Summary
The Bank of Namibia (BON) explored the potential of Retail Central Bank Digital Currency (rCBDC). The key drivers included promoting financial inclusion, modernizing financial system modernization, as well as improving cross-border payments. The technical assistance (TA) mission aimed to provide the groundwork for a feasibility study of rCBDC and to draft a rCBDC exploration roadmap for the BON. The mission analyzed Namibia’s payment systems and financial inclusion and assessed the potential value propositions and drawbacks of rCBDC. Additionally, the mission evaluated the implications of rCBDC for monetary policy and financial stability, while assessing the BoN’s foundational requirements. Finally, the mission helped draft a rCBDC exploration roadmap, intending to foster a cohesive and coordinated approach for the BoN and external stakeholders. The mission’s findings will inform the development of the BoN’s rCBDC position paper.
Keywords:
CBDC,
CBDC exploration,
Central bank digital currency,
Cross-border payments,
Financial inclusion,
Namibia.,
Payment systems,
RCBDC,
Retail CBDC,
Retail central bank digital currency