Frontier technologies carry a promise to fast track the Sustainable Development Goals (SDGs) through supporting innovative, forwarding-looking policies and solutions. There are, however, risks and complexities of digital technologies that come along with those opportunities, including the widening digital divide as well as policy and regulatory challenges.
In recent years, relatively new approaches of policy experimentation and regulatory sandboxes have emerged among countries and have proven to be effective in creating a more conducive space where governments, in partnerships with relevant stakeholders, can experiment and trial with digital technologies and innovations at the edge or outside of the existing policy space and regulatory framework.
The Maldives identified ‘Central Bank Digital currency’ (CBDC) as a project focus area to boost the tourism industry and to enable a FinTech industry to take root in the country.
To enhance awareness on conceptualization and implementation of a regulatory sandbox on CBDC for the Maldives, a Study Tour on Central bank Digital Currency – insights from the Republic of Korea on 8 November 2022 was supported by the Korea Minting, Security Printing and ID Card Operating Corporation (KOMSCO) of the Republic of Korea, as well as Kakao to learn about the experiences of leading Korean corporations on digital solutions for digital payments and digital currency.
Following the first study tour, DESA and ESCAP are co-organizing a second study tour for the Maldives country project team to visit Singapore. The key objectives of the study tour are to enhance awareness and facilitate learning of the Maldives country project team from the experience of organisations/companies in Singapore on CBDC and develop the next course of actions for setting up a regulatory sandbox framework for CBDC in the Maldives.
For any questions related to the event, please contact the ESCAP secretariat at [email protected].