According to the study, central banks would encounter novel obstacles in their pursuit of CBDC inclusion.
The potential exists, yet the challenges of attaining financial inclusivity are frequently underestimated, as indicated by a study conducted by the Bank of Canada. A commonly made argument in favor of the adoption of central bank digital currency ( CBDC ) is that it has the potential to enhance financial inclusion . However, the specifics of how to achieve this objective, or even what “financial inclusion ” truly entails, remain largely unexplored, according to a discussion paper from the Bank of Canada. The paper concludes that central banks will confront a series of unfamiliar and nontraditional hurdles in the pursuit of an inclusive CBDC . By “identifying tangible barriers and shedding light on the underlying disparities that often go unnoticed in aggregate statistics,” the authors of the paper identify three dimensions of inclusivity crucial for a universally accessible payment method: financial inclusion , digital inclusion , and practical accessibility...