id	sid	tid	token	lemma	pos
abrj-562	1	1	16	16	NUM
abrj-562	1	2	©	©	ADP
abrj-562	1	3	2025	2025	NUM
abrj-562	1	4	by	by	ADP
abrj-562	1	5	the	the	DET
abrj-562	1	6	authors	author	NOUN
abrj-562	1	7	;	;	PUNCT
abrj-562	1	8	licensee	licensee	NOUN
abrj-562	1	9	eastern	eastern	ADJ
abrj-562	1	10	centre	centre	NOUN
abrj-562	1	11	of	of	ADP
abrj-562	1	12	science	science	NOUN
abrj-562	1	13	and	and	CCONJ
abrj-562	1	14	education	education	NOUN
abrj-562	1	15	,	,	PUNCT
abrj-562	1	16	usa	usa	PROPN
abrj-562	1	17	asian	asian	PROPN
abrj-562	1	18	business	business	PROPN
abrj-562	1	19	research	research	PROPN
abrj-562	1	20	journal	journal	PROPN
abrj-562	1	21	vol	vol	NOUN
abrj-562	1	22	.	.	PROPN
abrj-562	2	1	10	10	NUM
abrj-562	2	2	,	,	PUNCT
abrj-562	2	3	no	no	INTJ
abrj-562	2	4	.	.	NOUN
abrj-562	2	5	9	9	NUM
abrj-562	2	6	,	,	PUNCT
abrj-562	2	7	16	16	NUM
abrj-562	2	8	-	-	SYM
abrj-562	2	9	22	22	NUM
abrj-562	2	10	,	,	PUNCT
abrj-562	2	11	2025	2025	NUM
abrj-562	2	12	issn	issn	NOUN
abrj-562	2	13	:	:	PUNCT
abrj-562	2	14	2576	2576	NUM
abrj-562	2	15	-	-	SYM
abrj-562	2	16	6759	6759	NUM
abrj-562	2	17	doi	doi	NOUN
abrj-562	2	18	:	:	PUNCT
abrj-562	2	19	10.55220/2576	10.55220/2576	NUM
abrj-562	2	20	-	-	SYM
abrj-562	2	21	6759.562	6759.562	NUM
abrj-562	2	22	©	©	PROPN
abrj-562	2	23	2025	2025	NUM
abrj-562	2	24	by	by	ADP
abrj-562	2	25	the	the	DET
abrj-562	2	26	authors	author	NOUN
abrj-562	2	27	;	;	PUNCT
abrj-562	2	28	licensee	licensee	NOUN
abrj-562	2	29	eastern	eastern	ADJ
abrj-562	2	30	centre	centre	NOUN
abrj-562	2	31	of	of	ADP
abrj-562	2	32	science	science	NOUN
abrj-562	2	33	and	and	CCONJ
abrj-562	2	34	education	education	NOUN
abrj-562	2	35	,	,	PUNCT
abrj-562	2	36	usa	usa	PROPN
abrj-562	2	37	development	development	NOUN
abrj-562	2	38	of	of	ADP
abrj-562	2	39	central	central	ADJ
abrj-562	2	40	bank	bank	PROPN
abrj-562	2	41	digital	digital	ADJ
abrj-562	2	42	currencies	currency	NOUN
abrj-562	2	43	:	:	PUNCT
abrj-562	2	44	the	the	DET
abrj-562	2	45	review	review	NOUN
abrj-562	2	46	of	of	ADP
abrj-562	2	47	contemporary	contemporary	ADJ
abrj-562	2	48	trends	trend	NOUN
abrj-562	2	49	and	and	CCONJ
abrj-562	2	50	perspectives	perspective	NOUN
abrj-562	2	51	in	in	ADP
abrj-562	2	52	central	central	ADJ
abrj-562	2	53	banking	banking	NOUN
abrj-562	2	54	tonći	tonći	PROPN
abrj-562	2	55	svilokos1	svilokos1	X
abrj-562	3	1			PROPN
abrj-562	3	2	azra	azra	PROPN
abrj-562	3	3	mehić2	mehić2	NOUN
abrj-562	3	4	1,2faculty	1,2faculty	NUM
abrj-562	3	5	of	of	ADP
abrj-562	3	6	economics	economic	NOUN
abrj-562	3	7	and	and	CCONJ
abrj-562	3	8	business	business	NOUN
abrj-562	3	9	,	,	PUNCT
abrj-562	3	10	university	university	NOUN
abrj-562	3	11	of	of	ADP
abrj-562	3	12	dubrovnik	dubrovnik	PROPN
abrj-562	3	13	,	,	PUNCT
abrj-562	3	14	croatia	croatia	PROPN
abrj-562	3	15	.	.	PUNCT
abrj-562	4	1	email	email	NOUN
abrj-562	4	2	:	:	PUNCT
abrj-562	4	3	tonci.svilokos@unidu.hr	tonci.svilokos@unidu.hr	NOUN
abrj-562	4	4	email	email	NOUN
abrj-562	4	5	:	:	PUNCT
abrj-562	4	6	azra.mehic162@gmail.com	azra.mehic162@gmail.com	X
abrj-562	4	7	(	(	PUNCT
abrj-562	4	8	corresponding	corresponding	ADJ
abrj-562	4	9	author	author	NOUN
abrj-562	4	10	)	)	PUNCT
abrj-562	5	1	abstract	abstract	ADP
abrj-562	5	2	this	this	DET
abrj-562	5	3	paper	paper	NOUN
abrj-562	5	4	examines	examine	VERB
abrj-562	5	5	how	how	SCONJ
abrj-562	5	6	central	central	ADJ
abrj-562	5	7	bank	bank	NOUN
abrj-562	5	8	digital	digital	ADJ
abrj-562	5	9	currencies	currency	NOUN
abrj-562	5	10	(	(	PUNCT
abrj-562	5	11	cbdcs	cbdc	NOUN
abrj-562	5	12	)	)	PUNCT
abrj-562	5	13	are	be	AUX
abrj-562	5	14	being	be	AUX
abrj-562	5	15	developed	develop	VERB
abrj-562	5	16	today	today	NOUN
abrj-562	5	17	,	,	PUNCT
abrj-562	5	18	looking	look	VERB
abrj-562	5	19	at	at	ADP
abrj-562	5	20	the	the	DET
abrj-562	5	21	reasons	reason	NOUN
abrj-562	5	22	central	central	ADJ
abrj-562	5	23	banks	bank	NOUN
abrj-562	5	24	are	be	AUX
abrj-562	5	25	interested	interested	ADJ
abrj-562	5	26	in	in	ADP
abrj-562	5	27	them	they	PRON
abrj-562	5	28	and	and	CCONJ
abrj-562	5	29	the	the	DET
abrj-562	5	30	challenges	challenge	NOUN
abrj-562	5	31	involved	involve	VERB
abrj-562	5	32	in	in	ADP
abrj-562	5	33	making	make	VERB
abrj-562	5	34	them	they	PRON
abrj-562	5	35	a	a	DET
abrj-562	5	36	reality	reality	NOUN
abrj-562	5	37	.	.	PUNCT
abrj-562	6	1	by	by	ADP
abrj-562	6	2	analyzing	analyze	VERB
abrj-562	6	3	case	case	NOUN
abrj-562	6	4	studies	study	NOUN
abrj-562	6	5	from	from	ADP
abrj-562	6	6	around	around	ADP
abrj-562	6	7	the	the	DET
abrj-562	6	8	world	world	NOUN
abrj-562	6	9	and	and	CCONJ
abrj-562	6	10	recent	recent	ADJ
abrj-562	6	11	academic	academic	ADJ
abrj-562	6	12	insights	insight	NOUN
abrj-562	6	13	,	,	PUNCT
abrj-562	6	14	the	the	DET
abrj-562	6	15	paper	paper	NOUN
abrj-562	6	16	identifies	identify	VERB
abrj-562	6	17	key	key	ADJ
abrj-562	6	18	economic	economic	ADJ
abrj-562	6	19	,	,	PUNCT
abrj-562	6	20	technological	technological	ADJ
abrj-562	6	21	,	,	PUNCT
abrj-562	6	22	and	and	CCONJ
abrj-562	6	23	policy	policy	NOUN
abrj-562	6	24	-	-	PUNCT
abrj-562	6	25	driven	drive	VERB
abrj-562	6	26	factors	factor	NOUN
abrj-562	6	27	encouraging	encourage	VERB
abrj-562	6	28	cbdc	cbdc	NOUN
abrj-562	6	29	adoption	adoption	NOUN
abrj-562	6	30	.	.	PUNCT
abrj-562	7	1	it	it	PRON
abrj-562	7	2	highlights	highlight	VERB
