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International Monetary Fund. Communications Department

. CBDC cultivation Source: CBDC Tracker (cbdctracker.org). Note: The map shows both retail and wholesale CBDCs. A country can have multiple CBDCs; the map shows the status of the most advanced stage of development in each country. The boundaries, colors, denominations, and any other information shown on maps do not imply, on the part of the IMF, any judgment on the legal status of any territory or any endorsement or acceptance of such boundaries.

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.
Agustín G. Carstens, Jon Frost, and Mr. Hyun S Shin

economic integration across borders. How can this vision be achieved? It will take new public infrastructure at the wholesale, retail, and cross-border levels. First, wholesale CBDCs—a superior representation of central bank money for use exclusively by banks and other trusted institutions—can offer new technical capabilities. These include the programmability, composability, and tokenization previously mentioned. Wholesale CBDCs could unlock significant innovation that benefits end users. For instance, the buyer and seller of a house could agree up-front that the

International Monetary Fund. Communications Department

are being considered in case the risk becomes significant. The Financial Stability Board (FSB) and other international standard setting bodies continue to update their guidance on this front. MAS will soon issue proposals to regulate stable-coins in Singapore. Wholesale CBDCs A CBDC is a direct liability and payment instrument of a central bank. Wholesale CBDCs are restricted to use by financial intermediaries and are akin to the balances commercial banks now place with a central bank. MAS sees a strong case for wholesale CBDCs, especially in cross

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

central bank (see IMF 2018 ). If the CBDC is intended for use by the general public, it is referred to as a “general purpose” or retail CBDC. It offers a new option to the general public for storing value and making payments, quite similar to cash or electronic forms of traditional currency. A wholesale CBDC targets a different group of end users, mainly financial institutions ( BIS 2018 ). Crypto assets are a type of privately-issued digital assets that depend primarily on cryptography and distributed ledger technology (DLT) for record keeping. Some have their own

Adrian Armas and Mr. Manmohan Singh
Digital money is a logical step in a process of continuous technological advancement in payment systems. In response, central banks are reviewing their conduct of monetary operations in light of the new shape of financial markets and systems. The impact of digital money will depend on the type of money substitution by digital money. The paper straddles several cases where substitution of CiC (currency in circulation), and bank deposits may take place via digital money such as CBDC or other e-money, and how it would impact the central bank balance sheet. Remuneration of CBDC, if aligned to a new objective, could potentially amplify the effect on the interest rate channel of monetary policy.