The Bank for International Settlements, or BIS, released a paper Tuesday on central bank digital currencies, or CBDCs, and how they can be used to meet policy goals for financial inclusion. The paper drew on interviews conducted in the second half of last year at nine central banks that are currently exploring retail CBDCs. It looked at common goals across a range of economic development levels and challenges to inclusion.
The paper identified two distinct approaches to CBDC. Some central banks saw digital currency as a catalyst for innovation and development while others expected it to serve as a complement to existing initiatives. All of the central banks emphasized the need for stakeholder education and acceptance, both among consumers and service providers.
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