abrj-562	7	3	the	the	DET
abrj-562	7	4	promise	promise	NOUN
abrj-562	7	5	cbdcs	cbdc	NOUN
abrj-562	7	6	have	have	VERB
abrj-562	7	7	for	for	ADP
abrj-562	7	8	improving	improve	VERB
abrj-562	7	9	monetary	monetary	ADJ
abrj-562	7	10	policy	policy	NOUN
abrj-562	7	11	effectiveness	effectiveness	NOUN
abrj-562	7	12	,	,	PUNCT
abrj-562	7	13	making	make	VERB
abrj-562	7	14	payment	payment	NOUN
abrj-562	7	15	systems	system	NOUN
abrj-562	7	16	faster	fast	ADV
abrj-562	7	17	and	and	CCONJ
abrj-562	7	18	cheaper	cheap	ADJ
abrj-562	7	19	,	,	PUNCT
abrj-562	7	20	and	and	CCONJ
abrj-562	7	21	increasing	increase	VERB
abrj-562	7	22	financial	financial	ADJ
abrj-562	7	23	inclusion	inclusion	NOUN
abrj-562	7	24	.	.	PUNCT
abrj-562	8	1	at	at	ADP
abrj-562	8	2	the	the	DET
abrj-562	8	3	same	same	ADJ
abrj-562	8	4	time	time	NOUN
abrj-562	8	5	,	,	PUNCT
abrj-562	8	6	it	it	PRON
abrj-562	8	7	acknowledges	acknowledge	VERB
abrj-562	8	8	significant	significant	ADJ
abrj-562	8	9	risks	risk	NOUN
abrj-562	8	10	,	,	PUNCT
abrj-562	8	11	such	such	ADJ
abrj-562	8	12	as	as	ADP
abrj-562	8	13	the	the	DET
abrj-562	8	14	possibility	possibility	NOUN
abrj-562	8	15	of	of	ADP
abrj-562	8	16	weakening	weaken	VERB
abrj-562	8	17	traditional	traditional	ADJ
abrj-562	8	18	banks	bank	NOUN
abrj-562	8	19	,	,	PUNCT
abrj-562	8	20	concerns	concern	NOUN
abrj-562	8	21	about	about	ADP
abrj-562	8	22	user	user	NOUN
abrj-562	8	23	privacy	privacy	NOUN
abrj-562	8	24	,	,	PUNCT
abrj-562	8	25	and	and	CCONJ
abrj-562	8	26	threats	threat	NOUN
abrj-562	8	27	from	from	ADP
abrj-562	8	28	cyberattacks	cyberattack	NOUN
abrj-562	8	29	.	.	PUNCT
abrj-562	9	1	through	through	ADP
abrj-562	9	2	comparing	compare	VERB
abrj-562	9	3	different	different	ADJ
abrj-562	9	4	global	global	ADJ
abrj-562	9	5	cbdc	cbdc	NOUN
abrj-562	9	6	projects	project	NOUN
abrj-562	9	7	,	,	PUNCT
abrj-562	9	8	such	such	ADJ
abrj-562	9	9	as	as	ADP
abrj-562	9	10	china	china	PROPN
abrj-562	9	11	’s	’s	PART
abrj-562	9	12	digital	digital	PROPN
abrj-562	9	13	yuan	yuan	PROPN
abrj-562	9	14	(	(	PUNCT
abrj-562	9	15	e	e	NOUN
abrj-562	9	16	-	-	NOUN
abrj-562	9	17	cny	cny	NOUN
abrj-562	9	18	)	)	PUNCT
abrj-562	9	19	and	and	CCONJ
abrj-562	9	20	the	the	DET
abrj-562	9	21	bahamas	bahama	NOUN
abrj-562	9	22	’	'	PUNCT
abrj-562	9	23	sand	sand	NOUN
abrj-562	9	24	dollar	dollar	NOUN
abrj-562	9	25	,	,	PUNCT
abrj-562	9	26	the	the	DET
abrj-562	9	27	paper	paper	NOUN
abrj-562	9	28	demonstrates	demonstrate	VERB
abrj-562	9	29	how	how	SCONJ
abrj-562	9	30	each	each	DET
abrj-562	9	31	country	country	NOUN
abrj-562	9	32	's	's	PART
abrj-562	9	33	unique	unique	ADJ
abrj-562	9	34	priorities	priority	NOUN
abrj-562	9	35	and	and	CCONJ
abrj-562	9	36	technological	technological	ADJ
abrj-562	9	37	readiness	readiness	NOUN
abrj-562	9	38	shape	shape	NOUN
abrj-562	9	39	their	their	PRON
abrj-562	9	40	approaches	approach	NOUN
abrj-562	9	41	to	to	ADP
abrj-562	9	42	cbdcs	cbdc	NOUN
abrj-562	9	43	.	.	PUNCT
abrj-562	10	1	it	it	PRON
abrj-562	10	2	underscores	underscore	VERB
abrj-562	10	3	the	the	DET
abrj-562	10	4	need	need	NOUN
abrj-562	10	5	for	for	ADP
abrj-562	10	6	clear	clear	ADJ
abrj-562	10	7	regulations	regulation	NOUN
abrj-562	10	8	,	,	PUNCT
abrj-562	10	9	seamless	seamless	ADJ
abrj-562	10	10	integration	integration	NOUN
abrj-562	10	11	between	between	ADP
abrj-562	10	12	systems	system	NOUN
abrj-562	10	13	,	,	PUNCT
abrj-562	10	14	and	and	CCONJ
abrj-562	10	15	cooperation	cooperation	NOUN
abrj-562	10	16	across	across	ADP
abrj-562	10	17	borders	border	NOUN
abrj-562	10	18	to	to	PART
abrj-562	10	19	ensure	ensure	VERB
abrj-562	10	20	cbdcs	cbdc	NOUN
abrj-562	10	21	are	be	AUX
abrj-562	10	22	safe	safe	ADJ
abrj-562	10	23	and	and	CCONJ
abrj-562	10	24	effective	effective	ADJ
abrj-562	10	25	.	.	PUNCT
abrj-562	11	1	the	the	DET
abrj-562	11	2	paper	paper	NOUN
abrj-562	11	3	also	also	ADV
abrj-562	11	4	provides	provide	VERB
abrj-562	11	5	recommendations	recommendation	NOUN
abrj-562	11	6	for	for	ADP
abrj-562	11	7	future	future	ADJ
abrj-562	11	8	policy	policy	NOUN
abrj-562	11	9	-	-	PUNCT
abrj-562	11	10	making	making	NOUN
abrj-562	11	11	and	and	CCONJ
abrj-562	11	12	research	research	NOUN
abrj-562	11	13	to	to	PART
abrj-562	11	14	support	support	VERB
abrj-562	11	15	well	well	ADV
abrj-562	11	16	-	-	PUNCT
abrj-562	11	17	informed	inform	VERB
abrj-562	11	18	decisions	decision	NOUN
abrj-562	11	19	in	in	ADP
abrj-562	11	20	this	this	DET
abrj-562	11	21	fast	fast	ADV
abrj-562	11	22	-	-	PUNCT
abrj-562	11	23	changing	change	VERB
abrj-562	11	24	area	area	NOUN
abrj-562	11	25	.	.	PUNCT
abrj-562	12	1	keywords	keyword	NOUN
abrj-562	12	2	:	:	PUNCT
abrj-562	12	3	central	central	ADJ
abrj-562	12	4	bank	bank	NOUN
abrj-562	12	5	digital	digital	ADJ
abrj-562	12	6	currency	currency	NOUN
abrj-562	12	7	(	(	PUNCT
abrj-562	12	8	cbdc	cbdc	NOUN
abrj-562	12	9	)	)	PUNCT
abrj-562	12	10	,	,	PUNCT
abrj-562	12	11	digital	digital	ADJ
abrj-562	12	12	payment	payment	NOUN
abrj-562	12	13	systems	system	NOUN
abrj-562	12	14	,	,	PUNCT
abrj-562	12	15	financial	financial	ADJ
abrj-562	12	16	inclusion	inclusion	NOUN
abrj-562	12	17	,	,	PUNCT
abrj-562	12	18	financial	financial	ADJ
abrj-562	12	19	stability	stability	NOUN
abrj-562	12	20	,	,	PUNCT
abrj-562	12	21	monetary	monetary	ADJ
abrj-562	12	22	policy	policy	NOUN
abrj-562	12	23	,	,	PUNCT
abrj-562	12	24	regulatory	regulatory	ADJ
