Sri Lanka and CBDCs

“Therefore, it is timely for central banks to consider
recognizing the virtual currencies in their payment and
settlement infrastructure, as they are evolving faster than
expected from the concept stage. In addition, it is more
essential to initiate action to introduce new legislations
and a regulatory framework, if it is deemed necessary,
in order to keep up the pace with the developed and
developing nations in creating more economical and
efficient payment systems in the future..” Central Bank

Central Bank of Sri Lanka

The central bank runs monetary policy.

 The national currency is the Sri Lankan Rupee.

The central bank considered CBDCs but there is no firm action being taken.
























San Marino and CBDCs

Central Bank of the Republic of San Marino

 The central bank manages monetary poilicy.

The national currency is the Euro.

The central bank has an open mind on CBDCs. It lists anonymity as a key issue and the right to hold an account.

“First: the anonymity guaranteed by cash has two faces unfortunately hardly separable: protects the legitimate privacy of individuals, and facilitates the execution of transactions contrary to the law. “

“The reflection is therefore underway, but we do not know how it will end: the CBDC it actually has various critical aspects. Central Bank


Mongolia and CBDCs

““Nemey”, an event promoting the electronic banking services and technological advancements , was organized for the second consecutive year in collaboration with Mongolian Bankers association, banks, Payment system modernization project team and Mobifinance NBFI. The main purpose of the event was to share with the general public latest developments in digital payment ecosystem and possible impacts those developments bring to the way financial services are delivered.” CBM

Central Bank of Mongolia

The CBM runs monetary policy.

The national currency is the Mongolian Tögrög.

There is evidence of more digitization in Mongolia but not specific to CBDCs.
























Palestine and CBDCs

Palestine Monetary Authority (PMS)

The PMS maintains monetary policy.

Palestine uses two currencies – 

  1. Jordanian Dinar
  2. Israeli Shekel

There is some reporting of the central bank being interested in CBDCs.













“Palestine’s consideration of a central bank digital currency (CBDC) puts it in league with other major geopolitical players, including China and Sweden, which have begun rolling out CBDCs.” Coindesk


Macao SAR and CBDCs

“The experimental phase of the first phase of the aggregated payment service under the acronym “Simple Pay” which consists of “aggregated payment through the presentation of the “QR code” of the consumer” was launched today (the 8th) and ran as normal in the part of morning of the first day. Consumers can choose any of the “QR code” payment instruments available in Macau, for payment at establishments that have affixed the “Simple Pay” logo, with more stores taking part in this program in succession.” AMCM

Monetary Authority of Macao

The official currency is the Macanese Pataca which pegged to the HKD.

The Government has granted authorization to two commercial banks, the Banco Nacional Ultramarino, S.A. and the Bank of China (Macau) Limited, to issue banknotes in Macao. For the issuance or redemption of banknotes, the two note-issuing banks are required to make corresponding payments in Hong Kong dollars to AMCM, at the fixed rate of HKD1 to MOP1.03 under the Linked Exchange Rate system.

There are signs of digitization with the Simple Pay program.

There is no solid evidence of CBDCs being planned.
























Barbados and CBDCs

“As we continue our research on CBDCs, this webinar is intended to help us to better understand the various issues related to the benefits, risks and the practicalities of the design of a CBDC.  Accordingly, the agenda is wide in scope, covering a range of burning issues related to CBDCs. I am especially interested in hearing about the experiences of our fellow central banks, i.e. the ECCB, the Bahamas, and Canada. We can learn from their experiences to better inform our decision making.” CBB

Central Bank of Barbados

The Central Bank is researching CBDCs. They are motivated by advances by Bahamas and the ECCB.

The national currency is the Barbados Dollar pegged to the USD.

























Mercosur and CBDCs




The Southern Common Market (MERCOSUR for its Spanish initials) is a regional integration process, initially established by Argentina, Brazil, Paraguay and Uruguay, and subsequently joined by Venezuela and Bolivia – the latter still complying with the accession procedure.

