Images: Getty Images © 2023 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders. Contents Preface 3 Executive summary 4 Introduction 5 1 Scope 6 1.1 Definitions 6 2 CBDC priorities across regions 7 2.1 Areas of alignment 7 2.2 Latin America and the Caribbean 9 2.3 Sub-Saharan Africa 11 2.4 Middle East and North Africa 13 2.5 Asia-Pacific 14 2.6 Europe 19 2.7 North America 20 2.8 Global CBDC lessons learned 21 3 Global considerations 23 3.1 Monetary sovereignty 23 3.2 Financial stability 23 3.3 Geopolitical risk 24 3.4 De-dollarization 24 3.5 Infrastructure cost considerations 25 4 Key motivations for interoperability principles 26 5 Principles for CBDC interoperability 28 5.1 Governance 28 5.2 Legal and regulatory 29 5.3 Identification and authentication 29 5.4 Payments 30 5.5 Technical 31 6 Recommendations 32 6.1 For central banks 32 6.2 For policy-makers 32 6.3 For the private sector 32 6.4 Financial market infrastructure 33 Conclusion 34 Contributors 35 Endnotes 38 Central Bank Digital Currency Global Interoperability Principles 2
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