abrj-562	12	25	frameworks	framework	NOUN
abrj-562	12	26	,	,	PUNCT
abrj-562	12	27	digital	digital	ADJ
abrj-562	12	28	innovation	innovation	NOUN
abrj-562	12	29	.	.	PUNCT
abrj-562	13	1	1	1	X
abrj-562	13	2	.	.	X
abrj-562	13	3	introduction	introduction	NOUN
abrj-562	13	4	the	the	DET
abrj-562	13	5	development	development	NOUN
abrj-562	13	6	of	of	ADP
abrj-562	13	7	digital	digital	ADJ
abrj-562	13	8	currencies	currency	NOUN
abrj-562	13	9	has	have	AUX
abrj-562	13	10	attracted	attract	VERB
abrj-562	13	11	considerable	considerable	ADJ
abrj-562	13	12	interest	interest	NOUN
abrj-562	13	13	in	in	ADP
abrj-562	13	14	recent	recent	ADJ
abrj-562	13	15	years	year	NOUN
abrj-562	13	16	,	,	PUNCT
abrj-562	13	17	largely	largely	ADV
abrj-562	13	18	driven	drive	VERB
abrj-562	13	19	by	by	ADP
abrj-562	13	20	rapid	rapid	ADJ
abrj-562	13	21	technological	technological	ADJ
abrj-562	13	22	progress	progress	NOUN
abrj-562	13	23	and	and	CCONJ
abrj-562	13	24	shifts	shift	NOUN
abrj-562	13	25	in	in	ADP
abrj-562	13	26	the	the	DET
abrj-562	13	27	global	global	ADJ
abrj-562	13	28	financial	financial	ADJ
abrj-562	13	29	landscape	landscape	NOUN
abrj-562	13	30	.	.	PUNCT
abrj-562	14	1	digital	digital	ADJ
abrj-562	14	2	currencies	currency	NOUN
abrj-562	14	3	are	be	AUX
abrj-562	14	4	generally	generally	ADV
abrj-562	14	5	divided	divide	VERB
abrj-562	14	6	into	into	ADP
abrj-562	14	7	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	14	8	and	and	CCONJ
abrj-562	14	9	stablecoins	stablecoin	NOUN
abrj-562	14	10	,	,	PUNCT
abrj-562	14	11	with	with	ADP
abrj-562	14	12	stablecoins	stablecoin	NOUN
abrj-562	14	13	specifically	specifically	ADV
abrj-562	14	14	designed	design	VERB
abrj-562	14	15	to	to	PART
abrj-562	14	16	maintain	maintain	VERB
abrj-562	14	17	price	price	NOUN
abrj-562	14	18	stability	stability	NOUN
abrj-562	14	19	by	by	ADP
abrj-562	14	20	linking	link	VERB
abrj-562	14	21	their	their	PRON
abrj-562	14	22	value	value	NOUN
abrj-562	14	23	to	to	ADP
abrj-562	14	24	traditional	traditional	ADJ
abrj-562	14	25	currencies	currency	NOUN
abrj-562	14	26	or	or	CCONJ
abrj-562	14	27	other	other	ADJ
abrj-562	14	28	assets	asset	NOUN
abrj-562	14	29	(	(	PUNCT
abrj-562	14	30	dionysopoulos	dionysopoulos	PROPN
abrj-562	14	31	et	et	PROPN
abrj-562	14	32	al	al	PROPN
abrj-562	14	33	.	.	PROPN
abrj-562	14	34	,	,	PUNCT
abrj-562	14	35	2024	2024	NUM
abrj-562	14	36	)	)	PUNCT
abrj-562	14	37	.	.	PUNCT
abrj-562	15	1	although	although	SCONJ
abrj-562	15	2	stablecoins	stablecoin	NOUN
abrj-562	15	3	aim	aim	VERB
abrj-562	15	4	to	to	PART
abrj-562	15	5	offer	offer	VERB
abrj-562	15	6	a	a	DET
abrj-562	15	7	more	more	ADV
abrj-562	15	8	stable	stable	ADJ
abrj-562	15	9	alternative	alternative	NOUN
abrj-562	15	10	for	for	ADP
abrj-562	15	11	everyday	everyday	ADJ
abrj-562	15	12	transactions	transaction	NOUN
abrj-562	15	13	,	,	PUNCT
abrj-562	15	14	there	there	PRON
abrj-562	15	15	remain	remain	VERB
abrj-562	15	16	ongoing	ongoing	ADJ
abrj-562	15	17	concerns	concern	NOUN
abrj-562	15	18	about	about	ADP
abrj-562	15	19	their	their	PRON
abrj-562	15	20	regulation	regulation	NOUN
abrj-562	15	21	and	and	CCONJ
abrj-562	15	22	the	the	DET
abrj-562	15	23	adequacy	adequacy	NOUN
abrj-562	15	24	of	of	ADP
abrj-562	15	25	their	their	PRON
abrj-562	15	26	asset	asset	NOUN
abrj-562	15	27	reserves	reserve	NOUN
abrj-562	15	28	.	.	PUNCT
abrj-562	16	1	central	central	ADJ
abrj-562	16	2	bank	bank	PROPN
abrj-562	16	3	digital	digital	ADJ
abrj-562	16	4	currencies	currency	NOUN
abrj-562	16	5	(	(	PUNCT
abrj-562	16	6	cbdcs	cbdc	NOUN
abrj-562	16	7	)	)	PUNCT
abrj-562	16	8	have	have	AUX
abrj-562	16	9	become	become	VERB
abrj-562	16	10	relevant	relevant	ADJ
abrj-562	16	11	to	to	ADP
abrj-562	16	12	modern	modern	ADJ
abrj-562	16	13	central	central	ADJ
abrj-562	16	14	banking	banking	NOUN
abrj-562	16	15	for	for	ADP
abrj-562	16	16	various	various	ADJ
abrj-562	16	17	economic	economic	ADJ
abrj-562	16	18	and	and	CCONJ
abrj-562	16	19	financial	financial	ADJ
abrj-562	16	20	reasons	reason	NOUN
abrj-562	16	21	.	.	PUNCT
abrj-562	17	1	a	a	DET
abrj-562	17	2	key	key	ADJ
abrj-562	17	3	factor	factor	NOUN
abrj-562	17	4	is	be	AUX
abrj-562	17	5	the	the	DET
abrj-562	17	6	declining	decline	VERB
abrj-562	17	7	use	use	NOUN
abrj-562	17	8	of	of	ADP
abrj-562	17	9	cash	cash	NOUN
abrj-562	17	10	in	in	ADP
abrj-562	17	11	many	many	ADJ
abrj-562	17	12	countries	country	NOUN
abrj-562	17	13	,	,	PUNCT
abrj-562	17	14	prompting	prompt	VERB
abrj-562	17	15	central	central	ADJ
abrj-562	17	16	banks	bank	NOUN
abrj-562	17	17	to	to	PART
abrj-562	17	18	explore	explore	VERB
abrj-562	17	19	digital	digital	ADJ
abrj-562	17	20	forms	form	NOUN
abrj-562	17	21	of	of	ADP
abrj-562	17	22	currency	currency	NOUN
abrj-562	17	23	to	to	PART
abrj-562	17	24	ensure	ensure	VERB
abrj-562	17	25	continued	continued	ADJ
abrj-562	17	26	public	public	ADJ
abrj-562	17	27	access	access	NOUN
abrj-562	17	28	to	to	ADP
abrj-562	17	29	secure	secure	ADJ
abrj-562	17	30	,	,	PUNCT
abrj-562	17	31	risk	risk	NOUN
abrj-562	17	32	-	-	PUNCT
abrj-562	17	33	free	free	ADJ
abrj-562	17	34	money	money	NOUN
abrj-562	17	35	.	.	PUNCT
abrj-562	18	1	moreover	moreover	ADV
abrj-562	18	2	,	,	PUNCT
abrj-562	18	3	the	the	DET
abrj-562	18	4	rapid	rapid	ADJ
abrj-562	18	5	rise	rise	NOUN
abrj-562	18	6	of	of	ADP
