Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency

Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency
READ MORE...
Volume/Issue: Volume 2023 Issue 123
Publication date: June 2023
ISBN: 9798400245046
$20.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
English
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Economics- Macroeconomics , Economics / General , E-money , central bank digital currency , service providers , e-money adoption , e-money scheme , e-money ecosystem , e-money development , e-money PSP , e-money transaction , Digital currencies , Central Bank digital currencies , Digital financial services , Social networks , Asia and Pacific , Southeast Asia

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.