Central Bank Digital Currencies In The Middle East And Central Asia
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Central Bank Digital Currencies In The Middle East And Central Asia
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Author : Serpil Bouza
language : en
Publisher: International Monetary Fund
Release Date : 2024-04-26
Central Bank Digital Currencies In The Middle East And Central Asia written by Serpil Bouza and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-26 with Business & Economics categories.
Against the backdrop of a rapidly digitalizing world, there is a growing interest in central bank digital currencies (CBDCs) among central banks, including in the Middle East and Central Asia (ME&CA) region. This paper aims to support ME&CA policymakers in examining key questions when considering the adoption of a CBDC while underscoring the importance of country-specific analyses. This paper does not provide recommendations on CBDC issuance. Instead, it frames the discussion around the following key questions: What is a CBDC? What objectives do policymakers aim to achieve with the issuance of a CBDC? Which inefficiencies in payment systems can CBDCs address? What are the implications of CBDC issuance for financial stability and central bank operational risk? How can CBDC design help achieve policy objectives and mitigate these risks? The paper provides preliminary answers to these questions at the regional level. A survey of IMF teams and public statements from ME&CA policymakers confirm that promoting financial inclusion and making payment systems more efficient (domestic and cross-border) are the top priorities in the region. Payment services through CBDCs, if offered at a lower cost than existing alternatives, could spur competition in the payment market and help increase access to bank accounts, improve financial inclusion, and update legacy technology platforms. CBDCs may also help improve the efficiency of cross-border payment services, especially if designed to address frictions arising from a lack of payment system interoperability, complex processing of compliance checks, long transaction chains, and weak competition. At the same time, CBDCs could negatively impact bank profitability while introducing a substantial operational burden for central banks. However, the exact economic and financial impacts of CBDCs need further study and would depend on estimates of CBDC demand, which are uncertain and country- dependent. CBDC issuance and adoption is a long journey that policymakers should approach with care. Policymakers need to analyze carefully whether a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, in addition to risks for the financial system and operational risks for the central bank.
Recent Central Bank Digital Currency Developments In Asia And Their Implications
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-08-01
Recent Central Bank Digital Currency Developments In Asia And Their Implications written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-01 with Computers categories.
This publication analyzes the evolution of Central Bank Digital Currencies (CBDC) in Asia and the Pacific, assesses their potential risks and technical challenges, and explores their potential to improve cross-border payments and financial inclusion. Ahead of the launch of any large-scale Asian CBDC, it details various models and explores how Cambodia, the People’s Republic of China, Singapore, and Thailand are taking the lead. Outlining global developments and emerging trends, it shows why a robust digital infrastructure, strong public-private collaboration, and fintech literacy are central to ensuring CBDCs help drive the transition to a digital economy.
The Role Of Central Bank Digital Currencies In Financial Inclusion
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2023-03-01
The Role Of Central Bank Digital Currencies In Financial Inclusion written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-01 with Business & Economics categories.
Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.
Towards Central Bank Digital Currencies In Asia And The Pacific
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Author : Mrs. Sarwat Jahan
language : en
Publisher: International Monetary Fund
Release Date : 2022-09-28
Towards Central Bank Digital Currencies In Asia And The Pacific written by Mrs. Sarwat Jahan and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-28 with Business & Economics categories.
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
Central Bank Digital Currencies And The Global Financial System
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Author : Muhammad Ashfaq
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2023-07-24
Central Bank Digital Currencies And The Global Financial System written by Muhammad Ashfaq and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-24 with Business & Economics categories.
Central Bank Digital Currencies and Global Financial System: Theory and Practice is the perfect book for anyone interested in the impact of digital currencies on the global financial system, providing valuable insights and analysis on the topic. The topic of central bank digital currencies (CBDCs) is particularly relevant in 2023 because the use of digital currencies is rapidly growing around the world, and many central banks are exploring the idea of developing their own CBDCs. This book offers readers an opportunity to gain a better understanding of CBDCs, including their history, differences with cryptocurrencies, and the potential impact of CBDCs on the future of the financial system. The book’s didactic approach breaks down complex topics into easily digestible chapters, allowing readers to easily understand and follow the progression of digital currencies. For those interested in the future of digital currencies, the book offers a chapter on future research directions and concluding remarks. Central Bank Digital Currencies and Global Financial System: Theory and Practice is a must-read for anyone interested in the intersection of finance and technology. By exploring the evolution of digital currencies and their impact on the global financial system, this book provides valuable insights for policymakers, financial professionals, and anyone looking to understand the future of money.
