Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency
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Summary:
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
Series:
Working Paper No. 2023/123
Subject:
Central Bank digital currencies Digital currencies Digital financial services Social networks Technology
Frequency:
regular
English
Publication Date:
June 9, 2023
ISBN/ISSN:
9798400245046/1018-5941
Stock No:
WPIEA2023123
Format:
Paper
Pages:
34
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