Analysis of CBDCs in South America, the Caribbean, and Their Impact on Financial Inclusion

Abstract

This research analyzes the potential of a CBDC to address challenges such as financial inclusion in South America and the Caribbean. To this end, data from Global Findex on gender, age, educational level, income, and employment status have been used. Subsequently, through multilevel binomial logit models, three dependent variables were analyzed: account ownership, internet or cell phone use for financial transactions, and cell phone use for in-store payments. The results suggest that addressing gender, educational, economic, and labor disparities is crucial to promote more equitable financial inclusion through CBDCs. Actions such as educational programs on digital finance, ensuring equitable access to technology and connectivity, designing intuitive and accessible interfaces, and conducting awareness and advocacy campaigns to encourage the adoption of CBDCs are proposed. These measures could contribute to greater financial and digital inclusion in the region.