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Central Bank Digital Currencies (CBDCs) and Instant Payments: alternatives to global digital asset markets for Brazil and India

Author

Listed:
  • Tatiana Silveira Camacho
  • Guilherme Jonas Costa da Silva

Abstract

This article aims to analyse the strategy of central banks in emerging marketeconomies (EMEs) as they navigate the increasing digitalized financial landscape. Evidenceindicates a trend of declining physical cash usage, particularly among younger adults. Thisstudy utilizes qualitative data from Brazil and India, sourced from the Bank of InternationalSettlements (BIS) spanning 2012-2020, and incorporates an extrapolation exercise to support its findings. This shift towards digital payments has raised concerns regarding the potentialloss of monetary autonomy and domestic macroeconomic stability. However, somecentral banks in EMEs, such as in Brazil and India, have proactively advanced in the implementationof Central Bank Digital Currencies (CBDCs) and fast payment instruments to addressthe rapid growth of unregulated global digital asset markets. JEL Classification: E41; E42; E58.

Suggested Citation

  • Tatiana Silveira Camacho & Guilherme Jonas Costa da Silva, 2025. "Central Bank Digital Currencies (CBDCs) and Instant Payments: alternatives to global digital asset markets for Brazil and India," Brazilian Journal of Political Economy, Center of Political Economy, vol. 45(3), pages 551-569.
    • Handle: RePEc:ekm:repojs:v:45:y:2025:i:3:p:551-569:id:2520
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    More about this item

    Keywords

    Central bank digital currencies; emerging market economies; cash ratios;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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