Central Bank Digital Currencies in Asia/Pacific (Excluding Japan): 1Q23 Update

Central Bank Digital Currencies in Asia/Pacific (Excluding Japan): 1Q23 Update

This IDC Perspective provides an update of the central bank digital currency (CBDC) initiatives in Asia/Pacific (as of March 20, 2023) and highlights key announcements regarding CBDC projects and launches, use cases, types of technology architecture, and motivation to launch the CBDC project in any specific country. Notably, crypto or digital assets have emerged as innovative services for organizations and consumers. However, the regulatory framework around digital assets is still sketchy for a bulk of countries, and these are still being developed. CBDCs have also gained interest globally and in Asia/Pacific to suit several uses, including digital domestic and cross-border payments, promotion of financial inclusion, and being an alternative to cryptocurrencies."CBDCs are being experimented within Asia/Pacific with a focus on a wide range of retail and wholesale use cases. It has the power to transform the payments landscape and promote financial inclusion for the greater good," says Sandeep Sharma, Senior Manager for AI, Analytics, and Web3, IDC Asia/Pacific.

Please Note: Extended description available upon request.