Skip to main content Skip to navigation

Gillmore Centre - Policy Forum

Inaugural Policy Forum

Warwick Business School Gillmore Centre

DeFi & Digital Currencies: The Challenges & Opportunities for Policy Makers

The Shard, London 21 November 2022

To drive stakeholder communication and enhance understanding of different stakeholder perspectives, the Gillmore Centre holds both in-person events and online symposiums, attracting an audience from academia, practice and regulators working in Fintech LINK,

The DeFi & Digital Currencies Conference in September 2022 assembled leading global Finance & Economics academics to present papers & discuss critical issues in this important emerging Fintech development area LINK.

The DeFi & Digital Currencies Policy Forum will supplement the Conference by focussing on the perspective of Policymakers in identifying the key challenges and opportunities in regulating & developing DeFi & Digital Currencies. In line with the mission of the Gillmore Centre, the key objective of the Policy Forum is to guide, inform and shape future academic research amongst the Gillmore Centre researcher network through better alignment and calibration with Policymakers’ sphere of interest.


09:00 - 09:05 

Welcome and opening remarks from Gillmore Centre 

 Session 1 


09:05 – 09:35 

Keynote Address 

Sir Jon Cunliffe, Deputy Governor for Financial Stability 
Bank of England Transcript here Link opens in a new window

09:35 – 10:20 

Panel with Natasha de Terán:  

DeFi & Digital Currencies: The Challenges & Opportunities for Policy Makers 

Sir Jon Cunliffe, Bank of England 

Lord Holmes of Richmond, House of Lords 

Jane Moore, Head of Payments & Digital Assets, Market Analysis & Policy Department, Financial Conduct Authority

10:20 – 10:45 

Keynote Address 

Lord Holmes of Richmond, Vice-chair of the All-Party Parliamentary Group on FinTech, House of Lords  

10:45 – 11:15 


Session 2 


11:15 – 11:40 

"Making Sense of Digital Currencies” 

Antoine Martin, Financial Research Advisor 
Federal Reserve Bank of New York Presentation hereLink opens in a new window

11:40 – 12:05 

 “Tokenized Deposits” 

Rod Garratt, Senior Adviser 
Bank of International Settlements Presentation hereLink opens in a new window

12:05 – 12:30 

 “CBDC and Banking” 

James Chapman, Deputy Managing Director 
Bank of Canada Presentation hereLink opens in a new window

12:30 – 13:00

 Q&A / Closing Remarks 

CONFERENCE ORGANISING COMMITTEE: Teresa Cascino, Ram Gopal, Matt Hanmer, Katherine Higton, Olga Klein, Michael Kumhof, Roman Kozhan, Bazil Sansom, David Skeie, Ruslan Sverchkov, Ganesh Viswanath Natraj, Shu Zhang.

Speaker Biographies

Sir Jon Cunliffe became Deputy Governor for Financial Stability on 1 November 2013. Jon is a member of the Bank’s Financial Policy and Monetary Policy Committees, the Bank’s Court of Directors and the Prudential Regulation Committee. He has specific responsibility within the Bank for financial stability, for the supervision and oversight of financial market infrastructures and payment systems and for international. He is a member of the G20 Financial Stability Board Steering Committee. He is Chair of the Bank for International Settlements Committee on Payments and Market Infrastructures. 

Before joining the Bank, Jon was the UK Permanent Representative to the European Union, effective from 9 January 2012. From July 2007 to December 2011, he was the Prime Minister’s Advisor on Europe and Global Issues and the UK Sherpa for the G8 and G20 and the Cabinet Office Permanent Secretary responsible for EU coordination. Between 2002 and 2007, Jon was Second Permanent Secretary at HM Treasury, Managing Director of the Macroeconomic and International Finance Directorate. He was responsible for UK macroeconomic policy, international and EU policy and financial services and the Government’s representative at the meetings of the Bank’s Monetary Policy Committee. Between 1990 and 2002, Jon held various posts at HM Treasury, including Managing Director for Financial Regulation and posts on EU and international finance. He led the Treasury’s work on operational independence of the Bank of England; European Monetary Union; and the international financial system. Prior to that Jon held a number of posts at the Department of Transport and the Environment.  

Jon was appointed a Companion of the Order of the Bath in the New Year Honours 2001, and made a Knight Bachelor in the New Year Honours 2010. He has a Master of Arts in English Language and Literature from the University of Manchester and spent some time as a Lecturer on English Literature at the University of Western Ontario, Canada.  

