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

June 9, 2023

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Format: Chicago

Tao Sun, and Ryan Rizaldy. Some Lessons from Asian E-Money Schemes for the Adoption of Central Bank Digital Currency, (USA: International Monetary Fund, 2023) accessed December 26, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

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.

Subject: Central Bank digital currencies, Digital currencies, Digital financial services, Social networks, Technology

Keywords: Asia and Pacific, Central Bank digital currencies, Central bank digital currency, Digital currencies, Digital financial services, E-money, E-money adoption, E-money development, E-money ecosystem, E-money PSP, E-money scheme, E-money transaction, Service providers, Social networks, Southeast Asia

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2023/123
Stock No:

WPIEA2023123
ISBN:

9798400245046
ISSN:

1018-5941

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