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Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. T. +(1) 202.623.7430 publications@imf.org IMFbookstore.org elibrary.IMF.org Contents 1. Introduction 2. Policy Goals of CBDC Projects A. Financial Inclusion B

Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, Yong Sarah Zhou, and Ankita Goel

CBDC projects, drawing on collaboration and exchanges with the respective central banks ( Soderberg and others 2022 ). 8 The World Bank has produced a package consisting of three notes on CBDCs, which draws on case studies to reflect the payments perspective, technical background, and cross-border payments. The Asian Development Bank (ADB) has analyzed the PICs to explore issues they need to address to realize the benefits of CBDCs in overcoming their physical remoteness and other challenges, and to expand financial inclusion ( ADB 2021 ). The current survey is a

Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the

Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, Yong Sarah Zhou, and Ankita Goel

Survey Fact I The Asia-Pacific region is at the forefront of CBDC exploration Fact II Interest in CBDC development has clearly been on the rise in Asia-Pacific Fact III Central banks in Asia are interested both in wholesale and retail CBDCs Fact IV Only a few countries currently have the legal authority to issue a CBDC, while others are contemplating legal reforms Fact V Organizational arrangements vary among different CBDC projects in Asia-Pacific Fact VI The key drivers for countries’ interest in CBDCs differ by income group Fact VII While there is a

Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

Financial Inclusion in China: Models, Challenges, and Global Lessons .” Joint Report. World Bank , Washington, DC . 1 CBDC is digital money issued by a central bank and is conceivable in both retail and wholesale form. Retail CBDC, or sometimes general purpose CBDC, refers to CBDC that can be held and used by individuals, whereas wholesale CBDCs are available only to a selected set of financial institutions. For more on these different types, see BIS (2018) . 2 For a recent survey of CBDC projects around the world, see Boar and Wehrli (2021) . For

Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, and Yong Sarah Zhou
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.
International Monetary Fund. Monetary and Capital Markets Department

design phases of Banxico’s central bank digital currency (CBDC) project will be needed. Generalized adoption of foreign stablecoins seems unlikely at this stage and the risks are mitigated by the robust policy framework. Systemic liquidity and crisis management. Banxico’s liquidity management demonstrated flexibility and resilience during the pandemic. The ELA framework could be enhanced by setting a minimum threshold for its interest rate and improving the encumbrance process of credit claims. Recovery and resolution plans are now in place for all commercial banks

Mr. Itai Agur, Jose Deodoro, Xavier Lavayssière, Soledad Martinez Peria, Mr. Damiano Sandri, Hervé Tourpe, and Mr. German Villegas Bauer

acknowledging that this is only one of many relevant considerations to evaluate the desirability of issuing a CBDC. Moreover, this discussion centers on retail CBDCs, which are the closest comparator to the payment methods analyzed in the previous sections. A retail CBDC is a novel payment instrument that is intended for use by consumers and firms and that, depending on its design, can blend various features currently attributed to cash and bank deposits ( Agur, Ari, and Dell’Ariccia 2022 ). 24 Current CBDC projects are based on non-PoW permissioned DLT or on modernized

Mr. Itai Agur, Jose Deodoro, Xavier Lavayssière, Soledad Martinez Peria, Mr. Damiano Sandri, Hervé Tourpe, and Mr. German Villegas Bauer
Whether in crypto assets or in CBDCs, design choices can make an important difference to the energy consumption of digital currencies. This paper establishes the main components and technological options that determine the energy profile of digital currencies. It draws on academic and industry estimates to compare digital currencies to each other and to existing payment systems and derives implications for the design of environmentally friendly CBDCs. For distributed ledger technologies, the key factors affecting energy consumption are the ability to control participation and the consensus algorithm. While crypto assets like Bitcoin are wasteful in terms of resources, other designs could be more energy efficient than existing payment systems.
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