The initiative to introduce both ‘Lanka Pay’ and ‘Central Bank Digital Currencies’ (CBDC) is already in progress, a high official of the CB informed the committee..

In the process of introducing CBDC, it is essential to integrate Real-Time Gross Settlement (RTGS), Common Electronic Funds Transfer Switch (CEFTS), payment cards QR payment platform (Lanka QR) and the Government Digital Payment Platforms.

CB digital currencies can improve payment systems as well as financial inclusion—if they are appropriately designed. If not, they could pose risks, IMF sources revealed.

While not all countries may see an immediate case to deploy CBDC, many countries are exploring CBDCs so they will have the option to introduce one in the future if it becomes pertinent for them.