Stablecoins and central bank digital currencies: Prospects in the Asia-Pacific region
Abstract
This paper delves into the development and potential of stablecoins and central bank digital currencies (CBDCs) within the Asia-Pacific (APAC) region. It begins by tracing the evolution of digital currencies, highlighting the emergence of Bitcoin and the subsequent proliferation of various digital assets. The focus then shifts to stablecoins and CBDCs, examining their shared characteristics, such as their reliance on distributed ledger technology (DLT) and their value being tied to fiat currencies or other stable assets. Despite these similarities, the paper underscores the significant differences between stablecoins and CBDCs, particularly in terms of their issuance, regulatory frameworks and use cases. The APAC region, characterised by its diverse and dynamic economies, is presented as a unique landscape for the adoption and innovation of digital currencies. The paper discusses the varying levels of progress across different APAC countries, with some nations leading in the development of retail and wholesale CBDCs, whereas others are advancing in the use of stablecoins. The potential benefits of CBDCs, such as enhanced financial inclusion, improved monetary policy implementation and increased security, are contrasted with the advantages of stablecoins, including accessibility, innovation and privacy. The paper concludes by emphasising the importance of collaboration between the public and private sectors in the APAC region to foster a robust and inclusive digital currency ecosystem. It also highlights the challenges that remain, such as regulatory hurdles and the need to balance innovation with control. Ultimately, the paper posits that the developments in the APAC region will significantly influence the global trajectory of digital currencies. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/ business/.
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Author's Biography
Camilla Bullock is a globally recognised leader in financial technology and the CEO and cofounder of the Emerging Payments Association Asia (EPAA). Since launching the EPAA in 2018, she has transformed it into a powerful voice for payment innovation across the Asia-Pacific region, fostering collaboration among regulators, financial institutions and financial technologies (FinTechs). Under her leadership, the EPAA has become an active contributor to global policy discussions, including Financial Stability Board task forces aligned with the Group of Twenty agenda on cross-border payments and interoperability. Camilla’s career began in London, where she spent 14 years with Reuters (now part of the London Stock Exchange Group [LSEG]), honing her expertise in financial markets and technology. Her entrepreneurial spirit and commitment to diversity led her to establish the ‘Meet-Her She Knows Payments’ initiative, which champions female thought leadership in FinTech. Renowned for her ability to connect ideas, people and institutions, Camilla is a frequent speaker at international forums and serves on the board of the Swedish Australian Chamber of Commerce. Her work reflects a deep passion for shaping the future of payments through inclusive innovation, regulatory harmonisation and strategic partnerships.
Monica Jasuja is Chief Expansion and Innovation Officer at the Emerging Payments Association Asia (EPAA), driving transformative payment initiatives across Asia. A global financial technology (FinTech) pioneer with over 24 years of experience, she has held leadership positions at Fortune 500 companies (including PayPal, Mastercard and Gojek) across the USA, India, Southeast Asia and Taiwan. Recognised as a top global FinTech thought leader and among the most influential voices in digital payments, Monica specialises in product innovation, strategic partnerships and go-to-market strategies for digital financial services. She has successfully built new business verticals and launched scalable payment solutions in emerging markets. Monica’s expertise spans FinTech strategy, digital payments transformation and building inclusive financial ecosystems. Her vision leverages payments and FinTech innovation to unlock Asia’s vast financial potential and accelerate digital transformation across the region.
Brad Pragnell Dr Brad Pragnell is a consultant specialising in banking, payments and financial services strategy and policy, currently residing in Sydney, Australia. His recent roles encompassed Ambassador for the Emerging Payments Association Asia and Head of Strategy with the Customer Owned Banking Association (Australia). He believes deeply in the power of collaboration to deliver practical, efficient and accessible financial services that strengthen our economy and empower our communities. Brad brings over 25 years of experience in payments, banking, financial technology (FinTech). Pensions and financial planning, combined with deep strategic and policy experience. Through his consultancy, 34 South 45 North, he has advised on national payment infrastructure projects across North America, South Asia and East Africa. Previously, Brad was the Head of Policy at the Australian Payments Network (AusPayNet) between 2008 and 2016, where he provided policy leadership on the development of the New Payments Platform, which was launched in February 2018. He holds postgraduate degrees from Queen’s University (Kingston, Canada), the University of Technology, Sydney, and the University of New South Wales.
