Research:
Building on the preliminary results derived from recent literature on central bank digital currencies (CBDCs), let's delve deeper into each aspect to provide a more comprehensive understanding:
Analysis of Existing Digital Currency Models: E. L. Sidorenko's paper reviews Central Bank Digital Currencies (CBDCs), examining their global impact on monetary systems. It discusses the balance between innovation and stability, highlighting benefits like enhanced GDP growth and concerns like banking disintermediation. The paper advocates for cautious CBDC adoption through research and pilot programs.
Stakeholder Perceptions:As-Salafiyah et al.'s study conducts a sentiment analysis on CBDCs within Indonesia, using qualitative methods and SentiStrength on 50 Scopus-indexed papers. Results indicate a neutral academic sentiment towards CBDCs, with both positive and negative views, offering insights for stakeholders on their impact on Indonesia's financial system.
Regulatory and Policy Implications: A. Singh, D. John, and A. Jacob's review on CBDCs explores their potential for stability and GDP growth, against risks like banking disintermediation. It argues for careful adoption through research and pilot programs to ensure economic stability, highlighting the balance between innovation and traditional financial system preservation.
Technological Challenges: Andi Nugroho et al.'s paper highlights the need for more IT-focused research on CBDC system design, stressing the absence of a comprehensive framework and adequate performance evaluation methods. It calls for detailed development efforts to address the variations in global CBDC trials and designs.
Comparative Analysis:Náñez Alonso et al. (2020) explore the divide in CBDC adoption attitudes, finding smaller economies and less developed financial systems favor CBDCs for modernization and inclusion, while major economies are cautious, focusing on financial system stability. The study highlights the strategic nature of CBDC adoption decisions.
Our project on Central Bank Digital Currencies (CBDCs) emphasizes the importance of a multidimensional approach, considering technological, regulatory, and stakeholder perspectives, alongside international experiences. Currently, we are in the critical phase of selecting the most relevant datasets from our comprehensive collection of sources. This meticulous selection process is vital to ensure our research is grounded in the most accurate and pertinent data available. By focusing on the right dataset, we aim to delve deeper into the nuances of CBDC implementation, including regulatory frameworks, technology infrastructure, stakeholder perceptions, and international comparisons. This step is crucial for maintaining the integrity of our findings and will lay a solid foundation for our in-depth analysis, facilitating a richer understanding of the potential impacts and opportunities CBDCs present for the global financial landscape.
