CBDC objective Description Privacy and data protection Safeguarding user privacy and data protection is a significant consideration. Many regions emphasize the need for strong privacy measures in CBDC design, such as ensuring anonymity or pseudonymity while balancing the requirements for transparency and regulatory oversight. Cybersecurity and resilience Building resilient CBDC systems and protecting them against cyberthreats is a universal priority. Robust security measures, including encryption and authentication protocols, are essential to ensure the integrity of CBDC platforms and maintain public trust. User experience and accessibility Focusing on user experience and ensuring that CBDCs are intuitive and accessible to all users is a shared concern. This includes designing user-friendly interfaces and addressing potential barriers to adoption, such as digital financial literacy. Offline capabilities Fiat currency today has features that are favoured when compared to digital solutions. It is recognized that CBDCs must provide offline capabilities in order to become more widely adopted. Cross-regional cooperation Although each jurisdiction has specific motivations for CBDCs, there is an understanding that broader success of CBDC on a global scale is necessary, and this must be achieved with collaboration across jurisdictions. Public-private cooperation The public sector and central banks are the final decision-makers for CBDC implementation; however, private sector players are deeply entrenched in the current financial system and payments system and add significantly to the creation and design of a CBDC. Interoperability and standards Achieving interoperability between CBDC systems and establishing global standards are important priorities. Collaboration among different regions to develop common protocols and frameworks can facilitate seamless integration between CBDCs. Areas of alignment continued TAB L E 1 It is important to note that while these priorities align globally, the specific approaches, implementation strategies and emphasis on each priority may vary depending on the economic, cultural and regulatory contexts of different regions. In each of the regions discussed, there are selected examples of CBDC projects that cover both retail and wholesale use cases (domestic and cross-border) and are at varying levels of maturity. These are meant to be demonstrative of the exploration globally and not comprehensive. There is no universal case for CBDCs because each economy is different. In some cases, a CBDC may be an important path to financial inclusion—for instance, where geography is an obstacle to physical banking. In others, a CBDC could provide an essential backup in the event that other payment instruments fail. One such case was when the Eastern Caribbean Central Bank extended its CBDC pilot to areas struck by a volcanic eruption last year. So, central banks should tailor plans to their specific circumstances and needs. Kristalina Georgieva, “The Future of Money: Gearing up for Central Bank Digital Currency”, International Monetary Fund (IMF), 9 February 2022. 8 Central Bank Digital Currency Global Interoperability Principles
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