Jakarta (ANTARA) – Bank Indonesia (BI) and Bank for International Settlements (BIS) Innovation Hub today unveiled the G20 TechSprint Initiative 2022 as part of Indonesia’s G20 Presidency side events.
The G20 2022 TechSprint initiative is an international competition to explore innovations to develop sustainable advanced technology solutions and is open to participation from people around the world.
At the G20 2022 TechSprint Initiative unveiling event here on Monday, BI Governor Perry Warjiyo noted that the competition was held for the first time under the Arab Presidency.
The event was held for the third time this year under Indonesia’s G20 Presidency with a theme that relates to Central Bank Digital Currency (CBDC).
“Through the G20 2022 TechSprint, we aim to encourage and invite international communities to provide the most practical solutions in the design and implementation of CBDC,” Warjiyo explained.
The CBDC’s end goal can be achieved through recognition of the importance of a collective understanding of technology and inclusive collaboration between advanced and developing countries.
This is the main objective of the G20 presidency, he stressed.
Meanwhile, BIS Chief Executive Agustin Carstens noted that the CBDC holds huge potential to sustain public interest in this era of digital money.
People’s trust in money is what keeps the financial system together, he noted.
Therefore, along with technological advancements, the central bank must ensure that the monetary system fundamentally continues to operate as a public good, including maintaining its stability, he said.
This year’s TechSprint, or hackathon, invites innovators around the world to develop new CBDC issuance and distribution solutions and use them for inclusive finance purposes.
In addition, it continues the success of the Obedience Monitoring and Regulation initiative as well as the green finance solution from the previous year.
BI and BIS Innovation Hub had published three main challenges across all TechSprint categories: building efficient and robust facilities for the issuance, distribution and transfer of CBDCs; encourage 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 online registration, prototype creation and proposal evaluation.
The submission of competition proposals must be made no later than May 22, 2022.
The winner of each category will receive 770 million rupees, or about 53,000 US dollars, and each chosen project will receive funding worth 145 million rupees, or about 10,000 US dollars.
More information about 2022 TechSprint can be found at www.G20TechSprint.id.
Related News: Expect Y20 to provide ideas for national and global development: Minister
Related News: Digital management innovation is key to global digital transformation
Related News: Turkey expresses strong support for Indonesia’s G20 Presidency