New Economy Forum: Capital Flow Measures in the Digital Age


Location: Media Studio - Blue Level, HQ1-B-640


Digital innovations such as crypto assets and DeFi could affect cross-border capital flows and pose challenges to the implementation of Capital Flow Measures (CFMs). This panel will discuss the prospect of regulatory and technological solutions, and how the design of CBDCs could take CFMs into account.

Opening Remarks
Geoffrey Okamoto
First Deputy Managing Director, IMF

Tobias Adrian
Financial Counsellor and Director MCM, IMF



Caitlin Long
Founder & CEO, Avanti Bank & Trust

CaitlinLong is Founder & CEO of Avanti Bank & Trust. A 22-year Wall Street veteran, Ms. Long became involved with Bitcoin in 2012. She was a managing director who ranMorganStanley’s pension solutions business (2007-16), held senior roles at Credit Suisse (1997-2007) and began her career at Salomon Brothers (1994-97).From 2016-18 she jointly spearheaded a blockchain project for delivering market index data to Vanguard as chairman and president ofSymbiont, an enterprise blockchain start-up. In 2017, after a flaw in a Wyoming law blocked her from donating appreciated bitcoin to endow a scholarship for female engineers at the University of Wyoming, she volunteered to help fix the statute. That led to her helping spearhead a multi-year initiative to make Wyoming, her native state, anoasis for blockchain companies in the US, where Wyoming has enacted 24 blockchain-enabling laws since2018. Two Wyoming governors have appointed her to serve on the Wyoming Legislature's Blockchain Task Force / Blockchain Select Committee. She is a graduate of Harvard Law School (JD, 1994), the Kennedy School ofGovernment (MPP, 1994) and the University of Wyoming (BA, 1990).


Dave Jevans
Founder & CEO, CipherTrace

Dave Jevans, CEO and a founder of CipherTrace, is a serial entrepreneur in crypto, security, blockchain analytics and Fintech. Jevans previously founded encryption companies and IronKey, and he holds 26 U.S. patents, mainly focusing on cybersecurity and cryptography. Themost recent patent was issued June 8th, 2021for systems and methods for security analysis of applications on user mobile devices while maintaining user application privacy. As an early cypherpunk, he became involved in cryptocurrencies in 1999, closely tracking DigiCash, e-gold, and other early innovators. An industry expert on blockchain security, internet fraud, and cybersecurity, he has advised Congress on these topics and is frequently quoted by the media, including American Banker, Bloomberg TV, CIO Magazine, Dark Reading, Information Week, MSNBC, PC Magazine, and the Washington Post.

Vachira Arromdee
Deputy Governor, Corporate Development, Bank of Thailand

Dr. Vachira has been working at the Bank of Thailand for 30 years. She currently serves as Deputy Governor for Corporate Development to oversee holistic organizational management including Human Resources, Technology, Risk Management, Legal, Banknote Management and Corporate Services. She also serves as Chairman of the Banknote Management Committee, Member of the Monetary Policy Committee and the Payment Systems Committee.

Dr. Vachira is a CFA Charterholder. She received a Bachelor of Accountancy from Chulalongkorn University, Thailand, and Master of Business Administration from the University of Bridgeport, USA. She also earned a Master of Arts and a Ph.D. in Economics from the University of Georgia, USA.


Elijah Mazibuko
Head of Financial Surveillance Department, South African Reserve Bank

Elijah Mazibuko joined the South African Reserve Bank on 1 January 2000 and was appointed as Head of Financial Surveillance Department, on 1 August 2009. He is responsible for compliance with exchange control regulations and the application of the exchange control system in South Africa.  He is a member of the Financial Stability Committee in the Bank.  Elijah holds BCom (Accounting) and MBA degrees, a Postgraduate Diploma in Business Management, and an Advanced Diploma in Treasury and International Trade Finance. He is an associate member of the Institute of Bankers in South Africa, CAIB(SA).

Seminar Report

Digital innovations are likely to affect cross-border capital flows and pose challenges to macroeconomic management and Capital Flow Measures (CFMs). The panel discussed the prospects of regulatory and technological solutions to these challenges.

Key Points:

  • Regulatory and technological solutions. Noting that innovations related to payment systems and crypto currency may hinder macroeconomic stabilization and disrupt the efficacy of macroeconomic policy tools, panelists discussed the need for changes in regulatory and macroeconomic policies to mitigate risks. Long and Mazibuko stressed the need to define the taxonomy of crypto assets internationally to facilitate a concerted regulatory approach. While Jevans highlighted the efficiency gains in financial intermediation, Arromdee and Mazibuko noted that continuous innovation has exposed gaps in the regulatory framework.
  • CBDCs’ design. Panelists discussed challenges faced by central banks and the implications of digitalization and fintech for the monetary policy transmission mechanism, including the erosion of the ability of central banks to affect the money supply. They noted that many central banks are considering issuing their own digital currencies and pilot projects are underway.
  • Challenges for CFMs. Panelists discussed new approaches to capital flow management. While recognizing the reduction in cross-border transaction costs, Arromdee and Mazibuko stressed that the expansion in cross-border capital flow channels in the digital age places additional challenges in managing capital flows, with potentially implications for financial stability.


Nowadays, one can transfer money through cryptocurrencies much more quickly, much more efficiently, with much more traceability, and with much lower fees than one can with traditional banking.Dave Jevans

Regarding crypto assets, there are a lot of opportunities on one hand and risks on the other hand. A good policy framework balances opportunities and risks in an appropriate manner.Tobias Adrian

Innovation always exposes gaps in the financial legislation, and we need to constantly fill that gap.Elijah Mazibuko

Contributor: Luigi Briamonte, IMF, Secretary’s Department