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A Framework for Digital Currencies for Financial Inclusion in Latin America and the Caribbean

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Listed:
  • Gabriel Bizama
  • Alexander Wu
  • Bernardo Paniagua
  • Max Mitre

Abstract

This research aims to provide a framework to assess the contribution of digital currencies to promote financial inclusion, based on a diagnosis of the landscape of financial inclusion and domestic and cross-border payments in Latin America and the Caribbean. It also provides insights from central banks in the region on key aspects regarding a possible implementation of central bank digital currencies. Findings show that although digital currencies development is at an early stage, a well-designed system could reduce the cost of domestic and cross-border payments, improve the settlement of transactions to achieve real-time payments, expand the accessibility of central bank money, incorporate programmable payments and achieve system performance demands.

Suggested Citation

  • Gabriel Bizama & Alexander Wu & Bernardo Paniagua & Max Mitre, 2024. "A Framework for Digital Currencies for Financial Inclusion in Latin America and the Caribbean," Papers 2401.09811, arXiv.org.
    • Handle: RePEc:arx:papers:2401.09811
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    File URL: http://arxiv.org/pdf/2401.09811
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