1. Bank for International Settlements (BIS), Central bank digital currencies for cross-border payments, 2021, https://www.bis. org/publ/othp38.pdf. 2. BIS, Central bank digital currencies: foundational principles and core features, 2020, https://www.bis.org/publ/othp33.pdf; World Economic Forum, Bridging the Governance Gap: Interoperability for blockchain and legacy systems, 2020, http:// www3.weforum.org/docs/WEF_Interoperability_C4IR_Smart_Contracts_Project_2020.pdf. 3. Ibid. 4. World Economic Forum, Defining and Measuring Payment Interoperability, 2022, www3.weforum.org/docs/WEF_Defining_ and%20Measuring_Interoperability_2022.pdf. 5. World Economic Forum, Digital Currency Governance Consortium White Paper Series, 2021, www3.weforum.org/docs/ WEF_Digital_Currency_Governance_Consortium_White_Paper_Series_2021.pdf. 6. BIS, Interoperability between payment systems across borders, 2021, www.bis.org/publ/bisbull49.pdf. 7. BIS, Central bank digital currencies, 2018, www.bis.org/cpmi/publ/d174.pdf. 8. Massachusetts Institute of Technology (MIT), CBDC: Expanding Financial Inclusion or Deepening the Divide?, 2023, https://static1.squarespace.com/static/59aae5e9a803bb10bedeb03e/t/63c01f1bcf425f01973b4889/1673535260873/ MIT+DCI+%26+Maiden+Labs+-+CBDC+%26+Financial+Inclusion+%28Jan.+2023%29.pdf. 9. “BCB updates the guidelines of the Digital Brazilian Real and releases the directives of its pilot project”, Banco Central Do Brasil, 17 March 2023, https://www.bcb.gov.br/en/pressdetail/2466/nota. 10. Central Bank of the Bahamas, Financial Inclusion and Central Bank Digital Currency in The Bahamas, 2022, https://www. centralbankbahamas.com/publications/working-papers/working-paper. 11. Ibid. 12. Wyss, Jim, “A Bold Caribbean Experiment in E-Cash Hits a Major Obstacle”, Bloomberg, 21 February 2022, https://www. bloomberg.com/news/articles/2022-02-21/eastern-caribbean-dcash-outage-is-test-for-central-bank-digital-currencies. 13. “What you should know”, Eastern Caribbean Central Bank, n.d., https://www.eccb-centralbank.org/p/what-you-shouldknow-1. 14. “JAM-DEX... finally”, Jamaica Observer, 26 July 2022, https://www.jamaicaobserver.com/business/jam-dex-finally/. 15. Wyss, Jim, “Jamaica Offers Free Money to Digital Currency’s First Adopters”, Bloomberg, 10 March 2022, https://www. bloomberg.com/news/articles/2022-03-10/jamaica-offers-free-money-to-digital-currency-s-first-adopters#xj4y7vzkg 16. “JAM-DEX... finally”, Jamaica Observer, 26 July 2022, https://www.jamaicaobserver.com/business/jam-dex-finally/. 17. “JN Bank Limited Onboarded as New Wallet Provider for JAM-DEX”, Bank of Jamaica, n.d., https://boj.org.jm/jn-banklimited-onboarded-as-new-wallet-provider-for-jam-dex/. 18. Alfonso, Viviana, Alexandre Tombini and Fabrizio Zampolli, Retail payments in Latin America and the Caribbean: present and future, 2020, www.bis.org/publ/qtrpdf/r_qt2012f.pdf. 19. Statista, Informal employment as percentage of total employment in selected countries in Latin America and the Caribbean as of 2021 [Graph], https://www.statista.com/statistics/1037216/informal-employment-share-latin-america-caribbeancountry/. 20. Harris, Jeremy and René Maldonado, “Remittances to Latin America and the Caribbean in 2021: Migrant Efforts During the Covid-19 Crisis”, 12 July 2022, https://blogs.iadb.org/migracion/en/remittances-to-latin-america-and-the-caribbeanin-2021-migrant-efforts-during-the-covid-19-crisis/#:~:text=During%202021%20Latin%20America%20and,highest%20 growth%20rate%20in%20history. 21. Alfonso, Viviana, Alexandre Tombini and Fabrizio Zampolli, Retail payments in Latin America and the Caribbean: present and future, 2020, www.bis.org/publ/qtrpdf/r_qt2012f.pdf. 22. South African Reserve Bank, Project Khokha, 2022. 23. Alongside this, mobile phone penetration is relatively strong at 49% in 2021. Additionally, Nigeria is a key remittance destination, with remittance receipts reaching $24 billion in 2019. Traditional international money transfer facilities have high fees of around 1-5% of the transaction value. 24. Ree, Jack, “Five Observations on Nigeria’s Central Bank Digital Currency”, International Monetary Fund (IMF), 16 November 2021, https://www.imf.org/en/News/Articles/2021/11/15/na111621-five-observations-on-nigerias-centralbank-digital-currency. 25. 25 Osae-Brown, Anthony, Mureji Fatunde and Ruth Olurounbi, “Digital-Currency Plan Falters as Nigerians Defiant on Crypto”, Bloomberg, 25 October 2022, https://www.bloomberg.com/news/articles/2022-10-25/shunned-digital-currencylooks-for-street-credibility-in-nigeria. 26. Onu, Emele, “Digital Currency Usage Soars in Nigeria on Cash Shortages”, 21 March 2023, Bloomberg, https://www. bloomberg.com/news/articles/2023-03-21/nigeria-digital-currency-transactions-jump-63-on-cash-shortages. Endnotes Central Bank Digital Currency Global Interoperability Principles 38
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