Asia and the Pacific continues to experience rapid development of innovative technology solutions driven by increased government support to help address the economic fallout of the coronavirus disease pandemic. This publication identifies the role that central bank digital currencies could play in overcoming some of the challenges of achieving financial inclusion. It proposes recommendations to aid policy makers and regulators. The publication shares insights from the Asia–Pacific Financial Inclusion Forum, a policy initiative of the Asia–Pacific Economic Cooperation Finance Ministers’ Process.

Financial inclusion is a key policy objective that central banks, especially those in emerging and low-income countries, are considering for retail central bank digital currency (CBDC). If properly designed to address the barriers to financial inclusion, CBDCs have the opportunity to gain acceptance by the financially excluded for digital payments. CBDC can then serve as an entry point to the broader formal financial system. CBDC has special aspects that may benefit financial inclusion, such as being a risk-free and widely acceptable form of digital money, availability for offline payments, and potentially lower costs and greater accessibility. However, CBDC is not a panacea to financial inclusion, and additional experience is needed to fully understand its potential impact.

In the ever-evolving landscape of global finance, the rise of Central Bank Digital Currencies (CBDCs) has introduced a myriad of challenges that demand immediate scholarly attention. The accelerating pace of digital transformation, coupled with the intricate dynamics of these novel currencies, poses significant hurdles in their widespread adoption. From privacy concerns to the technological complexities involved, the academic community finds itself at the forefront of deciphering the multifaceted challenges inherent in the CBDC landscape. Addressing this imperative need for comprehensive analysis is the groundbreaking publication, Exploring Central Bank Digital Currencies: Concepts, Frameworks, Models, and Challenges. Within the pages of this compelling work, scholars will encounter a meticulous exploration of the intricate evolution of money, navigating from traditional barter systems to the digital era. The catalytic role of Bitcoin in reshaping the financial landscape serves as a cornerstone, laying the foundation for a profound understanding of the cryptocurrency fundamentals that underpin CBDCs. This book delves into the conceptual frameworks and technological models shaping CBDCs, aiming to illuminate the complex challenges faced by central banks, governments, and financial institutions in their pursuit of digital currency integration.

This paper offers a comprehensive analysis of the implications for financial stability of a central bank issuing a digital currency to the public at large. We start with a systematic analysis of balance sheet changes that arise from the new liability for the central bank and the banking system, and examine how they depend on preconditions, central bank choices, and banking system responses. Based on this, we discuss the range of implications for financial stability that may arise in steady state, in the context of adoption, and in crisis times. Threats to financial intermediation in steady state arise mainly in situations where the central bank balance sheet expands, and triggers adjustment mechanisms that lead to more costly or less stable funding of the banking system, while in crisis times run risk may increase. Our analysis of policy choices to control these effects considers macroprudential policy, and an expansion of central bank lending to commercial banks, but finds that a main contribution needs to come from a design of the CBDC that encourages its use as a means of payment rather than a store of value.

Digitalization of the economy provides both challenges and opportunities. Central banks should ensure that they have the capacity to continue to meet their policy objectives in the digital age. It is in this context that central bank digital currency (CBDC) should be evaluated. If designed appropriately, CBDCs could allow central banks to modernize payment systems and future-proof central bank money as the pace and shape of digitalization continues to evolve. However, the decision to proceed with CBDC exploration and an eventual launch would need to be jurisdiction specific, depending on the degree of digitalization of the economy, the legal and regulatory frameworks, and the central bank’s internal capacity. This paper proposes a dynamic decision-making framework under which the central bank can make decisions under uncertainty. A phased and iterative approach could allow central banks to adjust the pace, scale, and scope of their CBDC projects as the domestic and international environment changes.

