A volume of papers from the Bank for International Settlements (BIS) points out that payment system efficiency is the top motivation for central banks in emerging market economies experimenting with central bank digital currencies (CBDCs) or considering such an approach.
The document, published on Thursday, is made up of a series of papers that were prepared for a meeting of deputy governors of central banks from emerging economies, which happened on February 9 and 10.
“Providing a cash-like digital means of payment, in light of reduced cash usage and an increase in private digital payment services, is the most common consideration [for CBDB issuance],” it says.
The report includes countries such as Brazil, Hong Kong, Mexico, South Africa and the United Arab Emirates.
It also points out that central banks in emerging market economies prioritize financial inclusion and focus on cyber security risks, potential bank disintermediation and cross-border spillovers.© 2022 The Block Crypt
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