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

Tao Sun and Ryan Rizaldy

No 2023/123, IMF Working Papers from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 34
Date: 2023-06-09
New Economics Papers: this item is included in nep-cba, nep-mon, nep-pay and nep-sea
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