Emerging Markets in Asia Are Rushing to Adopt Central Bank Digital Currencies

The rise of stablecoins and unbacked cryptocurrencies has started to undermine the effectiveness of central bank policies in several countries, and increased threats of money laundering and financing illegal activities. Should China succeed in driving long term adoption of the digital yuan, however,...

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Bibliographic Details
Published inDiplomat (Rozelle, N.S.W.)
Main Authors Casanova, Lourdes, Sharwari Rajesh Pandit, Rohini Manyam Seshasayee
Format Magazine Article
LanguageEnglish
Published Tokyo Tribune Content Agency LLC 04.08.2023
Subjects
American dollar
Blockchain
Central bank digital currencies
Central banks
Currency
Emerging markets
International finance
Mobile commerce
Renminbi
United States > US
Asia
China
India
Indonesia
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Summary:The rise of stablecoins and unbacked cryptocurrencies has started to undermine the effectiveness of central bank policies in several countries, and increased threats of money laundering and financing illegal activities. Should China succeed in driving long term adoption of the digital yuan, however, it could eventually challenge the U.S. dollar’s status as a favored reserve currency in some parts of the world. In India, the Reserve Bank of India has piloted a CBDC (the e-rupee) in a “hybrid format”: a wholesale CBDC-W for financial institutions to improve interbank payments, and a retail CBDC-R for citizens.
Bibliography:ObjectType-News-1
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SourceType-Magazines-1
ISSN:1446-697X