Arvinder Bharath's Books

Rise of Digital Money

Implications for Pacific Island Countries

By: Yong Sarah Zhou,Tao Sun,Anca Paduraru,Arvinder Bharath,Stephanie Forte,Kathleen Kao,Miss Yinqiu Lu,Maria Fernanda Chacon Rey,Piyaporn Sodsriwiboon,Chia Yi Tan,Bo Zhao

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Rise of Digital Money

Implications for Pacific Island Countries

By: Yong Sarah Zhou,Tao Sun,Anca Paduraru,Arvinder Bharath,Stephanie Forte,Kathleen Kao,Miss Yinqiu Lu,Maria Fernanda Chacon Rey,Piyaporn Sodsriwiboon,Chia Yi Tan,Bo Zhao

The departmental paper, "Rise of Digital Money: Implications for Pacific Island Countries," delves into the fast-evolving landscape of digital money in a diverse region of extremes in size, remoteness and dispersion, highlighting its significant macroeconomic and financial consequences. It provides an overview of the development of digital money and payment systems in Pacific Island Countries (PICs), assessing potential benefits and risks, with a focus on how they can harness digital technology to enhance financial inclusion and payment efficiency while minimizing risks. To this end, the paper also examines the prerequisites for successfully adopting various forms of digital money and proposes a strategic framework for policy decisions. The paper underscores the potential of digital money in advancing public policy goals, like financial inclusion and improved cross-border connectivity – given the specific characteristics of the region – while cautioning against the risks of rapid and inadequately regulated adoption. Accordingly, it advocates a gradual, well-informed approach, tailored to PICs' unique monetary and financial circumstances, including the presence of national currencies and the maturity of payment systems. Moreover, the paper suggests that a regional approach could help address capacity and scalability challenges in introducing new digital money forms and payment methods in PICs.

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International Monetary Fund

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ISBN 13

9798400263071

Cyber Resilience of the Central Bank Digital Currency Ecosystem

By: Arvinder Bharath,Anca Paduraru,Tamas Gaidosch

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Cyber Resilience of the Central Bank Digital Currency Ecosystem

By: Arvinder Bharath,Anca Paduraru,Tamas Gaidosch

Over 100 central banks around the globe are exploring central bank digital currencies (CBDCs) to modernize payment systems. They aim to explore potential benefits, risks, and the broad range of new capabilities CBDCs might offer. Some view CBDC exploration as an opportunity to rethink their existing, legacy payment systems and build a resilient and secure infrastructure using modern technologies. However, a CBDC creates a vast and complex ecosystem that amplifies existing risk exposures and surfaces new ones. Given the implications of issuing a CBDC, it should be seen as a fundamental change in the way the central bank operates. This note considers experiences from live CBDCs and is informed by experiments conducted by central banks and international institutions for domestic use. It also draws from cybersecurity and resilience frameworks from standard-setting bodies.

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International Monetary Fund

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ISBN 13

9798400286995

Cyber Resilience of the Central Bank Digital Currency Ecosystem

By: Arvinder Bharath,Anca Paduraru,Tamas Gaidosch

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Cyber Resilience of the Central Bank Digital Currency Ecosystem

By: Arvinder Bharath,Anca Paduraru,Tamas Gaidosch

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Publisher

International Monetary Fund

Published Date

ISBN 13

9798400286995

Book's by Arvinder Bharath

Rise of Digital Money

Rise of Digital Money

Cyber Resilience of the Central Bank Digital Currency Ecosystem

Cyber Resilience of the Central Bank Digital Currency Ecosystem

Cyber Resilience of the Central Bank Digital Currency Ecosystem

Cyber Resilience of the Central Bank Digital Currency Ecosystem

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