Key Takeaways from Asian Electronic Payment Systems for Implementing Central Bank Digital Currency

This paper examines the experiences of six Asian e-money schemes for central banks and extracts four key lessons that can guide the adoption of central bank digital currency (CBDC). Firstly, CBDC should possess four crucial attributes: trust, convenience, efficiency, and security. Secondly, CBDC service providers can play a vital role in facilitating CBDC adoption by utilizing digital technology, targeting specific use cases, developing suitable business models, and adhering to legal and regulatory requirements. Thirdly, central banks can incentivize CBDC service providers to enhance these channels when considering CBDC adoption. Lastly, central banks may establish data-sharing arrangements that protect privacy while allowing CBDC service providers to explore the economic value of data.

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