abrj-562	18	7	private	private	ADJ
abrj-562	18	8	digital	digital	ADJ
abrj-562	18	9	payment	payment	NOUN
abrj-562	18	10	solutions	solution	NOUN
abrj-562	18	11	,	,	PUNCT
abrj-562	18	12	including	include	VERB
abrj-562	18	13	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	18	14	and	and	CCONJ
abrj-562	18	15	fintech	fintech	NOUN
abrj-562	18	16	innovations	innovation	NOUN
abrj-562	18	17	,	,	PUNCT
abrj-562	18	18	has	have	AUX
abrj-562	18	19	sparked	spark	VERB
abrj-562	18	20	concerns	concern	NOUN
abrj-562	18	21	about	about	ADP
abrj-562	18	22	potential	potential	ADJ
abrj-562	18	23	threats	threat	NOUN
abrj-562	18	24	to	to	ADP
abrj-562	18	25	monetary	monetary	ADJ
abrj-562	18	26	sovereignty	sovereignty	NOUN
abrj-562	18	27	and	and	CCONJ
abrj-562	18	28	financial	financial	ADJ
abrj-562	18	29	stability	stability	NOUN
abrj-562	18	30	(	(	PUNCT
abrj-562	18	31	genc	genc	PROPN
abrj-562	18	32	&	&	CCONJ
abrj-562	18	33	takagi	takagi	PROPN
abrj-562	18	34	,	,	PUNCT
abrj-562	18	35	2024	2024	NUM
abrj-562	18	36	)	)	PUNCT
abrj-562	18	37	.	.	PUNCT
abrj-562	19	1	cbdcs	cbdc	NOUN
abrj-562	19	2	provide	provide	VERB
abrj-562	19	3	central	central	ADJ
abrj-562	19	4	banks	bank	NOUN
abrj-562	19	5	with	with	ADP
abrj-562	19	6	a	a	DET
abrj-562	19	7	way	way	NOUN
abrj-562	19	8	to	to	PART
abrj-562	19	9	maintain	maintain	VERB
abrj-562	19	10	control	control	NOUN
abrj-562	19	11	over	over	ADP
abrj-562	19	12	the	the	DET
abrj-562	19	13	payment	payment	NOUN
abrj-562	19	14	infrastructure	infrastructure	NOUN
abrj-562	19	15	,	,	PUNCT
abrj-562	19	16	ensure	ensure	VERB
abrj-562	19	17	financial	financial	ADJ
abrj-562	19	18	inclusion	inclusion	NOUN
abrj-562	19	19	,	,	PUNCT
abrj-562	19	20	and	and	CCONJ
abrj-562	19	21	reduce	reduce	VERB
abrj-562	19	22	reliance	reliance	NOUN
abrj-562	19	23	on	on	ADP
abrj-562	19	24	private	private	ADJ
abrj-562	19	25	digital	digital	ADJ
abrj-562	19	26	currencies	currency	NOUN
abrj-562	19	27	(	(	PUNCT
abrj-562	19	28	di	di	X
abrj-562	19	29	iorio	iorio	NOUN
abrj-562	19	30	et	et	PROPN
abrj-562	19	31	al	al	PROPN
abrj-562	19	32	.	.	PROPN
abrj-562	19	33	,	,	PUNCT
abrj-562	19	34	2024	2024	NUM
abrj-562	19	35	)	)	PUNCT
abrj-562	19	36	.	.	PUNCT
abrj-562	20	1	an	an	DET
abrj-562	20	2	important	important	ADJ
abrj-562	20	3	aspect	aspect	NOUN
abrj-562	20	4	of	of	ADP
abrj-562	20	5	cbdc	cbdc	NOUN
abrj-562	20	6	adoption	adoption	NOUN
abrj-562	20	7	is	be	AUX
abrj-562	20	8	their	their	PRON
abrj-562	20	9	potential	potential	ADJ
abrj-562	20	10	effect	effect	NOUN
abrj-562	20	11	on	on	ADP
abrj-562	20	12	monetary	monetary	ADJ
abrj-562	20	13	policy	policy	NOUN
abrj-562	20	14	.	.	PUNCT
abrj-562	21	1	by	by	ADP
abrj-562	21	2	offering	offer	VERB
abrj-562	21	3	a	a	DET
abrj-562	21	4	digital	digital	ADJ
abrj-562	21	5	alternative	alternative	NOUN
abrj-562	21	6	to	to	ADP
abrj-562	21	7	cash	cash	NOUN
abrj-562	21	8	and	and	CCONJ
abrj-562	21	9	traditional	traditional	ADJ
abrj-562	21	10	bank	bank	NOUN
abrj-562	21	11	deposits	deposit	NOUN
abrj-562	21	12	,	,	PUNCT
abrj-562	21	13	cbdcs	cbdc	NOUN
abrj-562	21	14	could	could	AUX
abrj-562	21	15	significantly	significantly	ADV
abrj-562	21	16	strengthen	strengthen	VERB
abrj-562	21	17	monetary	monetary	ADJ
abrj-562	21	18	policy	policy	NOUN
abrj-562	21	19	effectiveness	effectiveness	NOUN
abrj-562	21	20	,	,	PUNCT
abrj-562	21	21	giving	give	VERB
abrj-562	21	22	central	central	ADJ
abrj-562	21	23	banks	bank	NOUN
abrj-562	21	24	greater	great	ADJ
abrj-562	21	25	control	control	NOUN
abrj-562	21	26	over	over	ADP
abrj-562	21	27	money	money	NOUN
abrj-562	21	28	supply	supply	NOUN
abrj-562	21	29	and	and	CCONJ
abrj-562	21	30	interest	interest	NOUN
abrj-562	21	31	rates	rate	NOUN
abrj-562	21	32	.	.	PUNCT
abrj-562	22	1	they	they	PRON
abrj-562	22	2	could	could	AUX
abrj-562	22	3	also	also	ADV
abrj-562	22	4	streamline	streamline	VERB
abrj-562	22	5	cross	cross	ADJ
abrj-562	22	6	-	-	ADJ
abrj-562	22	7	border	border	ADJ
abrj-562	22	8	payments	payment	NOUN
abrj-562	22	9	,	,	PUNCT
abrj-562	22	10	reducing	reduce	VERB
abrj-562	22	11	costs	cost	NOUN
abrj-562	22	12	and	and	CCONJ
abrj-562	22	13	delays	delay	NOUN
abrj-562	22	14	compared	compare	VERB
abrj-562	22	15	to	to	ADP
abrj-562	22	16	existing	exist	VERB
abrj-562	22	17	financial	financial	ADJ
abrj-562	22	18	networks	network	NOUN
abrj-562	22	19	(	(	PUNCT
abrj-562	22	20	kunaratskul	kunaratskul	PROPN
abrj-562	22	21	et	et	PROPN
abrj-562	22	22	al	al	PROPN
abrj-562	22	23	.	.	PROPN
abrj-562	22	24	,	,	PUNCT
abrj-562	22	25	2024	2024	NUM
abrj-562	22	26	)	)	PUNCT
abrj-562	22	27	.	.	PUNCT
abrj-562	23	1	despite	despite	SCONJ
abrj-562	23	2	these	these	DET
abrj-562	23	3	advantages	advantage	NOUN
abrj-562	23	4	,	,	PUNCT
abrj-562	23	5	implementing	implement	VERB
abrj-562	23	6	cbdcs	cbdc	NOUN
abrj-562	23	7	presents	present	VERB
abrj-562	23	8	several	several	ADJ
abrj-562	23	9	notable	notable	ADJ
abrj-562	23	10	challenges	challenge	NOUN
abrj-562	23	11	,	,	PUNCT
abrj-562	23	12	such	such	ADJ
abrj-562	23	13	as	as	ADP
abrj-562	23	14	the	the	DET
abrj-562	23	15	risk	risk	NOUN
abrj-562	23	16	of	of	ADP
abrj-562	23	17	weakening	weaken	VERB
abrj-562	23	18	traditional	traditional	ADJ
abrj-562	23	19	banks	bank	NOUN
abrj-562	23	20	,	,	PUNCT
abrj-562	23	21	cybersecurity	cybersecurity	NOUN
abrj-562	23	22	threats	threat	NOUN
abrj-562	23	23	,	,	PUNCT
