RegulationNews
CBDC adoption is very uneven — and the pattern is finally coherent
The countries succeeding with a central bank digital currency share a small set of design choices. The ones stalling share the opposite.
The pattern
Successful CBDC rollouts have three things in common: a clear domestic problem the CBDC solves, deep integration with existing payment rails, and a public narrative that does not overreach. Stalled programmes usually break one or more of those.
Where it is working
- Retail CBDCs tied to a specific inclusion problem (unbanked payroll, government transfers)
- Wholesale CBDCs used for interbank settlement between friendly jurisdictions
Where it is stuck
General-purpose retail CBDCs launched into markets that already have excellent digital payments. Consumers rationally see no reason to switch.
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