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Central Bank Digital Currency Adoption: Inclusive Strategies for Intermediaries and Users
Author:
Tayo Tunyathon Koonprasert
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,
Shiho Kanada
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,
Natsuki Tsuda
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Edona Reshidi
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Series:
Fintech Notes
Volume/Issue:
Volume 2024: Issue 005
Language:
English
Publication Date:
20 Sep 2024
DOI:
https://doi.org/10.5089/9798400289422.063
ISBN:
9798400289422
ISSN:
2664-5912
Pages:
57
Keywords:
Central bank digital currency; CBDC; Adoption; Intermediaries; Incentives; central bank digital currency adoption; CBDC adoption; IMF Fintech Note 2024/005; eAUD payment; central bank of Peru; Central Bank digital currencies; Currencies; Payment systems; Digital financial services; Financial inclusion; Global; Africa
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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Among the countries that have launched central bank digital currency (CBDC) or are conducting large-scale pilots, adoption remains slow and limited due to various challenges such as lack of public awareness and trust, preference for existing payment methods, and inadequate incentives for intermediaries. Central banks cannot take it for granted that CBDC, once launched, will be adopted and scaled up easily. Forming part of the CBDC Virtual Handbook, this paper aims to encourage policymakers to consider CBDC adoption early on, by arguing that successful CBDC adoption hinges not only on technical readiness and operational robustness, but also on strategic policy and design choices that target end-user and intermediary involvement from the outset. The paper introduces The REDI Framework which outlines various regulatory strategies, education/communication initiatives, design/deployment choices, and incentive mechanisms to prepare for CBDC adoption.
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Cover FinTech Notes
FinTech Notes
ISSN:
2664-5912
Publisher:
International Monetary Fund