Dominican Republic: Assessing the Implications of a retail Central Bank Digital Currency (Phase 1 and 2)

Dominican Republic: Assessing the Implications of a retail Central Bank Digital Currency (phase 1 and 2)
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Volume/Issue: Volume 2024 Issue 031
Publication date: August 2024
ISBN: 9798400286605
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Topics covered in this book

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CBDC , digital money , macro-financial , legal , payments , digitalization , digital money project , integrity implication , CBDC take-up , CBDC exploration , CBDC policy objective , CBDC project , CBDC design , Central Bank digital currencies

Summary

The mission helped the BCRD to assess a CBDC's potential macro-financial, legal, and financial integrity implications, and shared lessons from other countries' CBDC and digital money projects, technology considerations, practices for stakeholder engagement, and how CBDC can increase financial inclusion, among others. The mission advised the BCRD to continue the exploration of macro-financial implications of a CBDC, conduct the legal framework revisions should a positive decision of CBDC be taken, assess risks to financial integrity once a firmer design choice is made, and build up technology knowledge and capacity meanwhile.