Central Bank Digital Currencies (CBDCs) and Instant Payments: alternatives to global digital asset markets for Brazil and India

Tatiana Silveira Camacho () and Guilherme Jonas Costa da Silva ()

Brazilian Journal of Political Economy, 2025, vol. 45, issue 3, 551-569

Abstract: This article aims to analyse the strategy of central banks in emerging marketeconomies (EMEs) as they navigate the increasing digitalized financial landscape. Evidenceindicates a trend of declining physical cash usage, particularly among younger adults. Thisstudy utilizes qualitative data from Brazil and India, sourced from the Bank of InternationalSettlements (BIS) spanning 2012-2020, and incorporates an extrapolation exercise to support its findings. This shift towards digital payments has raised concerns regarding the potentialloss of monetary autonomy and domestic macroeconomic stability. However, somecentral banks in EMEs, such as in Brazil and India, have proactively advanced in the implementationof Central Bank Digital Currencies (CBDCs) and fast payment instruments to addressthe rapid growth of unregulated global digital asset markets. JEL Classification: E41; E42; E58.

Keywords: Central bank digital currencies; emerging market economies; cash ratios (search for similar items in EconPapers)
Date: 2025
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