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Beyond technology: Considerations for retail central bank digital currency adoption in Asia–Pacific
Journal of Payments Strategy & Systems,
17
(4),
408-421
(2023)
Abstract
While central banks’ objectives for issuing central bank digital currencies (CBDCs) are increasingly clear, many observers continue to raise questions regarding the usefulness of CBDCs for the broader population. This question is particularly relevant for Asia-Pacific economies where the payment infrastructure is generally both efficient and resilient, and digital payments have been widely adopted. As this paper will argue, ensuring the adoption of CBDCs in Asia-Pacific requires a ‘future-proof’ solution that is sufficiently flexible to adapt to advances in payments technology. In addition, any solution will have to replicate the underlying benefits of physical cash, such as offline availability, while addressing concerns around transaction privacy.
Keywords: retail payment systems; CBDCs; Asia-Pacific
The full article is available to subscribers to the journal.
Author's Biography
Sally Chen is the Regional Advisor at the Bank for International Settlements Asian Office. Prior to this, Sally served in various capacities at the International Monetary Fund (IMF), including most recently as the Resident Representative heading the IMF’s Hong Kong Office. Her policy work focuses on the Asia-Pacific region, covering the intersection of macro and financial stability, FinTech developments and capital flows.
Tirupam Goel is a senior economist at the Bank for International Settlements. His policy and research work covers banking and financial regulation, corporate debt markets, inflation and central bank digital currencies. Tirupam holds a PhD in economics from Cornell University, and bachelor’s and master’s degrees in mathematics from the Indian Institute of Technology, Kanpur.
Han Qiu is an economist for the Bank for International Settlements (BIS). Prior to this, he was pursuing a PhD in finance at Peking University. He worked as a PhD fellow at the BIS in 2019. His work mainly focuses on financial technology, financial stability and the Chinese economy.
