Bank for International Settlements found that payment system efficiency is the key motivator, but unlike other regions, African central banks see CBDCs as a great tool for monetary policy.
The 21-page report discussed the key areas for central bank digital currencies, such as the motivations for issuance and potential concerns about the key designs that CBDCs should integrate.
The Bank for International Settlements also partnered with South African and Malaysian central banks to develop the prototypes for an international settlement platform using multiple digital currencies.
The Bank of International Settlements anticipates a rise in interest for digital currencies because of the coronavirus.
