2.8 Global CBDC lessons learned The discussions during the Forum’s CBDC Regional Roundtable series, not only highlighted specific regional considerations, but also discussed lessons learned from the pilots and experimentation thus far. Overall, there was alignment amongst regions for the lessons learned during the pilots. The following lessons should be considered in any upcoming CBDC experimentation. Clear objective: Different countries have pursued CBDC experimentation with varying objectives. These include financial inclusion, enhancing payment systems, reducing reliance on cash, promoting monetary policy effectiveness, and countering private cryptocurrencies. It is essential to define clear objectives before embarking on CBDC development Technological considerations: CBDC development requires careful consideration of the underlying technology. Choices between centralized or decentralized architectures, permissioned or permissionless networks, and the use of DLT or other alternatives need to align with the specific goals of the CBDC project. Regulatory frameworks: CBDC experimentation has highlighted the need for robust regulatory frameworks. These considerations should be integrated into CBDC design from the early stages to ensure compliance and mitigate risks. Payment system integration: Integrating CBDCs into existing payment systems is crucial for their successful implementation. Compatibility with existing financial infrastructure, such as banks and payment service providers, is essential to ensure smooth and efficient interoperability. User experience and accessibility: The user experience of CBDCs should be intuitive and userfriendly to encourage adoption. Accessibility to a broad range of individuals, including those without access to traditional banking services, should be a priority to achieve financial inclusion goals. Public confidence and trust: Building public confidence and trust in CBDCs is essential. Transparent communication about the design, benefits and risks of CBDCs can help mitigate concerns and ensure acceptance among the public. Public-private collaboration: Both the public and private sectors can make key contributions to designing and implementing any future CBDC, and a stronger collaboration leads to more successful results. Interoperability: Collaboration between countries and coordination will be necessary to address issues of interoperability. Transparent communication about the design, benefits and risks of CBDCs can help mitigate concerns and ensure acceptance among the public. Eurozone Cancelled No activity Inactive Research Development Pilot Launched Map of CBDC phase of exploration F I GUR E 7 Central Bank Digital Currency Global Interoperability Principles 21
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