Download or read book Recent Central Bank Digital Currency Developments in Asia and Their Implications written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-08-01 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.

Download or read book Central Bank Digital Currency and Fintech in Asia written by Marlene Amstad and published by Asian Development Bank. This book was released on 2019-11-26 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough introduction and historical overview of the principles and practices of digital currency and fintech in Asia. It covers the theory of central bank digital currency and examines regulatory aspects, economic digitalization, financial inclusion, and the role of SMEs. Selected case studies offer in-depth insights into recent fintech developments in major economies, including Australia; Hong Kong, China; Indonesia; Japan; the People's Republic of China; the Republic of Korea; and Thailand. The book also makes a valuable supplement for introductory courses on finance, governance, and economics, as it appeals to a broad range of readers, including university students, academics, finance practitioners, and policy makers.

Download or read book Global Developments in Central Bank Digital Currency written by Ozili, Peterson K. and published by IGI Global. This book was released on 2024-07-24 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an era defined by rapid technological advancement, the nature of money finds itself at a crossroads, presenting both opportunities and challenges for global financial systems. The rise of Central Bank Digital Currencies (CBDCs) stands as a testament to this paradigm shift, offering the promise of efficiency, transparency, and financial inclusion. However, amidst the burgeoning interest in CBDCs, a pressing problem emerges: the lack of comprehensive understanding and insight into their development on a global scale. Recognizing this critical gap, Global Developments in Central Bank Digital Currency emerges as a guide for clarity in the complex landscape of monetary evolution. By synthesizing insights from diverse regions and jurisdictions, this book offers a holistic view of CBDC initiatives, unraveling the intricate web of motivations, challenges, and implications. From Africa to Asia, from Europe to Oceania, the book delves into country-specific developments, shedding light on the role of politics, culture, and informal institutions in shaping CBDC adoption.

Download or read book Towards Central Bank Digital Currencies in Asia and the Pacific written by Mrs. Sarwat Jahan and published by International Monetary Fund. This book was released on 2022-09-28 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.

Download or read book Global Developments in Central Bank Digital Currency written by Peterson K. Ozili and published by . This book was released on 2024-07-24 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an era defined by rapid technological advancement, the nature of money finds itself at a crossroads, presenting both opportunities and challenges for global financial systems. The rise of Central Bank Digital Currencies (CBDCs) stands as a testament to this paradigm shift, offering the promise of efficiency, transparency, and financial inclusion. However, amidst the burgeoning interest in CBDCs, a pressing problem emerges: the lack of comprehensive understanding and insight into their development on a global scale. Recognizing this critical gap, Global Developments in Central Bank Digital Currency emerges as a guide for clarity in the complex landscape of monetary evolution. By synthesizing insights from diverse regions and jurisdictions, this book offers a holistic view of CBDC initiatives, unraveling the intricate web of motivations, challenges, and implications. From Africa to Asia, from Europe to Oceania, the book delves into country-specific developments, shedding light on the role of politics, culture, and informal institutions in shaping CBDC adoption.

Download or read book The Role of Central Bank Digital Currencies in Financial Inclusion written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-03-01 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.

Download or read book The Rise of Digital Money written by Mr.Tobias Adrian and published by International Monetary Fund. This book was released on 2019-07-15 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Download or read book Financial Digitalization and Its Implications for ASEAN 3 Regional Financial Stability written by Asian Development Bank and published by Asian Development Bank. This book was released on 2023-02-01 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: This publication examines the impact of digitalization on the financial stability of the members of the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3). The region is a global leader in digital financial services, and economic and financial links among ASEAN+3 markets are growing. The publication discusses the opportunities and risks of digitalization, explores how to manage financial integration in the digital era, and identifies changes in regulations and supervision needed to reduce risk and successfully transform the traditional banking model.

Download or read book Legal Aspects of Central Bank Digital Currency Central Bank and Monetary Law Considerations written by Wouter Bossu and published by INTERNATIONAL MONETARY FUND. This book was released on 2020-11-20 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.

Download or read book The Rise of Public and Private Digital Money written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-07-29 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.

Download or read book Cash Use Across Countries and the Demand for Central Bank Digital Currency written by Mr.Tanai Khiaonarong and published by International Monetary Fund. This book was released on 2019-03-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.

