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A framework for digital currencies for financial inclusion in Latin America and the Caribbean

Author

Listed:
  • Bizama, Gabriel R.

    (University of Bern, Switzerland)

  • Paniagua, Bernardo

    (Center for Monetary Studies in Latin America)

  • Wu, Alex

    (Stellar Development Foundation, USA)

  • Mitre, Max

    (Center for Monetary Studies in Latin America)

Abstract

This paper provides a framework to assess the contribution of digital currencies to promote financial inclusion, informed by an analysis of the financial inclusion landscape and domestic and cross-border payment systems in Latin America and the Caribbean. It also provides key considerations from central banks in the region on possible implementations of a central bank digital currency. The findings show that although digital currency development is at an early stage for payments, a well-designed system could reduce the cost of domestic and cross-border payments, improve the settlement of transactions to achieve real-time payments, expand the accessibility of central bank money, incorporate programmable payments and facilitate monitoring of real-time transactional data and traceability of transactions.This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.

Suggested Citation

  • Bizama, Gabriel R. & Paniagua, Bernardo & Wu, Alex & Mitre, Max, 2025. "A framework for digital currencies for financial inclusion in Latin America and the Caribbean," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 19(2), pages 133-153, June.
    • Handle: RePEc:aza:jpss00:y:2025:v:19:i:2:p:133-153
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    More about this item

    Keywords

    fast payment systems; financial inclusion; central bank digital currencies; Latin America and the Caribbean;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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