The mission’s objective was to support the BCRP in its research on the conditions for success of a CBDC and the involvement of different stakeholders. The IMF has been providing Technical Assistance to BCRP since 2021 regarding CBDC. The initial TA mission assisted the central bank in the Preparation phase of the project, which involved defining the context, key questions, and potential approaches for studying a CBDC. The second phase, called the Proof of Assumptions phase, was initiated by the publication of a white paper by the central bank, supported by the current mission. This white paper presented the context, goals, and challenges related to a potential CBDC in Peru. Building on recommendations from the first mission, the BCRP acknowledged the importance of engaging stakeholders such as representatives from the banking sector, payment service providers, and the Fintech and technology sector.
China
Status : Pilot
Usecase : Retail, Wholesale
China launched the Digital Currency Electronic Payments (DCEP) project, also known as e-CNY, in 2017. The pilot program started in April 2020, initially in four cities and later expanded to twenty-eight major cities. As of June 2021, over 20.87 million personal and 3.51 million corporate digital yuan wallets had been opened, with a total transaction value of around $5.39 billion. By October 2021, the number of individual wallets reached 123 million, with a transaction volume of 142 million and a transaction value of approximately $8.8 billion. China is integrating existing payment channels with e-CNY, and AliPay started offering e-CNY in the express payment category in 2023. The digital yuan represented 0.13% of cash and reserves held by the central bank in January 2023.
The People’s Bank of China is also working on cross-border projects. In February 2021, they joined central banks from Thailand, the United Arab Emirates, and Hong Kong to explore the Multiple Central Bank Digital Currency (m-CBDC) Bridge project. In July 2021, foreign travelers to China could use e-CNY without domestic bank accounts by providing their passport information. Testing for cross-border use of e-CNY in Hong Kong has begun, with the aim of broad circulation in 2022. During the Olympic Games in Beijing and Zhangjiakou in February 2022, visitors could use the e-CNY application and card, with daily transactions reaching “a couple of million RMB” or over $300,000.
The motivations behind the e-CNY project include improving the efficiency of central bank payment systems, providing a backup to the commercial retail payment system, and promoting financial inclusion. Sources for this information include the People’s Bank of China, Atlantic Council Research, CNBC, and CoinDesk.
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Read MorePakistan
Status : Research
Usecase : Retail
The State Bank of Pakistan has been actively researching and exploring the concept of issuing a Central Bank Digital Currency (CBDC) since April 2019. They have expressed their interest in promoting financial inclusion and reducing inefficiency and corruption through the use of a digital currency. The National Payment Systems Strategy was launched in November 2019 to further support this initiative. Pakistan is closely studying CBDCs and looking to countries like China for inspiration. In April 2022, a central bank official hinted at an upcoming announcement regarding CBDC development, which was made in December 2022. The central bank aims to launch the CBDC by 2025. The sources for this information include the State Bank of Pakistan, Atlantic Council Research, and coingeek.com.
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Iran
Status : Pilot
Usecase : Retail
The Central Bank of Iran (CBI) has been actively pursuing the development of a national digital currency since 2018, following the US withdrawal from the Joint Comprehensive Plan of Action and the reimposition of sanctions. In January 2022, the CBI announced that CBDC development would soon begin. In April 2022, the CBI notified domestic institutions about regulations for a “Crypto-Rial”. There are reports suggesting that the CBI is developing its CBDC using Linux Foundation’s hyperledger, and a pilot version is expected to take a year. In September 2022, a pilot program was launched in partnership with two local banks. The pre-pilot stage has been completed, and additional testing will be conducted in partnership with more domestic banks, according to a February 2023 CBI statement. Iran’s motivations for considering a CBDC include evading sanctions, promoting financial inclusion, and preventing corruption.
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Read MoreZambia
Status : Research
The Bank of Zambia (BoZ) is currently researching the potential benefits of central bank digital currency (CBDC) in terms of reducing transaction costs and improving financial inclusion. Nkatya Kabwe, the acting assistant director of communications at BoZ, stated that the bank is undecided on whether to proceed with CBDC implementation. The research is being conducted in collaboration with technology partnerships and cross-border projects. The motivations behind this research are to explore the possibilities of CBDC and its impact on the country’s financial infrastructure. The sources for this information include the Bank of Zambia, Atlantic Council Research, and bloomberg.com.
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Namibia
Status : Research
The content discusses various aspects related to Central Bank Digital Currency (CBDC), including its status, research, use cases, architecture, technology, infrastructure, access, technology partnerships, and cross-border projects. The properties of CBDC are not explicitly mentioned in the content. The Bank of Namibia and Atlantic Council Research are mentioned as sources for the information provided. Overall, the content presents an overview of CBDC and its current status, while also highlighting the undecided aspects in terms of architecture, technology, infrastructure, and access.
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Montenegro
Status : Development
Usecase : Retail, Wholesale
The Central Bank of Montenegro is planning to collaborate with Ripple to develop a pilot program for a Central Bank Digital Currency (CBDC) in 2023. The focus of this project is to identify practical use cases for a retail CBDC and work with Ripple to design a simulation for circulation. The main objectives of this initiative are to analyze the potential risks and benefits of introducing a CBDC, assess its efficiency, ensure compliance with regulations, and protect users. The motivations behind this project include enhancing financial inclusion, modernizing monetary policy, improving payment security, and increasing the efficiency of cross-border payments. The information sources for this summary are the Atlantic Council Research and coindesk.com.
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Oman
Status : Research
The content discusses various aspects related to Central Bank Digital Currency (CBDC). It highlights that the status of CBDC implementation is still undecided, with ongoing research and exploration of potential use cases. The architecture and infrastructure for CBDC are also under consideration. The access to CBDC and any potential technology partnerships are yet to be determined. Additionally, the content mentions the involvement of the Central Bank of Oman and the Atlantic Council Research as sources of information.
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Saudi arabia
Status : Pilot
Usecase : Wholesale
Project Aber was initiated by the central banks of Saudi Arabia and the United Arab Emirates to investigate the potential of a central bank digital currency (CBDC) for domestic and cross-border settlements. The project focused on the use of real money and emphasized security. It utilized the Saudi Riyal (SAR) and the Emirati Dirham (AED), both of which are pegged to the US dollar. Three use cases were explored, starting with cross-border settlement between the central banks and progressing to settlement between commercial banks within the same country and ultimately between commercial banks in both countries. The tests demonstrated that the decentralized infrastructure enhanced resilience and privacy. In September 2022, Mohsen Al Zahrani was appointed to lead Saudi Arabia’s CBDC project, and in January 2023, the Saudi Central Bank announced increased research into CBDCs, focusing on domestic wholesale CBDC use cases with local commercial banks and fintech partners. The motivations behind Project Aber included researching distributed ledger technology (DLT), exploring its potential in overcoming inefficiencies in cross-border payments, benchmarking performance against other use cases, and gaining knowledge and experience in deploying a mutualized infrastructure.
Sources: Saudi Central Bank, Atlantic Council Research, coindesk.com
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Argentina
Status : Research
In a 2022 Bank for International Settlements paper, the Banco Centrale de la Republica Argentina (BCRA) stated that CBDC issuance is not a priority for them at the moment. However, they will continue studying the concept. Instead, they plan to focus on improving the speed and access to payments through initiatives like Transferencias 3.0. In April 2022, the government of Argentina provided guidance for the Casa de Moneda, or National Mint, to explore the use of cryptocurrency and digital technologies in their processes. The sources for this information are the Atlantic Council Research and decrypt.co.
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