Download or read book The Future of Money written by Eswar S. Prasad and published by Harvard University Press. This book was released on 2021-09-28 with total page 497 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse. We think weÕve seen financial innovation. We bank from laptops and buy coffee with the wave of a phone. But these are minor miracles compared with the dizzying experiments now underway around the globe, as businesses and governments alike embrace the possibilities of new financial technologies. As Eswar Prasad explains, the world of finance is at the threshold of major disruption that will affect corporations, bankers, states, and indeed all of us. The transformation of money will fundamentally rewrite how ordinary people live. Above all, Prasad foresees the end of physical cash. The driving force wonÕt be phones or credit cards but rather central banks, spurred by the emergence of cryptocurrencies to develop their own, more stable digital currencies. Meanwhile, cryptocurrencies themselves will evolve unpredictably as global corporations like Facebook and Amazon join the game. The changes will be accompanied by snowballing innovations that are reshaping finance and have already begun to revolutionize how we invest, trade, insure, and manage risk. Prasad shows how these and other changes will redefine the very concept of money, unbundling its traditional functions as a unit of account, medium of exchange, and store of value. The promise lies in greater efficiency and flexibility, increased sensitivity to the needs of diverse consumers, and improved market access for the unbanked. The risk is instability, lack of accountability, and erosion of privacy. A lucid, visionary work, The Future of Money shows how to maximize the best and guard against the worst of what is to come.

Download or read book Central Bank Digital Currencies in the Middle East and Central Asia written by Serpil Bouza and published by International Monetary Fund. This book was released on 2024-04-26 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.

Download or read book Designing Central Bank Digital Currencies written by Mr.Itai Agur and published by International Monetary Fund. This book was released on 2019-11-18 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

Download or read book The near Future of Central Bank Digital Currencies written by Nicola Bilotta and published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften. This book was released on 2021-02-26 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value of global cashless payments has been radically increasing worldwide. Despite cash being the most used payment instrument in the world, technological innovation and new consumer preferences are decisively transforming the way consumers pay and manage money. The COVID-19 pandemic may also have been an accelerator of the cashless mega-trend. Private players currently dominate the digital payment ecosystem, urging central banks to seek solutions to ensure public access to legal tender if cash is phased out. In this context, the idea of a Central Bank Digital Currency (CBDC) is gaining momentum. Nevertheless, there is a need to better understand the implications in terms of risks, benefits and potential costs of CBDCs. From privacy concerns to macroeconomic effects, these implications blur the boundaries of the payment and financial systems, challenging the core functions of our economy and society.

Download or read book Some Lessons from Asian E Money Schemes for the Adoption of Central Bank Digital Currency written by Tao Sun and published by International Monetary Fund. This book was released on 2023-06-09 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book Central Bank Digital Currency written by Mark Barnett and published by Independently Published. This book was released on 2024-01-29 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Welcome to Central Bank Digital Currency: The New Money Explained, where digital currencies are poised to revolutionize the way we conceive, transact, and interact with money. In this book, we embark on an exploration of Central Bank Digital Currencies (CBDCs) - a groundbreaking innovation that promises to reshape the global financial landscape. Imagine a world where financial transactions are seamless, secure, and accessible to all. Where individuals have the power to manage their finances with ease, regardless of their background or location. Where governments and central banks have the tools to foster economic stability, drive innovation, and promote financial inclusion. This is the vision of CBDCs - a vision that holds the potential to unlock new opportunities for individuals, businesses, and economies worldwide. But to understand the promise of CBDCs, we must first delve into their origins, evolution, and potential impact on society, economy, and technology. In this book, we will journey through the history of money, tracing its evolution from primitive forms of exchange to the digital currencies of today. We will explore the factors that have led to the rise of CBDCs, from technological advancements to shifting consumer preferences and regulatory developments. But our exploration does not stop there. We will also examine the current state of CBDC implementation around the world, highlighting the progress made by different countries and the challenges they face in realizing the full potential of CBDCs. Moreover, we will delve into the myriad opportunities and challenges presented by CBDCs - from financial inclusion and economic stability to privacy concerns and cybersecurity risks. We will explore the technological innovations that underpin CBDCs, such as blockchain, digital identity solutions, and smart contracts, and their implications for the future of finance. As we journey through the pages of this book, we will encounter stories of innovation, collaboration, and transformation. We will meet visionaries who are shaping the future of finance and explore the ethical, legal, and regulatory considerations that accompany the adoption of CBDCs. Ultimately, this book is an invitation to explore the potential of CBDCs - to imagine a future where digital currencies empower individuals, drive economic growth, and foster social progress. It is a call to action for governments, central banks, financial institutions, and technology providers to embrace innovation, uphold ethical values, and work towards a more inclusive and sustainable financial future. So join us on this journey into the future of finance. Let us embark together on a voyage of discovery, enlightenment, and possibility. Together, we can shape a world where CBDCs revolutionize the way we think about money and create a future where financial opportunity knows no bounds.