This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
Major operational incidents in payment systems suggest the need to improve their resiliency. Meanwhile, as payment infrastructures become more digitalized, integrated, and interdependent, they require an even higher degree of resilience. Moreover, risks that could trigger major disruptions have become more acute given the rise in power outages, cyber incidents, and natural disasters. International experiences suggest the need to strengthen reliability objectives, redundancies, assessment of critical service providers, endpoint security, and alternative arrangements
This paper synthesizes four lessons from the experiences of six Asian e-money schemes for central banks as they consider adopting central bank digital currency (CBDC): (i) CBDC should embody four attributes: trust, convenience, efficiency, and security; (ii) CBDC service providers can facilitate CBDC adoption through four channels: leveraging digital technology, targeting use cases, developing business models, and complying with legal and regulatory requirements; (iii) central banks could incentivize CBDC service providers to develop these four channels when considering CBDC adoption; and (iv) central banks may be able to establish data-sharing arrangements that preserve privacy while leaving room for CBDC service providers to explore the economic value of data.
Major operational incidents in payment systems suggest the need to improve their resiliency. Meanwhile, as payment infrastructures become more digitalized, integrated, and interdependent, they require an even higher degree of resilience. Moreover, risks that could trigger major disruptions have become more acute given the rise in power outages, cyber incidents, and natural disasters. International experiences suggest the need to strengthen reliability objectives, redundancies, assessment of critical service providers, endpoint security, and alternative arrangements
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