Mercosur has signed agreements with nations and organizations.

The member countries are Argentia, Brazil, Paraguay, Uruguay, and Venezuela (suspended).

Associated members Bolivia, Chile, Colombia, Ecuador, Guyana, Peru, and Surinam.

The EU has an FTA with this trading bloc. 






The EU is the biggest foreign investor in Mercosur with a stock of €365 billion, while Mercosur’s investment stock in the EU amounts to €52 billion in 2017. While the relationship is very substantial both exporters and potential investors face barriers in Mercosur markets.

Brazil, Uruguay and Venezuela have b0th advanced interests in digital currencies. Many other MERCOSUR countries have shown an interest in CBDCS eg Chile. 





Financial Services

The EU reported on this finding –

The static welfare gain from financial services liberalisation is small in both Mercosur and the EU, but other effects are potentially much larger. EU providers of financial services stand to gain from increased market penetration, while in the Mercosur countries the main economic benefits are expected to come from long term dynamic effects on economic growth. This is expected to make a significant long term contribution to reducing poverty.

Digital Integration

However, the region’s digital trade will not reach its potential without regional integration – creation of a market where companies and consumers can buy and sell goods and services online seamlessly, unh ampered by national borders. Indeed, most digital sales and purchases in Mercosur countries are still domestic; digital trade is still quite nascent in the region. This is where Mercosur governments can make a difference: create the right conditions for di gital companies and online sellers grow and scale their sales not just in their domestic markets, but in the broader intra – regional market. IDB


China FTA

To some extent, a Mercosur-China FTA deal then rides on the following points:

  • An ability to link into China’s Belt and Road Initiative and expand Mercosur’s export range;
  • Brazil’s political relations with Washington as opposed to Beijing; and
  • The likelihood of additional free trade potential with other EAEU prospective FTA.

“We now export double what we did five years ago … Brazilian producers and exporters must discuss a planning strategy for China to meet the growing demand,” said Dos Santos.

Beyond this collection of countries, Uruguay has also expressed a strong will to cooperate with China by becoming an entry point for the Asian giant. The country has identified several opportunities for cooperation and investment from China, including:

  • A central railroad
  • Electricity installation in the North
  • A new fishing port.








There are today many FTAs such as NAFTA, AFTA, TTP, TTIP, COMESA, and MERCOSUR. Mercosur could be a significant trading bloc.

World Economic Forum




Dominican Republic and CBDCs

“The growing demand of economic agents for CBDCs, the benefits in reducing costs and risks, as well as the potential to affect consumer decisions more directly through an interest rate of the CBDC, are part of the reasons. that would motivate central banks to issue CBDCs. It is to be expected that the final decision of the central banks regarding this matter will depend on an analysis of the balance of the advantages and the costs that the introduction of an CBDC for said economy and the implementation of its monetary policy will have to do.” Central Bank

Banco Central Republica Dominicana

The official currency is the Dominanican Peso.

The central bank is open on the question of CBDCs and no final decision has been made.


























Mauritania and CBDCs

“In this regard, the Central Bank will work to promote financial inclusion and strengthen the
promotion of Islamic and digital finance, especially the use of new technologies financial, conducive to financial inclusion. The reforms needed to strengthen the soundness of banks and their resilience will be continued as well as the improvement of the financing conditions of the economy and expanding access to financial services as part of the national strategy financial inclusion.” BCM

Banque Centrale de Mauritanie

The BCM runs monetary policy. The national currency is the Mauritanian Ouguiya MRO.

The BCM has plans to modernise but there are no specific plans to use CBDCs.
























New Zealand and CBDCs

“Looking forward, we remain open minded about how the technology of money and payments will continue to evolve. Central banks around the world, including us, are researching retail central bank digital currencies (CBDC). Although we have no imminent plans to issue a CBDC, we are well-connected and considering these developments very closely” RBNZ

Reserve Bank of New Zealand

The RBNZ runs monetary policy. The national currency is the NZD.

 The RBNZ is open minded to the CBDC question.