Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/336427 
Year of Publication: 
2025
Citation: 
[Journal:] Latin American Journal of Central Banking (LAJCB) [ISSN:] 2666-1438 [Volume:] 6 [Issue:] 2 [Article No.:] 100157 [Year:] 2025 [Pages:] 1-30
Publisher: 
Elsevier, Amsterdam
Abstract: 
After providing a general overview of the nature, pros, and cons of crypto assets and CBDCs, this paper focuses on documenting their recent experience in LAC. The region records a high interest in unbacked crypto assets and stablecoins and its authorities' policy responses have varied substantially, ranging from the introduction of Bitcoin as legal tender in El Salvador to their prohibition in many other countries worried about their impact on financial stability, currency/asset substitution, tax evasion, corruption, and money laundering. This paper also describes briefly the results of a survey on CBDCs' introduction plans and crypto assets regulation. Finally, this paper presents some general lessons and policy recommendations for the region on the regulation of crypto assets, digital currencies and cross-border payments, and on the potential introduction of CBDCs.
Subjects: 
Central Bank Digital Currency (CBDC)
Central banking
Crypto assets
Cybersecurity
Digital currency
E-money
Financial supervision
Fintech
Latin America and Caribbean (LAC)
Monetary policy
Money
Payment systems
JEL: 
E00
E42
E51
E52
E58
G20
O16
O30
O54
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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