abrj-562	23	24	and	and	CCONJ
abrj-562	23	25	complex	complex	ADJ
abrj-562	23	26	regulatory	regulatory	ADJ
abrj-562	23	27	issues	issue	NOUN
abrj-562	23	28	(	(	PUNCT
abrj-562	23	29	das	das	PROPN
abrj-562	23	30	et	et	PROPN
abrj-562	23	31	al	al	PROPN
abrj-562	23	32	.	.	PROPN
abrj-562	23	33	,	,	PUNCT
abrj-562	23	34	2023	2023	NUM
abrj-562	23	35	)	)	PUNCT
abrj-562	23	36	.	.	PUNCT
abrj-562	24	1	widespread	widespread	ADJ
abrj-562	24	2	use	use	NOUN
abrj-562	24	3	of	of	ADP
abrj-562	24	4	cbdcs	cbdc	NOUN
abrj-562	24	5	might	might	AUX
abrj-562	24	6	reduce	reduce	VERB
abrj-562	24	7	bank	bank	NOUN
abrj-562	24	8	deposits	deposit	NOUN
abrj-562	24	9	,	,	PUNCT
abrj-562	24	10	potentially	potentially	ADV
abrj-562	24	11	disrupting	disrupt	VERB
abrj-562	24	12	traditional	traditional	ADJ
abrj-562	24	13	banking	banking	NOUN
abrj-562	24	14	operations	operation	NOUN
abrj-562	24	15	and	and	CCONJ
abrj-562	24	16	impacting	impact	VERB
abrj-562	24	17	banks	bank	NOUN
abrj-562	24	18	'	'	PART
abrj-562	24	19	ability	ability	NOUN
abrj-562	24	20	to	to	PART
abrj-562	24	21	provide	provide	VERB
abrj-562	24	22	credit	credit	NOUN
abrj-562	24	23	.	.	PUNCT
abrj-562	25	1	as	as	ADP
abrj-562	25	2	digital	digital	ADJ
abrj-562	25	3	instruments	instrument	NOUN
abrj-562	25	4	,	,	PUNCT
abrj-562	25	5	cbdcs	cbdc	NOUN
abrj-562	25	6	could	could	AUX
abrj-562	25	7	become	become	VERB
abrj-562	25	8	attractive	attractive	ADJ
abrj-562	25	9	targets	target	NOUN
abrj-562	25	10	for	for	ADP
abrj-562	25	11	cyberattacks	cyberattack	NOUN
abrj-562	25	12	,	,	PUNCT
abrj-562	25	13	requiring	require	VERB
abrj-562	25	14	rigorous	rigorous	ADJ
abrj-562	25	15	security	security	NOUN
abrj-562	25	16	protections	protection	NOUN
abrj-562	25	17	to	to	PART
abrj-562	25	18	safeguard	safeguard	VERB
abrj-562	25	19	the	the	DET
abrj-562	25	20	financial	financial	ADJ
abrj-562	25	21	system	system	NOUN
abrj-562	25	22	.	.	PUNCT
abrj-562	26	1	effective	effective	ADJ
abrj-562	26	2	implementation	implementation	NOUN
abrj-562	26	3	also	also	ADV
abrj-562	26	4	demands	demand	VERB
abrj-562	26	5	clear	clear	ADJ
abrj-562	26	6	regulatory	regulatory	ADJ
abrj-562	26	7	frameworks	framework	NOUN
abrj-562	26	8	addressing	address	VERB
abrj-562	26	9	privacy	privacy	NOUN
abrj-562	26	10	,	,	PUNCT
abrj-562	26	11	data	data	NOUN
abrj-562	26	12	protection	protection	NOUN
abrj-562	26	13	,	,	PUNCT
abrj-562	26	14	and	and	CCONJ
abrj-562	26	15	compliance	compliance	NOUN
abrj-562	26	16	with	with	ADP
abrj-562	26	17	existing	exist	VERB
abrj-562	26	18	financial	financial	ADJ
abrj-562	26	19	rules	rule	NOUN
abrj-562	26	20	.	.	PUNCT
abrj-562	27	1	this	this	DET
abrj-562	27	2	paper	paper	NOUN
abrj-562	27	3	aims	aim	VERB
abrj-562	27	4	to	to	PART
abrj-562	27	5	investigate	investigate	VERB
abrj-562	27	6	the	the	DET
abrj-562	27	7	main	main	ADJ
abrj-562	27	8	factors	factor	NOUN
abrj-562	27	9	driving	drive	VERB
abrj-562	27	10	the	the	DET
abrj-562	27	11	development	development	NOUN
abrj-562	27	12	of	of	ADP
abrj-562	27	13	cbdcs	cbdc	NOUN
abrj-562	27	14	and	and	CCONJ
abrj-562	27	15	evaluate	evaluate	VERB
abrj-562	27	16	their	their	PRON
abrj-562	27	17	potential	potential	ADJ
abrj-562	27	18	impacts	impact	NOUN
abrj-562	27	19	on	on	ADP
abrj-562	27	20	central	central	ADJ
abrj-562	27	21	banking	banking	NOUN
abrj-562	27	22	and	and	CCONJ
abrj-562	27	23	financial	financial	ADJ
abrj-562	27	24	stability	stability	NOUN
abrj-562	27	25	.	.	PUNCT
abrj-562	28	1	it	it	PRON
abrj-562	28	2	is	be	AUX
abrj-562	28	3	organized	organize	VERB
abrj-562	28	4	into	into	ADP
abrj-562	28	5	six	six	NUM
abrj-562	28	6	sections	section	NOUN
abrj-562	28	7	.	.	PUNCT
abrj-562	29	1	following	follow	VERB
abrj-562	29	2	the	the	DET
abrj-562	29	3	introduction	introduction	NOUN
abrj-562	29	4	,	,	PUNCT
abrj-562	29	5	which	which	PRON
abrj-562	29	6	outlines	outline	VERB
abrj-562	29	7	the	the	DET
abrj-562	29	8	background	background	NOUN
abrj-562	29	9	,	,	PUNCT
abrj-562	29	10	relevance	relevance	NOUN
abrj-562	29	11	,	,	PUNCT
abrj-562	29	12	and	and	CCONJ
abrj-562	29	13	objectives	objective	NOUN
abrj-562	29	14	of	of	ADP
abrj-562	29	15	the	the	DET
abrj-562	29	16	study	study	NOUN
abrj-562	29	17	,	,	PUNCT
abrj-562	29	18	section	section	NOUN
abrj-562	29	19	2	2	NUM
abrj-562	29	20	provides	provide	VERB
abrj-562	29	21	a	a	DET
abrj-562	29	22	conceptual	conceptual	ADJ
abrj-562	29	23	overview	overview	NOUN
abrj-562	29	24	of	of	ADP
abrj-562	29	25	cbdcs	cbdc	NOUN
abrj-562	29	26	,	,	PUNCT
abrj-562	29	27	tracing	trace	VERB
abrj-562	29	28	their	their	PRON
abrj-562	29	29	evolution	evolution	NOUN
abrj-562	29	30	and	and	CCONJ
abrj-562	29	31	distinguishing	distinguish	VERB
abrj-562	29	32	them	they	PRON
abrj-562	29	33	from	from	ADP
abrj-562	29	34	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	29	35	and	and	CCONJ
abrj-562	29	36	stablecoins	stablecoin	NOUN
abrj-562	29	37	.	.	PUNCT
abrj-562	30	1	section	section	NOUN
abrj-562	30	2	3	3	NUM
abrj-562	30	3	explores	explore	VERB
abrj-562	30	4	the	the	DET
abrj-562	30	5	key	key	ADJ
abrj-562	30	6	motivations	motivation	NOUN
abrj-562	30	7	behind	behind	ADP
abrj-562	30	8	cbdc	cbdc	NOUN
abrj-562	30	9	development	development	NOUN
abrj-562	30	10	,	,	PUNCT
abrj-562	30	11	including	include	VERB
abrj-562	30	12	monetary	monetary	ADJ
abrj-562	30	13	policy	policy	NOUN
