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WEF Central Bank Digital Currency Global Interoperability Principles_2023

Preface 3
Executive summary 4
Introduction 5
Scope 6
1.1 Definitions 6
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
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
Key motivations for interoperability principles 26
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
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
Preface 44
Executive summary 45
Introduction 46
Scope 47
1.1 Definitions 47
CBDC priorities across regions 48
2.1 Areas of alignment 48
2.2 Latin America and the Caribbean 50
2.3 Sub-Saharan Africa 52
2.4 Middle East and North Africa 54
2.5 Asia-Pacific 55
2.6 Europe 60
2.7 North America 61
2.8 Global CBDC lessons learned 62
Global considerations 64
3.1 Monetary sovereignty 64
3.2 Financial stability 64
3.3 Geopolitical risk 65
3.4 De-dollarization 65
3.5 Infrastructure cost considerations 66
Key motivations for interoperability principles 67
Principles for CBDC interoperability 69
5.1 Governance 69
5.2 Legal and regulatory 70
5.3 Identification and authentication 70
5.4 Payments 71
5.5 Technical 72
Recommendations 73
6.1  For central banks 73
6.2  For policy-makers 73
6.3  For the private sector 73
6.4  Financial market infrastructure 74
Conclusion 75
Contributors 76
Endnotes 79

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