Central Bank Digital Currency And Fintech In Asia
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Author : Marlene Amstad
language : en
Publisher: Asian Development Bank
Release Date : 2019-11-26
Central Bank Digital Currency And Fintech In Asia written by Marlene Amstad and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-26 with Business & Economics categories.
This book provides a thorough introduction and historical overview of the principles and practices of digital currency and fintech in Asia. It covers the theory of central bank digital currency and examines regulatory aspects, economic digitalization, financial inclusion, and the role of SMEs. Selected case studies offer in-depth insights into recent fintech developments in major economies, including Australia; Hong Kong, China; Indonesia; Japan; the People's Republic of China; the Republic of Korea; and Thailand. The book also makes a valuable supplement for introductory courses on finance, governance, and economics, as it appeals to a broad range of readers, including university students, academics, finance practitioners, and policy makers.
Monetary Issues In The Middle East And North Africa Region
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Author : Mr.Simon Gray
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-10
Monetary Issues In The Middle East And North Africa Region written by Mr.Simon Gray and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-10 with Business & Economics categories.
This paper documents the main themes covered in two seminars (December 2011 and September 2012) on monetary policy and implementation at the IMF—Middle East Center for Economics and Finance, and includes country case studies. Against the backdrop of the global financial crisis and swings in cross-border capital flows, operational frameworks have become more flexible, and liquidity management has impacted the relationship between the policy rate corridor and market rates. The balance sheet structure of central banks in the Middle East and North Africa (MENA) shows differences between oil exporters and others, while a few countries have exhibited notable changes since early 2011. Collateral now has a significant financial stability function. Although only one MENA country is part of the G20, implementation of the Basel III bank capital adequacy and liquidity rules will most likely impact banks’ way of doing business in MENA countries, even if indirectly.
Financial Inclusion Of Small And Medium Sized Enterprises In The Middle East And Central Asia
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Author : Mr.Nicolas R Blancher
language : en
Publisher: International Monetary Fund
Release Date : 2019-02-12
Financial Inclusion Of Small And Medium Sized Enterprises In The Middle East And Central Asia written by Mr.Nicolas R Blancher and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-02-12 with Business & Economics categories.
The importance of financial inclusion is increasingly recognized by policymakers around the world. Small and medium-sized enterprise (SME) financial inclusion, in particular, is at the core of the economic diversification and growth challenges many countries are facing. In the Middle East and Central Asia (MENAP and CCA) regions, SMEs represent an important share of firms, but the regions lag most others in terms of SME access to financing.
Cash Use Across Countries And The Demand For Central Bank Digital Currency
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Author : Mr.Tanai Khiaonarong
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-01
Cash Use Across Countries And The Demand For Central Bank Digital Currency written by Mr.Tanai Khiaonarong and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-01 with Business & Economics categories.
The level and trend in cash use in a country will influence the demand for central bank digital currency (CBDC). While access to digital currency will be more convenient than traveling to an ATM, it only makes CBDC like a bank debit card—not better. Demand for digital currency will thus be weak in countries where cash use is already very low, due to a preference for cash substitutes (cards, electronic money, mobile phone payments). Where cash use is very high, demand should be stronger, due to a lack of cash substitutes. As the demand for CBDC is tied to the current level of cash use, we estimate the level and trend in cash use for 11 countries using four different measures. A tentative forecast of cash use is also made. After showing that declining cash use is largely associated with demographic change, we tie the level of cash use to the likely demand for CBDC in different countries. In this process, we suggest that one measure of cash use is more useful than the others. If cash is important for monetary policy, payment instrument competition, or as an alternative payment instrument in the event of operational problems with privately supplied payment methods, the introduction of CBDC may best be introduced before cash substitutes become so ubiquitous that the viability of CBDC could be in doubt.
The Near Future Of Central Bank Digital Currencies
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Author : Nicola Bilotta
language : en
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
Release Date : 2021-02-26
The Near Future Of Central Bank Digital Currencies written by Nicola Bilotta and has been published by Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-02-26 with categories.
The value of global cashless payments has been radically increasing worldwide. Despite cash being the most used payment instrument in the world, technological innovation and new consumer preferences are decisively transforming the way consumers pay and manage money. The COVID-19 pandemic may also have been an accelerator of the cashless mega-trend. Private players currently dominate the digital payment ecosystem, urging central banks to seek solutions to ensure public access to legal tender if cash is phased out. In this context, the idea of a Central Bank Digital Currency (CBDC) is gaining momentum. Nevertheless, there is a need to better understand the implications in terms of risks, benefits and potential costs of CBDCs. From privacy concerns to macroeconomic effects, these implications blur the boundaries of the payment and financial systems, challenging the core functions of our economy and society.