abrj-562	30	14	effectiveness	effectiveness	NOUN
abrj-562	30	15	,	,	PUNCT
abrj-562	30	16	financial	financial	ADJ
abrj-562	30	17	inclusion	inclusion	NOUN
abrj-562	30	18	,	,	PUNCT
abrj-562	30	19	and	and	CCONJ
abrj-562	30	20	the	the	DET
abrj-562	30	21	preservation	preservation	NOUN
abrj-562	30	22	of	of	ADP
abrj-562	30	23	monetary	monetary	ADJ
abrj-562	30	24	sovereignty	sovereignty	NOUN
abrj-562	30	25	.	.	PUNCT
abrj-562	31	1	section	section	NOUN
abrj-562	31	2	4	4	NUM
abrj-562	31	3	examines	examine	VERB
abrj-562	31	4	global	global	ADJ
abrj-562	31	5	trends	trend	NOUN
abrj-562	31	6	and	and	CCONJ
abrj-562	31	7	policy	policy	NOUN
abrj-562	31	8	approaches	approach	NOUN
abrj-562	31	9	,	,	PUNCT
abrj-562	31	10	presenting	present	VERB
abrj-562	31	11	a	a	DET
abrj-562	31	12	mailto:tonci.svilokos@unidu.hr	mailto:tonci.svilokos@unidu.hr	PROPN
abrj-562	31	13	mailto:azra.mehic162@gmail.com	mailto:azra.mehic162@gmail.com	NOUN
abrj-562	31	14	https://doi.org/10.55220/2576-6759.562	https://doi.org/10.55220/2576-6759.562	PROPN
abrj-562	31	15	asian	asian	PROPN
abrj-562	31	16	business	business	PROPN
abrj-562	31	17	research	research	NOUN
abrj-562	31	18	journal	journal	NOUN
abrj-562	31	19	,	,	PUNCT
abrj-562	31	20	2025	2025	NUM
abrj-562	31	21	,	,	PUNCT
abrj-562	31	22	10(9	10(9	NUM
abrj-562	31	23	):	):	PUNCT
abrj-562	31	24	16	16	NUM
abrj-562	31	25	-	-	SYM
abrj-562	31	26	22	22	NUM
abrj-562	31	27	17	17	NUM
abrj-562	31	28	©	©	PROPN
abrj-562	31	29	2025	2025	NUM
abrj-562	31	30	by	by	ADP
abrj-562	31	31	the	the	DET
abrj-562	31	32	authors	author	NOUN
abrj-562	31	33	;	;	PUNCT
abrj-562	31	34	licensee	licensee	NOUN
abrj-562	31	35	eastern	eastern	ADJ
abrj-562	31	36	centre	centre	NOUN
abrj-562	31	37	of	of	ADP
abrj-562	31	38	science	science	NOUN
abrj-562	31	39	and	and	CCONJ
abrj-562	31	40	education	education	NOUN
abrj-562	31	41	,	,	PUNCT
abrj-562	31	42	usa	usa	PROPN
abrj-562	31	43	comparative	comparative	ADJ
abrj-562	31	44	analysis	analysis	NOUN
abrj-562	31	45	of	of	ADP
abrj-562	31	46	cbdc	cbdc	NOUN
abrj-562	31	47	strategies	strategy	NOUN
abrj-562	31	48	in	in	ADP
abrj-562	31	49	selected	select	VERB
abrj-562	31	50	countries	country	NOUN
abrj-562	31	51	.	.	PUNCT
abrj-562	32	1	section	section	NOUN
abrj-562	32	2	5	5	NUM
abrj-562	32	3	discusses	discuss	VERB
abrj-562	32	4	future	future	ADJ
abrj-562	32	5	perspectives	perspective	NOUN
abrj-562	32	6	and	and	CCONJ
abrj-562	32	7	open	open	ADJ
abrj-562	32	8	questions	question	NOUN
abrj-562	32	9	,	,	PUNCT
abrj-562	32	10	addressing	address	VERB
abrj-562	32	11	unresolved	unresolved	ADJ
abrj-562	32	12	policy	policy	NOUN
abrj-562	32	13	,	,	PUNCT
abrj-562	32	14	legal	legal	ADJ
abrj-562	32	15	,	,	PUNCT
abrj-562	32	16	and	and	CCONJ
abrj-562	32	17	economic	economic	ADJ
abrj-562	32	18	issues	issue	NOUN
abrj-562	32	19	that	that	PRON
abrj-562	32	20	require	require	VERB
abrj-562	32	21	further	further	ADJ
abrj-562	32	22	research	research	NOUN
abrj-562	32	23	.	.	PUNCT
abrj-562	33	1	finally	finally	ADV
abrj-562	33	2	,	,	PUNCT
abrj-562	33	3	section	section	NOUN
abrj-562	33	4	6	6	NUM
abrj-562	33	5	concludes	conclude	VERB
abrj-562	33	6	with	with	ADP
abrj-562	33	7	a	a	DET
abrj-562	33	8	synthesis	synthesis	NOUN
abrj-562	33	9	of	of	ADP
abrj-562	33	10	key	key	ADJ
abrj-562	33	11	findings	finding	NOUN
abrj-562	33	12	,	,	PUNCT
abrj-562	33	13	policy	policy	NOUN
abrj-562	33	14	recommendations	recommendation	NOUN
abrj-562	33	15	,	,	PUNCT
abrj-562	33	16	and	and	CCONJ
abrj-562	33	17	directions	direction	NOUN
abrj-562	33	18	for	for	ADP
abrj-562	33	19	future	future	ADJ
abrj-562	33	20	research	research	NOUN
abrj-562	33	21	.	.	PUNCT
abrj-562	34	1	2	2	X
abrj-562	34	2	.	.	X
abrj-562	34	3	concept	concept	NOUN
abrj-562	34	4	and	and	CCONJ
abrj-562	34	5	evolution	evolution	NOUN
abrj-562	34	6	of	of	ADP
abrj-562	34	7	central	central	ADJ
abrj-562	34	8	bank	bank	NOUN
abrj-562	34	9	digital	digital	ADJ
abrj-562	34	10	currencies	currency	NOUN
abrj-562	34	11	(	(	PUNCT
abrj-562	34	12	cbdcs	cbdc	NOUN
abrj-562	34	13	)	)	PUNCT
abrj-562	34	14	central	central	ADJ
abrj-562	34	15	bank	bank	NOUN
abrj-562	34	16	digital	digital	ADJ
abrj-562	34	17	currencies	currency	NOUN
abrj-562	34	18	(	(	PUNCT
abrj-562	34	19	cbdcs	cbdc	NOUN
abrj-562	34	20	)	)	PUNCT
abrj-562	34	21	are	be	AUX
abrj-562	34	22	digital	digital	ADJ
abrj-562	34	23	forms	form	NOUN
abrj-562	34	24	of	of	ADP
abrj-562	34	25	official	official	ADJ
abrj-562	34	26	currency	currency	NOUN
abrj-562	34	27	issued	issue	VERB
abrj-562	34	28	and	and	CCONJ
abrj-562	34	29	regulated	regulate	VERB
abrj-562	34	30	by	by	ADP
abrj-562	34	31	central	central	ADJ
abrj-562	34	32	banks	bank	NOUN
abrj-562	34	33	.	.	PUNCT
abrj-562	35	1	they	they	PRON
abrj-562	35	2	provide	provide	VERB
abrj-562	35	3	a	a	DET
abrj-562	35	4	secure	secure	ADJ
abrj-562	35	5	,	,	PUNCT
abrj-562	35	6	government	government	NOUN
abrj-562	35	7	-	-	PUNCT
abrj-562	35	8	supported	support	VERB
abrj-562	35	9	alternative	alternative	NOUN
abrj-562	35	10	to	to	ADP
abrj-562	35	11	physical	physical	ADJ
abrj-562	35	12	cash	cash	NOUN
abrj-562	35	13	and	and	CCONJ
abrj-562	35	14	traditional	traditional	ADJ
abrj-562	35	15	electronic	electronic	ADJ
abrj-562	35	16	payment	payment	NOUN
abrj-562	35	17	methods	method	NOUN
abrj-562	35	18	.	.	PUNCT
abrj-562	36	1	unlike	unlike	ADP
