The role of policy in the successful development of CBDC

More and more countries around the world are considering whether to adopt a central bank-backed digital currency (CBDC) that would offer everyday end-users such as businesses and households a digital equivalent of cash. CBDCs differ from other cashless instruments because they represent a direct claim on the central bank rather than a private institution. But what’s the current state of development of CBDCs? What policy issues do they raise? How are regulators approaching them? And what role can the private sector play in the emergence of CBDCs, and of stablecoins, backed by a reserve asset?