Consumers need compelling reasons to use central bank digital currencies
Armed with a bank account, contactless cards and cash, consumers are scratching their heads about CBDCs
THE successful launch of a central bank digital currency (CBDC) in an economy with existing sophisticated payments infrastructure is going to require a compelling reason if consumers are to overcome their reluctance and use it.
For all the pilot programmes on digital currencies conducted by central banks, all the sandboxes run by fintech companies and all the thousands of words devoted to describing the benefits of a new CBDC ecosystem, there is little evidence of the killer incentive that will produce the “I must have one of those” moments among consumers.
Public resistance to digital currencies
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Opinion & Features
Indonesia spices up the global interest rate debate
In the robot-driven Fifth Industrial Revolution, human-centric skills remain key
Why decarbonisation is so hard
Not just fun and games: How mobile games have become big business
As COP29 planning begins, reforms needed to fulfil Paris ambition
Markets are embracing India’s Modi for what he won’t do