CBDCCO Inauguration Event November 2023

MUNICH, Nov. 9, 2023 — A meeting sponsored by the Nobel Sustainability Trust today launched the Central Bank Digital Currency Collaboration Organization (CBDCCO), under the chairmanship of Peter Nobel, Chairman of the Nobel Sustainability Trust. The organization’s goal is to promote nurture sustainable economic growth and stability by encouraging the adoption of digital currencies.

The inauguration ceremony represents the culmination of years of activity on the part of a pioneering global Central Bank Digital Currency research organization, the International Telecommunications Union Focus group headed by Dr. David Wen. Dr. Wen is the Director-General of the new CBDCCO.

The new initiative draws on experts from leading regulatory and financial organizations, including the European Security and Market Authority, the Federal Reserve, the Official Monetary and Financial Institutions Forum, China Merchant Bank, CBDC solution provider eCurrency, and technology experts from CBDC solution providers like eCurrency, and Modern Sustainable Solutions (MOSS), a leading carbon offset provider.

Dr. Bruno Wu, the President of CBDCCO and Director-General of the World Sustainability Standard Organization (WSSO), outlined a seven-part program in his keynote speech to the founding conference. Dr. Wu was the honoree of last year's Nobel Sustainability Trust award.

Under the theme “Star Bridge,” the CBDCCO program will work with central banks to develop digital technology, assist in the integration of digital financial infrastructure, promote accounting standards that corporate sustainability data in accounting standards, apply CBDC technology to Real World Asset Management, develop digital infrastructure for improved global carbon asset management, foster technical standards for a wide range of CBDC solutions, and provide innovative technology for regulatory oversight of sustainability products.

Peter Nobel, representing the Nobel Sustainability Trust, stressed the importance of embedding sustainability into the core of future economies. They stated, "Digital currencies present a unique opportunity to rebuild and reshape our financial systems with sustainability at their core." The Nobel Sustainability Trust, long active in the sustainability space, will provide expertise and support for the new organization.

The CBDCCO and the Nobel Sustainability Trust extended an invitation to other organizations and governments to join their endeavors in forging a sustainable and inclusive financial future.

Central Bank Digital Currency Collaboration Organization (CBDCCO) will be founded in October

Central Bank Digital Currency Collaboration Organization (CBDCCO) will be founded in October

The Central Bank Digital Currency Collaboration Organization (CBDCCO) is in the process of being incorporated by Nobel Sustainability Trust Foundation. Headquartered in Zurich, Switzerland, the CBDCCO will start operation in January 2024. Central bank digital currency, or CBDC, refers to central bank-issued digital currencies based on national credit. The predecessor of the CBDCCO is the Focus Group on Digital Fiat Currency under the International Telecommunication Union (ITU) (official website: https://www.itu.int/en/ITU-T/focusgroups/dfc/Pages/default.aspx) and its core team. The Focus Group was established in 2017 and first coined the term Digital Fiat Currency. It has more than 140 members, including current/former leaders and experts in policy, administration, and technologies from national central banks and regulatory bodies of more than 40 countries (including the G7), international organizations such as the International Monetary Fund (IMF), Bank of International Settlement (BIS), the International Telecommunication Union (ITU), the Institute of Electrical and Electronics Engineers (IEEE), the International Organization for Standardization (ISO), payment institutions including Visa, Master Card, and PayPal, banks such as the BRICS New Development Bank, as well as major fintech companies. It was composed of three working groups under the organization, namely the Regulatory Requirements and Economic Impact (RREI) Working Group, the Reference Architecture WG, and the Security WG. Various expert teams had joined studies and published numerous reports under the Focus Group, providing guidance documents for the global development of CBDCs and making historical contributions to the field. The Focus Group completed its work in October 2019, but the core expert team has been continuously working since 2019 to further advance CBDCs.

The main objectives for establishing the CBDCCO, an independent global first-tier industry organization with full support from the Nobel Sustainability Trust (NST), are to facilitate cross-border cooperation and application of CBDCs against the backdrop of a rapidly developing global digital economy, establish new-generation digital settlement and clearing systems, aggregate global technologies and research in this area, and achieve more extensive law enforcement cooperation in anti-money laundering and counter-terrorism financing. NST will aid CBDCCO in its endeavour to promote collaborations between central banks on CBDCs, a pivotal task that will help expedite the shift to a digital sustainable civilization. NST will also provide the CBDCCO with legislative, financial, and administrative resources, in addition to other resources and capabilities.

Dr. Bruno Wu was appointed the first Board Chairman of CBDCCO. Dr. Wu, a known entrepreneur, was awarded the first medal for Outstanding Contribution in Sustainability by the Nobel Sustainability Trust and will be the first Head of the Secretariat of the newly established World Sustainability Standards Organization (WSSO).

