Ashok Venkateswaran, the head of blockchain and digital assets for Mastercard in the Asia-Pacific region, stated that currently, there are not sufficient reasons for widespread use of central bank digital currencies (CBDCs), making it difficult to adopt such assets. Additionally, Venkateswaran stated that there is no reason to use retail CBDCs in Singapore, but there are reasons to use wholesale CBDCs for interbank settlements.

The managing director of the International Monetary Fund (IMF) has suggested that central bank digital currencies (CBDCs) could eventually replace cash in the global financial system. Kristalina Georgieva made the comments during a speech at the Singapore Fintech Festival, noting that around 60% of countries are exploring CBDCs and recognising their potential to enhance financial inclusion. Georgieva also highlighted the importance of cross-border payments and said that technological advancements such as AI and blockchain could amplify the benefits of CBDCs. The IMF has released a CBDC Virtual Handbook, which notes that CBDCs could help bridge financial divides and promote more inclusive growth if well-designed.

The International Monetary Fund (IMF) is set to publish a handbook on central bank digital currencies (CBDCs), with initial findings suggesting that a well-designed CBDC could improve payment systems alongside other solutions. The handbook, due after the 2023 annual meetings, will cover a range of frequently asked questions on CBDCs, including policy objectives, legal considerations, cyber resilience and readiness to issue. While the US is not currently supportive of a digital dollar, other major jurisdictions such as the European Union appear more open to CBDCs, with an official at the Bank of Italy suggesting a digital euro could be the answer to stablecoins. The IMF paper advises policymakers to explore CBDCs carefully and systematically, given the complexities and novelty involved.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that the public sector should continue to prepare for the deployment of central bank digital currencies and related payment platforms in the future. Georgieva said: "We have not yet landed. There is still a lot of room for innovation, and there is also a lot of uncertainty about use cases. CBDCs can replace cash because the cost of distribution in island economies is high. They can provide flexibility for more developed economies. In places where few people have bank accounts, they can improve financial inclusion." She also said: "CBDCs will provide a secure, low-cost alternative to (cash). They will also bridge the gap between private funds and the standards that measure their value, just like cash we can withdraw from banks today." The IMF pointed out that more than 100 countries are exploring CBDCs, accounting for about 60% of the world's countries. (CNBC)

The 2023 PwC report indicates that despite the already live CBDCs of the Bahamas, Jamaica, and Nigeria, retail CBDC projects in India, Ukraine, and Russia are making rapid progress with formal announcements to launch within the next few years. India is at the forefront with its digital rupee development, Ukraine is accelerating its development in response to military conflict, and Russia is speeding up its CBDC project as a countermeasure to global sanctions​​.

The 2023 PwC Global Central Bank Digital Currency (CBDC) Index and Stablecoin Overview report reveals that 93% of central banks are now engaged in the development of CBDCs, with nearly 20% expected to issue a digital currency shortly. The Bahamas, Jamaica, and Nigeria have fully launched retail CBDCs to date. India leads the digital rupee development, anticipated to fully launch its CBDC in 2024, while Ukraine and Russia are actively progressing with their respective CBDC projects​​.

Agustín Carstens, the head of the Bank for International Settlements (BIS), stated that central bank digital currencies (CBDCs) are key to innovation in the financial system, and that the private sector will play an important role in bringing CBDCs to market.

The mBridge project, which involves 23 central banks including the BIS, is a payment platform designed to bypass the US dollar-based global financial system. It is nearing completion and has the potential to impact international flows, trade agreements, and the power of sanctions. The project has been working with commercial banks and exchanges to trial blockchain-based security issuance, multi-jurisdiction insurance payments, programmable trade finance, and FX settlement. The project has committees focused on key issues such as legal framework, policy implications, governance, redemption terms, ownership rights, and AML compliance, and has attracted observers from around the world, including the US central bank and the European Central Bank.

The National Bank of Georgia has chosen Ripple Labs Inc as its official technology partner for its Central Bank Digital Currency (CBDC) project, Digital Lari. Ripple's CBDC platform will be used to execute and deliver the Digital Lari pilot program, which will assess potential use cases for the CBDC. Ripple was selected after a rigorous selection process that shortlisted nine companies based on technological potential, maturity, capacity, relevant experience, and desire to join the project. Ripple has previously collaborated with other entities exploring CBDC implementation, such as Colombia's Central Bank.

Visa, along with HSBC and Hang Seng Bank, has completed the Hong Kong Monetary Authority's CBDC Pilot Programme. The programme involved tokenization of deposits, allowing for near real-time interbank transfers and 24/7 functionality. The tokenized deposits were transacted through encryption, ensuring privacy for participants. Visa is now exploring tokenized asset markets and programmable finance, with the e-HKD Pilot Programme entering phase two.