CBDCs in emerging market economies

Konference doktorandů na Vysoké škole finanční a správní 2023: Prezentace výsledků společenskovědního výzkumu s ekonomickými a finančními efekty (10. ročník) = Doctoral Student Conference at the University of Finance and Administration 2023: Results presentation of social science research with economic and financial effects (10th annual conference)

“…The Central Bank of the Republic of Turkey initiated the "Digital Turkish Lira Collaboration Platform" project in 2020 to analyse CBDC models and assess technical design options (Chen et al, 2022). The CBRT is studying efficiency, policy effectiveness, and implementation issues.…”

“…Bank Indonesia (BI), the country's central bank, aims to design The Kingdom of Saudi Arabia has been actively researching the potential of a Central Bank Digital Currency (CBDC) as part of its broader financial innovation strategy. This initiative aligns with Saudi Arabia's Vision 2030 and aims to explore the benefits and challenges associated with the issuance of a CBDC(Chen et al, 2022). The Saudi Central Bank (SAMA) has also collaborated on cross-border CBDC projects on a project called "Aber" with the Central Bank of the United Arab Emirates with the goal to explore the feasibility of issuing a wholesale CBDC for cross-border payments.…”

“…Key objectives were to test viability, improve interbank efficiency, and study regulatory implications. One primary objective of South Africa's CBDC initiative is financial inclusion, aiming to bring financial services to individuals previously without bank accounts(Chen et al, 2022). a reasonable public demand for a digital pound as a retail CBDC, but adoption will depend on ease of use and the potential benefits over cash and cards (BoE, 2022).…”

“…Utilizing "permissioned" Distributed Ledger Technology, it ensures user identity verification Unlike most other countries, the South Korean Bank of Korea (BOK) and the Korean government are not concerned that private stablecoins might compete with the government financial system. An Open Banking System (OBS) was established in 2019, so that private initiatives could act freely and build their own ecosystem(Chen et al, 2022). Though the BOK does not see an urgent need to implement a retail or a wholesale CBDC, it launched a first pilot testing phase for a wholesale CBDC based on a DLT-platform between August and December 2021.…”

The Evolution of CBDC in G20 Economies Design, Progress and Strategy

“…Unlike most other countries, the South Korean Bank of Korea (BOK) and the Korean government are not concerned that private stablecoins might compete with the government financial system. An Open Banking System (OBS) was established in 2019, so that private initiatives could act freely and build their own ecosystem (Chen et al, 2022). Though the BOK does not see an urgent need to implement a retail or a wholesale CBDC, it launched a first pilot testing phase for a wholesale CBDC based on a DLT-platform between August and December 2021.…”