央行数字货币、金融科技和加密货币促进金融普惠和金融稳定（英）-41页

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CBDC, Fintech and cryptocurrency for financial Inclusion and financial stability

Peterson K. Ozili

Central Bank of Nigeria

Abstract

This article presents a discussion of the role of central bank digital currency (CBDC),

Fintech and cryptocurrency for financial inclusion and financial stability. We show that

Fintech, CBDC and cryptocurrency can increase financial inclusion by providing an

alternative channel through which unbanked adults can access formal financial services.

CBDC and Fintech services have the potential to preserve financial stability while

cryptocurrency presents financial stability risks that can be mitigated through effective

regulation. The paper also identified some problems of CBDC, Fintech and

cryptocurrency for financial inclusion and financial stability. The paper offered some

insight about the future of financial inclusion and the future of financial stability. Although

CBDC, Fintech or cryptocurrency can extend financial services to unbanked adults and

offer cost-efficient advantages, there are risk considerations that need to be taken into

account when using CBDC, Fintech and cryptocurrency to increase financial inclusion

and to preserve financial stability.

Keywords: CBDC, Fintech, cryptocurrency, financial inclusion, financial stability,

blockchain, central bank digital currency.

2023

Published in: Digital Policy, Regulation and Governance Journal

Electronic copy available at: https://ssrn.com/abstract=4283875

Peterson K. Ozili CBDC, Fintech and cryptocurrency for financial Inclusion and financial stability

1. Introduction

Scholars disagree about the role of Fintech, CBDC and cryptocurrency for financial

inclusion and financial stability. Cryptocurrency is not even considered to be a positive

contributor to financial inclusion and financial stability. In fact, Cumming et al (2019),

Taher and Tsuji (2022) and Bateman (2020) dismiss Fintech, CBDC and cryptocurrency

as ‘over-stretched’ determinants of financial inclusion and financial stability because they

can be manipulated and used to achieve goals that serve private interest rather than

public good. From this perspective, Fintech, cryptocurrency and CBDC do not promote

financial inclusion and financial stability if they serve private interests. They only promote

financial inclusion and financial stability when they serve public interest. Fredman and

Phillips (2022), Buckley et al (2019), FSB (2022a), Deng et al. (2021) and Petrou (2018)

reject the idea that digital financial innovation naturally improves financial inclusion and

financial stability. They reject the idea because they believe that it underestimates the

hidden risks inherent in digital financial innovation that can hinder financial stability and

financial inclusion.

A major reason for the disagreement in the literature is because research that clarifies

our understanding of the role of digital financial innovation for financial inclusion and

financial stability are shallow and are not abundant in the literature. Existing research do

not demonstrate a clear-cut channel through which Fintech, cryptocurrency and CBDC

promote financial inclusion and financial stability. In fact, the few studies that examine the

role of Fintech, cryptocurrency and CBDC for financial inclusion and financial stability

often downplay inherent risks in digital financial innovation (Philippon, 2016; Kim and

Kwon, 2019; Sotiropoulou and Guégan, 2017). This observation in the literature give rise

Electronic copy available at: https://ssrn.com/abstract=4283875

Peterson K. Ozili CBDC, Fintech and cryptocurrency for financial Inclusion and financial stability

to the need for research that clarifies our understanding of the role of Fintech,

cryptocurrency and CBDC for financial inclusion and financial stability. Such research will

have policy implications and shape the future of financial inclusion and financial stability.

Research about the role of these digital financial innovations for financial inclusion and

financial stability is important because it will influence the priority that policy makers attach

to digital financial innovation for financial inclusion and financial stability reform. There is

need for research that provides a convincing framework that demonstrate the channel(s)

through which digital financial innovation, such as CBDC, Fintech and cryptocurrency,

promotes financial inclusion and financial stability, and the implication for the future of

financial inclusion and financial stability. Having identified this gap in the literature, this

paper fills this gap in the literature.

Therefore, the purpose of this paper is to present a discussion about the role of central

bank digital currency (CBDC), Fintech and cryptocurrency for financial inclusion and

financial stability. In terms of definition, financial technology (or Fintech) is defined as the

use of technology and software to improve the processes of financial institutions and to

improve the delivery of financial services to end users (Vives, 2017; Ozili, 2018). CBDC

is commonly defined as money available in digital or electronic form (Tronnier, 2020).

Cryptocurrency is commonly defined as a digital currency in which encryption techniques

are used to regulate the generation of units of currency and to verify the transfer of funds

without needing a financial intermediary or central bank (Lexico, 2020). These three

digital financial innovation (CBDC, Fintech and cryptocurrency) have disrupted traditional

finance by providing an alternative way to deliver financial services, and they also have

risk implications.

Electronic copy available at: https://ssrn.com/abstract=4283875

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标签： #金融科技

摘要：

CBDC,FintechandcryptocurrencyforfinancialInclusionandfinancialstabilityPetersonK.OziliCentralBankofNigeriaAbstractThisarticlepresentsadiscussionoftheroleofcentralbankdigitalcurrency(CBDC),Fintechandcryptocurrencyforfinancialinclusionandfinancialstability.WeshowthatFintech,CBDCandcryptocurrencycaninc...

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