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

2023-06-09 Business & Economics
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Release : 2023-06-09
Genre : Business & Economics
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Book Synopsis Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency by : Tao Sun

Download or read book Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency written by Tao Sun. This book was released on 2023-06-09. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Recent Central Bank Digital Currency Developments in Asia and Their Implications

2023-08-01 Computers
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Release : 2023-08-01
Genre : Computers
Kind : eBook
Book Rating : 815/5 ( reviews)

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Book Synopsis Recent Central Bank Digital Currency Developments in Asia and Their Implications by : Asian Development Bank

Download or read book Recent Central Bank Digital Currency Developments in Asia and Their Implications written by Asian Development Bank. This book was released on 2023-08-01. Available in PDF, EPUB and Kindle. Book excerpt: This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.

Towards Central Bank Digital Currencies in Asia and the Pacific

2022-09-28 Business & Economics
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Release : 2022-09-28
Genre : Business & Economics
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Book Synopsis Towards Central Bank Digital Currencies in Asia and the Pacific by : Mrs. Sarwat Jahan

Download or read book Towards Central Bank Digital Currencies in Asia and the Pacific written by Mrs. Sarwat Jahan. This book was released on 2022-09-28. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.

The Role of Central Bank Digital Currencies in Financial Inclusion

2023-03-01 Business & Economics
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Release : 2023-03-01
Genre : Business & Economics
Kind : eBook
Book Rating : 91X/5 ( reviews)

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Book Synopsis The Role of Central Bank Digital Currencies in Financial Inclusion by : Asian Development Bank

Download or read book The Role of Central Bank Digital Currencies in Financial Inclusion written by Asian Development Bank. This book was released on 2023-03-01. Available in PDF, EPUB and Kindle. Book excerpt: Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.

Central Bank Digital Currency Adoption: A Two-Sided Model

2023-06-16 Business & Economics
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Release : 2023-06-16
Genre : Business & Economics
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Book Synopsis Central Bank Digital Currency Adoption: A Two-Sided Model by : Brandon Tan

Download or read book Central Bank Digital Currency Adoption: A Two-Sided Model written by Brandon Tan. This book was released on 2023-06-16. Available in PDF, EPUB and Kindle. Book excerpt: For central bank digital currencies (CBDCs) to accomplish their intended objectives, it is necessary for both consumers to use them and for merchants to accept them. This paper develops a dynamic two-sided payments model with both heterogeneous households and merchants/firms to study: (1) The adoption of CBDC by households and firms, and (2) The impact of CBDC issuance on financial inclusion, informality, and disintermediation. Our model shows that there is a feedback loop where more households will adopt CBDC if more firms accept CBDC and vice versa -- incentivizing both households and firms will result in greater levels of take-up. Households are more likely to adopt CBDC if it is low cost, provides an attractive savings vehicle, reduces the cost of remittances, improves the efficiency of government payments, and (if accepted by merchants) offers a valuable means of payment. Firms are more likely to accept CBDC if fees are low, if there are tax exemptions or subsidies for transactions made in CBDC, and if households who prefer to make payments with CBDC make up a large share of revenue. Upon CBDC issuance, an economy can get stuck at a steady state with low CBDC adoption and small welfare gains if the features of CBDC which do not rely on merchant acceptance (remuneration, efficiency of cross border and government payments) are not sufficiently attractive, or if the households benefiting from these features make up a small share of merchant revenue. Temporary subsidies and using CBDC for government payments can spur initial take-up to transition an economy to a welfare improving steady state with high(er) CBDC usage. Greater adoption of CBDC will result in greater financial inclusion and formalization, but potentially the disintermediation of banks and card payments. Thus, there is a trade-off in designing CBDC for greater adoption. However, the gains are more likely to outweigh the risks in lower income economies with larger unbanked populations and informal sectors.

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