{
  "title": "Central Bank Digital Currency's Role in Promoting Financial Inclusion",
  "publication": "Fintech Notes, September 22, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2023/09/22/central-bank-digital-currency-s-role-in-promoting-financial-inclusion-538728",
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  "summary": "Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC).",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC).\n- If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments.\n- CBDC can serve as an entry point to the broader formal financial system.\n- CBDC has special aspects that may benefit financial inclusion, including being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility.\n- CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact."
    },
    {
      "heading": "Major findings and points",
      "content": "- CBDC characteristics that may promote inclusion:\n  - Risk-free and widely acceptable form of digital money.\n  - Availability for offline payments.\n  - Potentially lower costs and greater accessibility for users.\n- Conditions for CBDC to support inclusion:\n  - Proper design that addresses barriers to financial inclusion.\n  - Acceptance by the financially excluded for digital payments.\n- Limitations:\n  - CBDC alone cannot solve all financial inclusion challenges.\n  - Further practical experience and evidence are required to assess full impact."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Central banks should prioritize design features that explicitly target barriers to financial inclusion.\n- Attention to offline functionality and cost structures could enhance CBDC accessibility for excluded populations.\n- Monitoring and evaluation are necessary as CBDC pilots and deployments progress to build evidence on inclusion outcomes."
    },
    {
      "heading": "Publication and metadata",
      "content": "- ByAshley Lannquist, Brandon Joel Tan\n- September 22, 2023\n- Series: Fintech Notes No 2023/011\n- Issue: 011\n- Volume: 2023\n- Pages: 37\n- DOI: https://doi.org/10.5089/9798400253331.063\n- Stock No: FTNEA2023011\n- ISBN: 9798400253331\n- ISSN: 2664-5912\n- Subjects: Central Bank digital currencies, Digital financial services, Economic sectors, Financial inclusion, Financial markets, Financial services, Payment systems, Technology\n- Keywords: Central Bank digital currencies, Central bank digital currency, central bank digital currency's role, Digital financial services, digital inclusion, digital payments, financial inclusion, Global, IMF Fintech Note 2023/011, IMF Library, Payment systems, publication order, publications service, Sub-Saharan Africa\n\nCentral Bank Digital Currency's Role in Promoting Financial Inclusion — Fintech Notes 2023/011 (September 22, 2023) by Ashley Lannquist and Brandon Joel Tan.\n\n---\n\n Content in this bundle\n\n- Ftnea2023011\n  - Ftnea2023011 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Ftnea2023011 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2023/09/22/central-bank-digital-currency-s-role-in-promoting-financial-inclusion-538728"
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    "Authors: Ashley Lannquist, Brandon Joel Tan",
    "Published: September 22, 2023",
    "Series: Fintech Notes",
    "DOI: https://doi.org/10.5089/9798400253331.063",
    "Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC).",
    "If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments.",
    "CBDC can serve as an entry point to the broader formal financial system.",
    "CBDC has special aspects that may benefit financial inclusion, including being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility.",
    "CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact.",
    "CBDC characteristics that may promote inclusion:",
    "Conditions for CBDC to support inclusion:",
    "Limitations:",
    "Central banks should prioritize design features that explicitly target barriers to financial inclusion.",
    "Attention to offline functionality and cost structures could enhance CBDC accessibility for excluded populations.",
    "Monitoring and evaluation are necessary as CBDC pilots and deployments progress to build evidence on inclusion outcomes.",
    "ByAshley Lannquist, Brandon Joel Tan",
    "September 22, 2023",
    "Series: Fintech Notes No 2023/011",
    "Issue: 011",
    "Volume: 2023",
    "Pages: 37",
    "DOI: https://doi.org/10.5089/9798400253331.063",
    "Stock No: FTNEA2023011",
    "ISBN: 9798400253331",
    "ISSN: 2664-5912",
    "Subjects: Central Bank digital currencies, Digital financial services, Economic sectors, Financial inclusion, Financial markets, Financial services, Payment systems, Technology",
    "Keywords: Central Bank digital currencies, Central bank digital currency, central bank digital currency's role, Digital financial services, digital inclusion, digital payments, financial inclusion, Global, IMF Fintech Note 2023/011, IMF Library, Payment systems, publication order, publications service, Sub-Saharan Africa",
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