Interest in launching national digital currencies (CBDC) is growing in the countries of the Asia-Pacific region.
Indonesia has announced plans to test a rupiah-pegged token by the end of 2024. China’s Central Bank has been testing the digital yuan since 2022 and plans to expand its testing in the near future.
Meanwhile, the Central Bank of Sri Lanka is taking a cautious approach, focusing on studying the potential consequences and minimizing risks before launching a CBDC.
The country sees CBDC as a potential alternative to cash, but thorough research is required before implementation.
A test version of Sri Lanka’s digital rupee may be available by the end of the year, but concerns have been raised by parliament about its rapid integration into the economy.