abrj-562	36	2	decentralized	decentralized	ADJ
abrj-562	36	3	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	36	4	,	,	PUNCT
abrj-562	36	5	which	which	PRON
abrj-562	36	6	operate	operate	VERB
abrj-562	36	7	independently	independently	ADV
abrj-562	36	8	of	of	ADP
abrj-562	36	9	central	central	ADJ
abrj-562	36	10	authorities	authority	NOUN
abrj-562	36	11	,	,	PUNCT
abrj-562	36	12	cbdcs	cbdc	NOUN
abrj-562	36	13	are	be	AUX
abrj-562	36	14	fully	fully	ADV
abrj-562	36	15	integrated	integrate	VERB
abrj-562	36	16	within	within	ADP
abrj-562	36	17	existing	exist	VERB
abrj-562	36	18	financial	financial	ADJ
abrj-562	36	19	systems	system	NOUN
abrj-562	36	20	and	and	CCONJ
abrj-562	36	21	monetary	monetary	ADJ
abrj-562	36	22	policies	policy	NOUN
abrj-562	36	23	,	,	PUNCT
abrj-562	36	24	ensuring	ensure	VERB
abrj-562	36	25	trust	trust	NOUN
abrj-562	36	26	and	and	CCONJ
abrj-562	36	27	regulatory	regulatory	ADJ
abrj-562	36	28	oversight	oversight	NOUN
abrj-562	36	29	.	.	PUNCT
abrj-562	37	1	their	their	PRON
abrj-562	37	2	main	main	ADJ
abrj-562	37	3	purpose	purpose	NOUN
abrj-562	37	4	is	be	AUX
abrj-562	37	5	to	to	PART
abrj-562	37	6	modernize	modernize	VERB
abrj-562	37	7	financial	financial	ADJ
abrj-562	37	8	transactions	transaction	NOUN
abrj-562	37	9	,	,	PUNCT
abrj-562	37	10	make	make	VERB
abrj-562	37	11	payments	payment	NOUN
abrj-562	37	12	more	more	ADV
abrj-562	37	13	efficient	efficient	ADJ
abrj-562	37	14	,	,	PUNCT
abrj-562	37	15	and	and	CCONJ
abrj-562	37	16	support	support	VERB
abrj-562	37	17	financial	financial	ADJ
abrj-562	37	18	inclusion	inclusion	NOUN
abrj-562	37	19	,	,	PUNCT
abrj-562	37	20	particularly	particularly	ADV
abrj-562	37	21	for	for	ADP
abrj-562	37	22	populations	population	NOUN
abrj-562	37	23	with	with	ADP
abrj-562	37	24	limited	limited	ADJ
abrj-562	37	25	access	access	NOUN
abrj-562	37	26	to	to	ADP
abrj-562	37	27	banking	banking	NOUN
abrj-562	37	28	services	service	NOUN
abrj-562	37	29	(	(	PUNCT
abrj-562	37	30	iqbal	iqbal	PROPN
abrj-562	37	31	et	et	PROPN
abrj-562	37	32	al	al	PROPN
abrj-562	37	33	.	.	PROPN
abrj-562	37	34	,	,	PUNCT
abrj-562	37	35	2024	2024	NUM
abrj-562	37	36	)	)	PUNCT
abrj-562	37	37	.	.	PUNCT
abrj-562	38	1	cbdcs	cbdc	NOUN
abrj-562	38	2	have	have	VERB
abrj-562	38	3	distinct	distinct	ADJ
abrj-562	38	4	characteristics	characteristic	NOUN
abrj-562	38	5	that	that	PRON
abrj-562	38	6	set	set	VERB
abrj-562	38	7	them	they	PRON
abrj-562	38	8	apart	apart	ADV
abrj-562	38	9	from	from	ADP
abrj-562	38	10	other	other	ADJ
abrj-562	38	11	digital	digital	ADJ
abrj-562	38	12	financial	financial	ADJ
abrj-562	38	13	instruments	instrument	NOUN
abrj-562	38	14	.	.	PUNCT
abrj-562	39	1	since	since	SCONJ
abrj-562	39	2	they	they	PRON
abrj-562	39	3	are	be	AUX
abrj-562	39	4	backed	back	VERB
abrj-562	39	5	by	by	ADP
abrj-562	39	6	central	central	ADJ
abrj-562	39	7	banks	bank	NOUN
abrj-562	39	8	,	,	PUNCT
abrj-562	39	9	cbdcs	cbdc	NOUN
abrj-562	39	10	offer	offer	VERB
abrj-562	39	11	stability	stability	NOUN
abrj-562	39	12	and	and	CCONJ
abrj-562	39	13	function	function	NOUN
abrj-562	39	14	as	as	ADP
abrj-562	39	15	legal	legal	ADJ
abrj-562	39	16	tender	tender	NOUN
abrj-562	39	17	,	,	PUNCT
abrj-562	39	18	unlike	unlike	ADP
abrj-562	39	19	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	39	20	which	which	PRON
abrj-562	39	21	typically	typically	ADV
abrj-562	39	22	experience	experience	VERB
abrj-562	39	23	high	high	ADJ
abrj-562	39	24	volatility	volatility	NOUN
abrj-562	39	25	and	and	CCONJ
abrj-562	39	26	lack	lack	VERB
abrj-562	39	27	intrinsic	intrinsic	ADJ
abrj-562	39	28	value	value	NOUN
abrj-562	39	29	(	(	PUNCT
abrj-562	39	30	singh	singh	PROPN
abrj-562	39	31	&	&	CCONJ
abrj-562	39	32	yadav	yadav	PROPN
abrj-562	39	33	,	,	PUNCT
abrj-562	39	34	2024	2024	NUM
abrj-562	39	35	)	)	PUNCT
abrj-562	39	36	.	.	PUNCT
abrj-562	40	1	retail	retail	ADJ
abrj-562	40	2	cbdcs	cbdc	NOUN
abrj-562	40	3	are	be	AUX
abrj-562	40	4	intended	intend	VERB
abrj-562	40	5	for	for	ADP
abrj-562	40	6	general	general	ADJ
abrj-562	40	7	public	public	ADJ
abrj-562	40	8	use	use	NOUN
abrj-562	40	9	,	,	PUNCT
abrj-562	40	10	facilitating	facilitate	VERB
abrj-562	40	11	everyday	everyday	ADJ
abrj-562	40	12	payments	payment	NOUN
abrj-562	40	13	through	through	ADP
abrj-562	40	14	digital	digital	ADJ
abrj-562	40	15	wallets	wallet	NOUN
abrj-562	40	16	and	and	CCONJ
abrj-562	40	17	bank	bank	NOUN
abrj-562	40	18	accounts	account	NOUN
abrj-562	40	19	.	.	PUNCT
abrj-562	41	1	wholesale	wholesale	ADJ
abrj-562	41	2	cbdcs	cbdc	NOUN
abrj-562	41	3	,	,	PUNCT
abrj-562	41	4	on	on	ADP
abrj-562	41	5	the	the	DET
abrj-562	41	6	other	other	ADJ
abrj-562	41	7	hand	hand	NOUN
abrj-562	41	8	,	,	PUNCT
abrj-562	41	9	are	be	AUX
abrj-562	41	10	designed	design	VERB
abrj-562	41	11	for	for	SCONJ
abrj-562	41	12	financial	financial	ADJ
abrj-562	41	13	institutions	institution	NOUN
abrj-562	41	14	to	to	PART
abrj-562	41	15	simplify	simplify	VERB
abrj-562	41	16	and	and	CCONJ
abrj-562	41	17	speed	speed	VERB
abrj-562	41	18	up	up	ADP
abrj-562	41	19	interbank	interbank	NOUN
abrj-562	41	20	transactions	transaction	NOUN
abrj-562	41	21	.	.	PUNCT
abrj-562	42	1	additionally	additionally	ADV
abrj-562	42	2	,	,	PUNCT
abrj-562	42	3	cbdcs	cbdc	NOUN
abrj-562	42	4	can	can	AUX
abrj-562	42	5	include	include	VERB
