Three prominent retail CBDC examples
The report then reviewed three prominent retail CBDC projects, namely the People’s Bank of China’s Digital Currency Electronic Payment (DC/EP) project; the Swedish Riksbank’s e-krona; and the work by the Bank of Canada on a CBDC as a contingency plan. The key conclusions from these projects were
They are currently mainly within-country although there can be some international links via mobile phones.
Multi-country solutions are being examined, e.g. “representatives of PBC noted that cross- country coordination can be useful to ensure consistent standards across borders”
In Sweden, 1) the “CBDC would be intended as a complement to, not a replacement for cash” and 2) the costs of running such a system would be substantial
In Canada, “The CBDC would not replace cash, but designed as a digital addition with advantageous resilience and accessibility features.”