through acknowledgement of the importance of a collective understanding of technology and inclusive collaboration between advanced and developing nations.

This is the main goal of the G20 presidency, he emphasized.

Meanwhile, BIS General Manager Agustin Carstens noted that the CBDC held huge potential to support public interest in this digital money era.

The people’s trust in money is what holds the financial system together, he remarked.

Hence, along with technological advancements, the central bank must ensure that the monetary system fundamentally still applies as public goods, including by maintaining its stability, he affirmed.

This year’s TechSprint, or hackathon (hack marathon), invites innovators from across the world to develop new solutions in issuing and distributing CBDC and utilizes it for an inclusive finance purpose.

In addition, it continues the success of the initiative in obedience monitoring and regulation as well as green financing solution in the previous year.

BI and BIS Innovation Hub had published three main challenges in all TechSprint categories: building effective and strong facilities in issuing, distributing, and transferring CBDC; encouraging financial inclusion; and improving interoperability.

This competition is open to the public, so individuals or communities can participate by visiting the website www.G20TechSprint.id to access registration, prototype creation, and online proposal evaluation.

The submission of competition proposals must be done on May 22, 2022, at the latest.

The winner for each category will receive Rp770 million, or around US$53 thousand, and every chosen project receives funding worth Rp145 million, or around US$10 thousand.

Further information on 2022 TechSprint is available through www.G20TechSprint.id.

Source: Antara News