The Bank for International Settlements (BIS) points out that payment system efficiency is the biggest motivation for central banks in emerging market economies that are experimenting with or considering central bank digital currencies (CBDCs).
The report, released on Thursday, consists of a series of statements prepared for the meeting of vice-presidents of central banks from emerging economies on February 9 and 10:
“Reduced cash use and private digital payment Providing a cash-like digital payment instrument in light of an increase in services is the most common consideration [for a CBDB issuance].”
The report includes countries such as Brazil, Hong Kong, Mexico, South Africa and the United Arab Emirates.
The report also notes that central banks in emerging market economies prioritize financial inclusion and focus on cybersecurity risks, potential bank disintermediation and cross-border spillovers.
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