The Lord Holmes of Richmond MBE, Christopher Holmes is a current member of the House of Lords. In Parliament Chris is co-chair of the All-Party Parliamentary Groups on Assistive Technology, Fintech, Blockchain, AI and 4th Industrial Revolution. He sits on the influential Science and Technology Select Committee but has previously been a member of specialist House of Lords Select Committees dealing with Democracy and Digital Technologies, Artificial Intelligence, Digital Skills, Social Mobility and Financial Exclusion. Through his Private Members Bill Chris has worked to end the injustice of unpaid internships. Chris is also Deputy Chair of Channel 4, Diversity Adviser to the Civil Service and Chancellor of BPP University. 

Chris is a passionate advocate for the potential of technology and the benefits of diversity and inclusion. He campaigns for more accessible environments for disabled people and has conducted an independent review for the Government that made recommendations on opening up public appointments to disabled people. Chris is Britain’s most successful Paralympic swimmer winning a total of 9 golds, 5 silvers and 1 bronze. He was also Director of Paralympic Integration, responsible for the organisation of the 2012 Paralympic Games in London. 

Natasha de Terán works at the intersection between financial services, technology and public policy. Serving on a number of statutory panels, she writes and speaks on technology and finance – in particular the future of money and payments and the nexus between technology, security, public policy and finance. A former journalist and the co-author of The Pay Off: how changing the way we pay changes everything, Natasha previously worked in the financial markets, first as a practitioner and later in communications, policy and regulatory roles. 

Jane Moore is Head of the Payment & Digital Assets, Market Analysis & Policy Department, which is part of the Payments & Digital Assets Directorate at the FCA. The Department covers both payments and crypto policy amongst other things. Jane has previously specialised in insolvency as Head of the Resolution Department, before which Jane concentrated on Client Assets since joining the FSA in 2009 from a corporate law firm. 

Antoine Martin is a financial research advisor in the Financial Stability Policy Research Division at the Federal Reserve Bank of New York. Antoine’s recent research and policy work has focused on short-term money markets, monetary policy implementation, and payments, including digital currencies. He has published in a number of scholarly journals, among which Journal of Finance, Review of Financial Studies, Brookings Paper on Economic Activity, Journal of Monetary Economics, and Journal of Money, Credit, and Banking. Antoine holds a Ph.D. in Economics from the University of Minnesota and a B.A. in Economics from the University of Lausanne. 

Rod Garratt is a Senior Adviser at the Bank for International Settlements. He holds the Maxwell C. and Mary Pellish Chair in Economics at the University of California Santa Barbara. He has served as a Technical Advisor to the Bank for International Settlements, a Research Advisor to the Bank of England and is a former Vice President of the Federal Reserve Bank of New York. During his time at the FRBNY he co-led the Virtual Currency Working Group for the Federal Reserve System. After leaving the FRBNY he consulted for Payments Canada and R3 on Project Jasper: a proof of concept for a wholesale interbank payment system that uses distributed ledger technology. Garratt received his undergraduate degree from the University of Waterloo and his Ph.D. from Cornell University. He has published in the top economics journals including Econometrica, the American Economic Review and the Journal of Political Economy. He is an Associate Editor of the Journal of Financial Market Infrastructures, the Journal of Network Theory in Finance and Digital Finance. 

James Chapman has been appointed Deputy Managing Director of Economic and Financial Research (EFR), effective in 2019 for a 2-year period. He is also the Deputy Managing Director in the Banking and Payments Department (BAP) at the Bank of Canada. James received a Ph.D. in economics and a MSc in statistics from the University of Iowa in 2006. He joined the Bank of Canada as a senior analyst in that year. James’s primary research focus has been on interbank market and financial market infrastructure issues such as liquidity risk and credit risk in large-value payment systems as well as the efficiency of interbank markets. Recently James’s research focus has evolved to include research on fintech related topics. These topics include the use of distributed ledger technology in financial market infrastructure, specifically the Bank’s Project Jasper, as well as questions related to digital currencies such as Bitcoin, Ethereum and initial coin offerings. From March 2015 to October 2016 James was the research director at Payments Canada the operator of the core Canadian payments infrastructure. 

WBS Gillmore webpageLink opens in a new window

Central banks may use

stablecoins as a route


Press release hereLink opens in a new window


Reflections on DeFi,

digital currencies and

regulation -

speech by Jon Cunliffe

Given at Warwick Business School’s

Gillmore Centre Policy Forum

Conference on DeFi & Digital

CurrenciesTranscript, click hereLink opens in a new window.