High-Level Summary Technical Assistance Reports

Dominican Republic: Assessing the Implications of a retail Central Bank Digital Currency (Phase 1 and 2)

By Anca Paduraru, Marco Gross, Paavo A Miettinen, Karl Driessen, Chacon Rey, Maria Fernanda, Kristel Poh, Stephanie Forte, Victor Budau

August 28, 2024

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Anca Paduraru, Marco Gross, Paavo A Miettinen, Karl Driessen, Chacon Rey, Maria Fernanda, Kristel Poh, Stephanie Forte, and Victor Budau. Dominican Republic: Assessing the Implications of a retail Central Bank Digital Currency (Phase 1 and 2), (USA: International Monetary Fund, 2024) accessed November 21, 2024

Summary

The mission helped the BCRD to assess a CBDC's potential macro-financial, legal, and financial integrity implications, and shared lessons from other countries' CBDC and digital money projects, technology considerations, practices for stakeholder engagement, and how CBDC can increase financial inclusion, among others. The mission advised the BCRD to continue the exploration of macro-financial implications of a CBDC, conduct the legal framework revisions should a positive decision of CBDC be taken, assess risks to financial integrity once a firmer design choice is made, and build up technology knowledge and capacity meanwhile.

Subject: Central Bank digital currencies, Technology

Keywords: CBDC, CBDC design, CBDC exploration, CBDC policy objective, CBDC project, CBDC take-up, Central Bank digital currencies, Digital money, Digital money project, Digitalization, Integrity implication, Legal, Macro-financial, Payments

Publication Details

  • Pages:

    4

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    High Level Summary Technical Assistance Report No. 2024/031

  • Stock No:

    HLSEA2024031

  • ISBN:

    9798400286605

  • ISSN:

    2959-4103

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