As U.S. policymakers continue to examine the implications of China’s digital yuan in 2023, they should also take note of accelerating wholesale central bank digital currency (CBDC) research and development efforts across Asia. Unlike “retail CBDC,” which is generally designed as a central bank liability universally accessible to individuals and businesses within a jurisdiction’s financial system, “wholesale CBDC” refers to a digitized central bank liability designed for sizable (generally interbank) transactions, and for which access is limited to certain financial institutions. Last year was marked by a flurry of ... (full story)