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Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey
Author:
Mrs. Sarwat Jahan
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Ms. Elena Loukoianova
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Mr. Evan Papageorgiou
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Ms. Natasha X Che
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Ankita Goel
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Mike Li
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Umang Rawatnull

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Yong Sarah Zhounull

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Series:
Fintech Notes
Volume/Issue:
Volume 2022: Issue 009
Language:
English
Publication Date:
28 Sep 2022
DOI:
https://doi.org/10.5089/9798400221521.063
ISBN:
9798400221521
ISSN:
2664-5912
Pages:
44
Keywords:
Blockchain; cash; central bank digital currency; crypto asset; distributed ledger technology; payments; Asia-Pacific region; fact XI pic; fact II interest in CBDC development; fact III central banks; fact IX challenge; fact XII; Central Bank digital currencies; Virtual currencies; Digital currencies; Payment systems; Financial inclusion; Asia and Pacific; Pacific Islands; Global
Legal-disclaimer:
Fintech Notes offer practical advice from IMF staff members to policymakers on important issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund
Volume 2022: Issue 009