The IMF is frequently approached by central banks seeking guidance on the balance between central bank digital currency (CBDC), fast payment systems (FPS), and electronic money (e-money) solutions. Common questions arising include: Do central banks need a CBDC when already equipped with other well-established digital payments systems? For central banks with less-developed solutions: Should central banks establish one system over the other? This discussion is then compounded by the reality of constrained resources. This note focuses on the comparison of retail CBDC—that is, the presence of digital central bank money available to the general public—with FPS and e-money systems from a payments perspective, and how CBDC may support a jurisdiction’s vision on payments in the digital age. The note does not seek to advocate for CBDC over an FPS or e-money. The balance of arguments for any one system may change over time, and the choice may not be mutually exclusive in many jurisdictions. In the future, it is possible to envisage the coexistence of an FPS, e-money, and CBDC in many payment landscapes across the world. Through good design, all three systems could meet central bank objectives such as payments efficiency and supporting financial inclusion; some benefits are unique to CBDC, such as maintaining access to central bank money in an increasingly digitalized age. While central banks will make choices unique to their circumstances, it remains important for central banks to establish a strategy that allows them (at minimum) to monitor trends and core benefits of multiple solutions as developments occur, to allow them to plan, adapt, and drive developments in their payments landscape.

In today's academic environment, the challenge of ensuring lasting commercial and economic success for organizations has become more daunting than ever before. The relentless surge in data-driven decision-making, based on innovative technologies such as blockchain, IoT, and AI, has created a digital frontier filled with complexity. Maintaining a healthy firm that can continually provide innovative products and services to the public while fueling economic growth has become a formidable puzzle. Moreover, this digital transformation has ushered in new risks, from pervasive cybersecurity threats to the ethical challenges surrounding artificial intelligence. In this evolving landscape, academic scholars face the pressing challenge of deciphering the path to long-term organizational prosperity in an era dominated by data. Data-Driven Decision Making for Long-Term Business Success serves as guidance and insights amidst this academic challenge. It is the definitive solution for scholars seeking to uncover the complexities of data-driven decision-making and its profound impact on organizational success. Each meticulously curated chapter delves into a specific facet of this transformative journey, from the implications of modern technologies and pricing optimization to the ethics underpinning data-driven strategies and the metaverse's influence on decision-making.

This book looks at how digital economy can help energy businesses to meet their sustainability goals. It will further generates a new debate among policymakers about encouraging green technologies to reduce global carbon emissions. Our modern society requires a long-term, sustainable, and secure energy supply that not only generates and preserves renewable energy. It is also creating universal intelligent machines for power systems, and vital infrastructure is considered in terms of digital economy requirements. The idea of sharing information is an essential principle of sustainable thinking. In such instances, open internet and data access are required to enable any human being to acquire knowledge. Furthermore, the energy industry is changing worldwide, necessitating the consideration of potential implications and modifications. Thus, its most distinguishing feature is moving from a centrally organized system to one with many market players. Consequently, information and communication technologies and human growth have significant main and interactive effects on environmental sustainability. Simultaneously, energy industry is a major player in resolving the digital economy’s development issues.

In modern finance, academic scholars face a pressing dilemma - how to grapple with the sweeping influence of Information and Communication Technology (ICT). As ICT continues to transform financial practices, transactions, and data analysis, scholars are confronted with the daunting challenge of comprehending and navigating this rapidly changing terrain. Moreover, the disruptive potential of ICT introduces a range of intricate issues, including cybersecurity vulnerabilities, ethical quandaries, and privacy concerns. In the absence of a comprehensive guide, scholars find themselves adrift, searching for direction amidst the tumultuous waves of the digital revolution. Transforming the Financial Landscape With ICTs is a beacon of knowledge amid the turbulence of ICT-driven financial transformation. This meticulously curated book presents a vast array of research papers and case studies that delve deep into the multifaceted impact of ICT on the finance sector. It not only illuminates the path forward but also underscores the positive potential of embracing ICT as a catalyst for progress, championing efficiency, transparency, and inclusivity within finance.

With the ever-increasing pressure and rivalry in the global business environment, businesses must develop sustainable practices that set them apart from the competition. Innovation and creativity are critical aspects of business that must be implemented in all areas for companies to not only survive but thrive. Embracing Business Sustainability Through Innovation and Creativity in the Service Sector provides comprehensive research about sustainable business through innovation and creativity in the service sector and aims to contribute to the knowledge of various sustainable business practices. Covering key topics such as tourism, hospitality, wealth creation, and entrepreneurship, this premier reference source is ideal for business owners, managers, industry professionals, researchers, scholars, academicians, practitioners, instructors, and students.