A Critical Analysis of the Core Determinants of Central Bank Digital Currency in Zambia
Abstract
In this study, we analyze the main determinant of a Central Bank Digital Currency (CBDC) in Zambia using a critical literature review. There are many determinants of Central Bank Digital Currency but this critical literature review only focuses on the main ones namely, how the introduction of a CBDC can improve the efficiency of payments systems platforms, make a stronger national defense against AML/CFT, ensure non-discriminatory access to domestic financial services and whether the introduction of a CBDC can mitigate the high cost of currency processing in Zambia. The methodology follows a critical review of CBDC literature from central Banks that have already launched, performing proof of concepts or piloting CBDCs in their jurisdictions. The literature also considers publications and working papers from global standards setting organizations such as the IMF, World Bank, WEF, ITU, ECB and many others. The study focuses on the Zambian jurisdiction and reviewed whether these main determinants may warrant the introduction of a CBDC in Zambia.
Keywords: Central Bank Digital Currencies (CBDC), Payments Efficiency, Financial Inclusion, AML/CFT, Cost of Currency processing, Zambia
DOI: 10.7176/RJFA/13-16-01
Publication date:August 31st 2022
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ISSN (Paper)2222-1697 ISSN (Online)2222-2847
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