Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey

Author: Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, and Yong Sarah Zhou

This note takes stock of ongoing developments on CBDCs in Asia-Pacific based on a survey of 34 economies and summarizes the key lessons that include the large heterogeneity and broad policy considerations.

Volume/Issue: Volume 2022 Issue 009

Publication date: September 2022

ISBN: 9798400221521

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Topics covered in this book

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Finance , Economics- Macroeconomics , Economics / General , 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

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Summary

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.