X. Strengthening the financial inclusion of the retail segment
X. Strengthening the financial inclusion of the retail segment through the use of central bank digital currency – Retail account servicing and opportunities beyond András Szabolcs Csonka – Bálint Danóczy – Péter Sajtos Globally, several types of friction can be identified in the market for retail financial services, to address which digital development may provide new opportunities. One radically new and innovative approach could be the introduction of central bank digital currency (CBDC) for the retail segment, which is being prepared or examined in an increasing number of international projects, while some central banks have already reached the test phase. This study describes in detail the possible social objectives of the introduction of retail CBDC at international level, as well as the main international examples where consideration has been given to the introduction of such a framework along the lines of specific public policy objectives. It then presents the design aspects of a retail CBDC framework geared towards financial inclusion, drawing on the findings and design structure presented in the chapter outlining the conceptual framework. Finally, in addition to the theoretical possibilities of an introduction in Hungary, we present a pilot project that is already underway in Hungary, which can provide important lessons and insights for the implementation of any larger scale concepts in the future.
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