Central Bank Digital Currency Adoption: Inclusive Strategies for Intermediaries and Users (IMF Fintech)

Research paperIMF FintechSeptember 202457 pages86 min readOriginal source

Key number

98.5 percent

Unused eNaira Wallets After One Year p.9

What changed

1 million transactions per day

India Digital Rupee Daily Transactions Target p.25

Summary

In Nigeria, 98.5 percent of eNaira wallets remained unused one year after launch.p.9
As of June 2023, China's e-CNY reached 16.5 billion yuan in circulation across 120 million opened wallets, representing 0.16 percent of M0 money supply.p.9
India's e-rupee user base expanded from 3 million in December 2023 to about 4 million users in January 2024, reaching 1 million transactions per day.p.25

Key insights

Central banks around the world face initial slow and limited adoption for retail central bank digital currencies, which does not necessarily signal project failure.p.6
Proactive central bank engagement using the REDI Framework can help align stakeholder expectations and overcome adoption hurdles.p.7
Sweden's Swish payment system achieved over 1 billion annual transactions with more than 8 million private users by 2023 after initially focusing on P2P transfers.p.25

Topics and entities

Global Banking Payments Regulation Banco Central de Reserva del Peru Bank of England Bank of Jamaica Bank of Russia Central Bank of Nigeria Central Bank of The Bahamas e-CNY European Central Bank JAM-DEX People's Bank of China Reserve Bank of India Sand Dollar Swish

Summary and figures generated from the document and checked automatically: every number shown appears on the cited page. The full document is available from the publisher. Publishers can request removal.