联合国贸易发展委员会-加密资产和央行数字货币对发展中国家的潜在影响（英）-2023-52页_1mb

Crypto Assets and Central Bank Digital Currencies: Implications for Developing Countries

Overview

• Crypto assets (e.g., Bitcoin) show strong adoption in developing countries due to weaker financial systems and younger populations.
• Central Bank Digital Currencies (CBDCs) are seen as a potential solution for financial inclusion while mitigating crypto risks.

Key Trends in Crypto Adoption

• High adoption in countries like India, Nigeria, and Kenya, often linked to speculative investment and volatile currencies.
• Drivers include demographic factors (younger populations), lack of financial inclusion, and macroeconomic instability.
• Use cases include remittances, play-to-earn games, and cross-border payments.

Economics of Crypto Assets

• Crypto assets pose significant risks due to volatility, scalability issues, and pseudonymity.
• They lack intrinsic value and are unsuitable as a medium of exchange or store of value.
• Substitution of national currency risks financial stability, monetary sovereignty, and capital flight.

Regulation

• Regulation addresses risks such as illicit financial flows, data privacy, and consumer protection.
• Challenges include jurisdictional fragmentation and the need for international coordination, as highlighted by bodies like the FSB and FATF.

Central Bank Digital Currencies (CBDCs)

• CBDCs can enhance financial inclusion, reduce transaction costs, and maintain monetary sovereignty.
• Challenges include technical design, cybersecurity, privacy concerns, and interoperability.
• Potential benefits for remittances and cross-border payments but needs careful policy implementation.

Recommendations

• Prioritize improving traditional digital payment systems to enhance financial inclusion.
• Explore CBDCs cautiously, ensuring they address identified risks without disrupting existing systems.
• Foster international regulatory cooperation to address cross-border challenges.

References

• Based on analysis by UNCTAD and contributions from central banks and other institutions.