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Beyond technology: Considerations for retail central bank digital currency adoption in Asia–Pacific

Author

Listed:
  • Chen, Sally

    (Representative office for Asia and the Pacific, Hong Kong)

  • Goel, Tirupam

    (Senior Economist, Office for Asia and the Pacific, Bank for International Settlements, Hong Kong)

  • Qiu, Han

    (Economist, Office for Asia and the Pacific, Bank for International Settlements, Hong Kong)

Abstract

While central banks’ objectives for issuing central bank digital currencies (CBDCs) are increasingly clear, many observers continue to raise questions regarding the usefulness of CBDCs for the broader population. This question is particularly relevant for Asia-Pacific economies where the payment infrastructure is generally both efficient and resilient, and digital payments have been widely adopted. As this paper will argue, ensuring the adoption of CBDCs in Asia-Pacific requires a ‘future-proof’ solution that is sufficiently flexible to adapt to advances in payments technology. In addition, any solution will have to replicate the underlying benefits of physical cash, such as offline availability, while addressing concerns around transaction privacy.

Suggested Citation

  • Chen, Sally & Goel, Tirupam & Qiu, Han, 2023. "Beyond technology: Considerations for retail central bank digital currency adoption in Asia–Pacific," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 17(4), pages 408-421, December.
    • Handle: RePEc:aza:jpss00:y:2023:v:17:i:4:p:408-421
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    More about this item

    Keywords

    retail payment systems; CBDCs; Asia-Pacific;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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