Beyond technology: Considerations for retail central bank digital currency adoption in Asia–Pacific

Sally Chen, Tirupam Goel and Han Qiu
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Tirupam Goel: Senior Economist, Office for Asia and the Pacific, Bank for International Settlements, Hong Kong

Journal of Payments Strategy & Systems, 2023, vol. 17, issue 4, 408-421

Abstract: While central banks’ objectives for issuing central bank digital currencies (CBDCs) are increasingly clear, many observers continue to raise questions regarding the usefulness of CBDCs for the broader population. This question is particularly relevant for Asia-Pacific economies where the payment infrastructure is generally both efficient and resilient, and digital payments have been widely adopted. As this paper will argue, ensuring the adoption of CBDCs in Asia-Pacific requires a ‘future-proof’ solution that is sufficiently flexible to adapt to advances in payments technology. In addition, any solution will have to replicate the underlying benefits of physical cash, such as offline availability, while addressing concerns around transaction privacy.

Keywords: retail payment systems; CBDCs; Asia-Pacific (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jpss00:y:2023:v:17:i:4:p:408-421

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