Group items tagged

IMF staff concluded that a central bank digital currency (CBDC) "could offer an untapped opportunity for promoting the development of the financial sector as well as financial inclusion in the West African Economic and Monetary Union (WAEMU)." However, the staff report warned that a CBDC presents significant challenges, and should not be viewed as a financial inclusion "silver bullet". "In particular, it would be important to assess the extent to which private sector initiatives- particularly those related to e-money-could deliver similar results in terms of inclusion, efficiency, and safety, if adequately regulated.