A framework for digital currencies for financial inclusion in Latin America and the Caribbean

Gabriel R. Bizama, Bernardo Paniagua, Alex Wu and Max Mitre
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Gabriel R. Bizama: University of Bern, Switzerland
Bernardo Paniagua: Center for Monetary Studies in Latin America
Alex Wu: Stellar Development Foundation, USA
Max Mitre: Center for Monetary Studies in Latin America

Journal of Payments Strategy & Systems, 2025, vol. 19, issue 2, 133-153

Abstract: This paper provides a framework to assess the contribution of digital currencies to promote financial inclusion, informed by an analysis of the financial inclusion landscape and domestic and cross-border payment systems in Latin America and the Caribbean. It also provides key considerations from central banks in the region on possible implementations of a central bank digital currency. The findings show that although digital currency development is at an early stage for payments, a well-designed system could reduce the cost of domestic and cross-border payments, improve the settlement of transactions to achieve real-time payments, expand the accessibility of central bank money, incorporate programmable payments and facilitate monitoring of real-time transactional data and traceability of transactions.This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Keywords: fast payment systems; financial inclusion; central bank digital currencies; Latin America and the Caribbean (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2025:v:19:i:2:p:133-153

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