LESSONS FROM THE FIRST CBDC INTRODUCTIONS
To date, four jurisdictions have introduced a Central Bank Digital Currency (CBDC). It is essential for countries considering or implementing the introduction of Central Bank Digital Currency (CBDC) to give due consideration to the advantages and disadvantages of previous introductions. The author examines the introduction and the experiences of the first few years of the Central Bank Digital Currency (CBDC) in circulation in the Bahamas, Nigeria, Jamaica, and the Eastern Caribbean Currency Union (ECCU). In the event of a larger-scale introduction, such as that of the digital euro, it is imperative that the mistakes made by these four jurisdictions are avoided. Furthermore, the author recommends that the best practices be given due consideration, provided that they are applicable in other legal frameworks.
Keywords: retail CBDC, Sand Dollar, eNaira, DCash, JAM-DEX.
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