The board members are composed of ex-heads of states and former leaders from IMF and other international organizations. Dr. Wu “David” Wen, one of the world’s top experts in CBDC, was appointed the Director General responsible for daily management. Professor Wen, PhD in Computer Science from Oxford University, is the Founding Chairman of the ITU-T Focus Group on Digital Currency including Digital Fiat Currency. He held positions such as Chief Scientist at several Fortune 500 companies. As the Chief Security Architect, Dr. Wen led the technical integration of the US federal government project Personal Identity Verification (PIV) of Federal Employees and Contractors and was one of the main contributors to the Federal Information Processing Standard (FIPS) 201. In 2011, Professor Wen co-founded world first company dedicated to CBDC solution in silicon valley and its solution has been used in production already.

The first executive team of the Central Bank Digital Currency Collaboration Organization (CBDCCO) includes Chair of the Supervisory Committee at European Securities and Markets Authority, Secretary-General of the Arab ICT Organization, former SVP of Federal Reserve Bank of Dallas, Vice President of the BRICS New Development Bank, Associate Director General of the Payment and Settlement Systems Department of Bank of Japan, ex-Director of ITU Telecommunication Standard Bureau, Deputy Director of Platforms of Bill and Melinda Gates Foundation, Managing Director of the Digital Money Institute of OMFIF, founder of ITU-Stanford Future of Currency Initiative, Legal Counsel to the Federal Reserve Boarder of Directors, former Senior Financial Expert at IMF, Legal Counsel to the FRBNY, owner of CBDC global status site, former advisor to President Obama, Legal Counsel to the IMF and other top experts in the CBDC practice.

CBDCCO will be composed of five major departments: the Administrative Management Department, the Research Management Department, the Technical Services Department, the International Collaboration Department, and the Department of Anti-Money Laundering and Counter-Terrorism Financing Supervision. The organization plans to set up operations in various continents and regions to accelerate the global integration and promotion of CBDCs, thereby furthering the development of the global digital economy.

The Nobel Sustainability Trust (NST) will inaugurate the World Sustainability Standards Organization

The Nobel Sustainability Trust (NST) will inaugurate the World Sustainability Standards Organization (WSSO) in October 2023, in partnership with numerous governments and international organizations, announced by NST Chairman Peter Nobel. The announcement was made simultaneously in New York and Zürich, where the WSSO will be headquartered.

WSSO’s mission, Mr. Nobel said, is to unify standards in sustainable development fields such as energy, carbon credit, green finance, the environmental industry, energy conservation, carbon neutrality-related technologies, and ESG.

In addition, WSSO will support the roll-out of the carbon market and other projects outlined in the Paris Agreement. It will seek to strengthen international coordination on carbon payment and settlement by integrating the central bank digital currencies (CBDCs) of different countries. WSSO aims to promote global convergence of standards, help form a cross-regional common carbon market, and coordinate the use of CBDCs for carbon settlement and other mechanisms for global collaboration.

WSSO will establish research centers and various professional committees in Zurich, Beijing, and New York. In the future, it will open standard certification centers in multiple regions and countries around the world, supporting the synchronization of national and regional standards, and reducing geographical, economic, and technical barriers to international cooperation in sustainable development.

The World Sustainability Standards Organization believes that the goals, principles, policies, measures, and institutional arrangements of existing global climate treaties, such as the Kyoto Protocol and the Paris Agreement, are based on scientific research and understanding of historical responsibilities. These agreements were formed after long-term and arduous negotiations. They evince a deep respect for history and advance the shared goal of sustainable development.

Within this framework, each country should take constructive and transparent actions and cooperate in solidarity. WSSO’s purpose is to strengthen the principles and provisions of existing conventions and agreements. The existing institutional arrangements are beneficial to developing countries and provide channels for developed countries to help developing countries achieve carbon neutrality. WSSO’s priority is to establish a global carbon market mechanism. The carbon market mechanism was stipulated in Article 6 of the Paris Agreement and should be implemented swiftly and conscientiously. The EU’s carbon border adjustment mechanism tax is unilateral, so a global carbon market should be established in accordance with Article 6 to hedge this unilateral measure.

How should the carbon footprint of products be measured scientifically in the spirit of the Paris Agreement? WSSO believes that technical standards and models need to be researched and advanced by the various standard-setting organizations worldwide, and a consensus needs to be reached through thorough negotiation and then embodied in a generally accepted algorithm for carbon conversion.

WSSO will appoint three representatives , respectively from China, the United States, and the European Union, to manage the daily work of the Executive Committee, under the Secretariat system of responsibility. The first head of the Secretariat will be Dr. Bruno Wu, received in 2022 the first medal for Outstanding Contribution in Sustainability.