abrj-562	42	6	programmable	programmable	ADJ
abrj-562	42	7	features	feature	NOUN
abrj-562	42	8	,	,	PUNCT
abrj-562	42	9	enabling	enable	VERB
abrj-562	42	10	capabilities	capability	NOUN
abrj-562	42	11	like	like	ADP
abrj-562	42	12	smart	smart	ADJ
abrj-562	42	13	contracts	contract	NOUN
abrj-562	42	14	and	and	CCONJ
abrj-562	42	15	automated	automated	ADJ
abrj-562	42	16	payments	payment	NOUN
abrj-562	42	17	,	,	PUNCT
abrj-562	42	18	enhancing	enhance	VERB
abrj-562	42	19	security	security	NOUN
abrj-562	42	20	and	and	CCONJ
abrj-562	42	21	transparency	transparency	NOUN
abrj-562	42	22	in	in	ADP
abrj-562	42	23	financial	financial	ADJ
abrj-562	42	24	operations	operation	NOUN
abrj-562	42	25	(	(	PUNCT
abrj-562	42	26	liu	liu	PROPN
abrj-562	42	27	,	,	PUNCT
abrj-562	42	28	2024	2024	NUM
abrj-562	42	29	)	)	PUNCT
abrj-562	42	30	.	.	PUNCT
abrj-562	43	1	digital	digital	ADJ
abrj-562	43	2	currencies	currency	NOUN
abrj-562	43	3	have	have	VERB
abrj-562	43	4	their	their	PRON
abrj-562	43	5	roots	root	NOUN
abrj-562	43	6	in	in	ADP
abrj-562	43	7	early	early	ADJ
abrj-562	43	8	electronic	electronic	ADJ
abrj-562	43	9	cash	cash	NOUN
abrj-562	43	10	experiments	experiment	NOUN
abrj-562	43	11	from	from	ADP
abrj-562	43	12	the	the	DET
abrj-562	43	13	1990s	1990	NOUN
abrj-562	43	14	,	,	PUNCT
abrj-562	43	15	such	such	ADJ
abrj-562	43	16	as	as	ADP
abrj-562	43	17	digicash	digicash	NOUN
abrj-562	43	18	and	and	CCONJ
abrj-562	43	19	mondex	mondex	NOUN
abrj-562	43	20	,	,	PUNCT
abrj-562	43	21	which	which	PRON
abrj-562	43	22	aimed	aim	VERB
abrj-562	43	23	to	to	PART
abrj-562	43	24	develop	develop	VERB
abrj-562	43	25	secure	secure	VERB
abrj-562	43	26	digital	digital	ADJ
abrj-562	43	27	payment	payment	NOUN
abrj-562	43	28	systems	system	NOUN
abrj-562	43	29	but	but	CCONJ
abrj-562	43	30	did	do	AUX
abrj-562	43	31	not	not	PART
abrj-562	43	32	achieve	achieve	VERB
abrj-562	43	33	widespread	widespread	ADJ
abrj-562	43	34	adoption	adoption	NOUN
abrj-562	43	35	(	(	PUNCT
abrj-562	43	36	tommerdahl	tommerdahl	NOUN
abrj-562	43	37	,	,	PUNCT
abrj-562	43	38	2025	2025	NUM
abrj-562	43	39	)	)	PUNCT
abrj-562	43	40	.	.	PUNCT
abrj-562	44	1	the	the	DET
abrj-562	44	2	launch	launch	NOUN
abrj-562	44	3	of	of	ADP
abrj-562	44	4	bitcoin	bitcoin	NOUN
abrj-562	44	5	in	in	ADP
abrj-562	44	6	2009	2009	NUM
abrj-562	44	7	marked	mark	VERB
abrj-562	44	8	a	a	DET
abrj-562	44	9	significant	significant	ADJ
abrj-562	44	10	turning	turning	NOUN
abrj-562	44	11	point	point	NOUN
abrj-562	44	12	,	,	PUNCT
abrj-562	44	13	motivating	motivate	VERB
abrj-562	44	14	central	central	ADJ
abrj-562	44	15	banks	bank	NOUN
abrj-562	44	16	to	to	PART
abrj-562	44	17	consider	consider	VERB
abrj-562	44	18	creating	create	VERB
abrj-562	44	19	digital	digital	ADJ
abrj-562	44	20	alternatives	alternative	NOUN
abrj-562	44	21	within	within	ADP
abrj-562	44	22	their	their	PRON
abrj-562	44	23	control	control	NOUN
abrj-562	44	24	(	(	PUNCT
abrj-562	44	25	liu	liu	PROPN
abrj-562	44	26	,	,	PUNCT
abrj-562	44	27	2024	2024	NUM
abrj-562	44	28	)	)	PUNCT
abrj-562	44	29	.	.	PUNCT
abrj-562	45	1	growing	grow	VERB
abrj-562	45	2	popularity	popularity	NOUN
abrj-562	45	3	of	of	ADP
abrj-562	45	4	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	45	5	and	and	CCONJ
abrj-562	45	6	stablecoins	stablecoin	NOUN
abrj-562	45	7	,	,	PUNCT
abrj-562	45	8	coupled	couple	VERB
abrj-562	45	9	with	with	ADP
abrj-562	45	10	the	the	DET
abrj-562	45	11	global	global	ADJ
abrj-562	45	12	decline	decline	NOUN
abrj-562	45	13	in	in	ADP
abrj-562	45	14	cash	cash	NOUN
abrj-562	45	15	use	use	NOUN
abrj-562	45	16	,	,	PUNCT
abrj-562	45	17	further	far	ADV
abrj-562	45	18	boosted	boost	VERB
abrj-562	45	19	interest	interest	NOUN
abrj-562	45	20	in	in	ADP
abrj-562	45	21	cbdcs	cbdcs	PROPN
abrj-562	45	22	(	(	PUNCT
abrj-562	45	23	soltaninejad	soltaninejad	PROPN
abrj-562	45	24	et	et	PROPN
abrj-562	45	25	al	al	PROPN
abrj-562	45	26	.	.	PROPN
abrj-562	45	27	,	,	PUNCT
abrj-562	45	28	2024	2024	NUM
abrj-562	45	29	)	)	PUNCT
abrj-562	45	30	.	.	PUNCT
abrj-562	46	1	according	accord	VERB
abrj-562	46	2	to	to	ADP
abrj-562	46	3	research	research	NOUN
abrj-562	46	4	by	by	ADP
abrj-562	46	5	singh	singh	PROPN
abrj-562	46	6	&	&	CCONJ
abrj-562	46	7	yadav	yadav	PROPN
abrj-562	46	8	(	(	PUNCT
abrj-562	46	9	2024	2024	NUM
abrj-562	46	10	)	)	PUNCT
abrj-562	46	11	,	,	PUNCT
abrj-562	46	12	more	more	ADJ
abrj-562	46	13	than	than	ADP
abrj-562	46	14	130	130	NUM
abrj-562	46	15	countries	country	NOUN
abrj-562	46	16	,	,	PUNCT
abrj-562	46	17	representing	represent	VERB
abrj-562	46	18	over	over	ADP
abrj-562	46	19	98	98	NUM
abrj-562	46	20	%	%	NOUN
abrj-562	46	21	of	of	ADP
abrj-562	46	22	global	global	PROPN
abrj-562	46	23	gdp	gdp	PROPN
abrj-562	46	24	,	,	PUNCT
abrj-562	46	25	are	be	AUX
abrj-562	46	26	actively	actively	ADV
abrj-562	46	27	exploring	explore	VERB
abrj-562	46	28	cbdcs	cbdc	NOUN
abrj-562	46	29	,	,	PUNCT
abrj-562	46	30	with	with	ADP
abrj-562	46	31	several	several	ADJ
abrj-562	46	32	already	already	ADV
abrj-562	46	33	having	have	VERB
abrj-562	46	34	operational	operational	ADJ
abrj-562	46	35	systems	system	NOUN
abrj-562	46	36	.	.	PUNCT
abrj-562	47	1	the	the	DET
abrj-562	47	2	table	table	NOUN
abrj-562	47	3	below	below	ADP
abrj-562	47	4	outlines	outline	VERB
abrj-562	47	5	key	key	ADJ
abrj-562	47	6	milestones	milestone	NOUN
abrj-562	47	7	in	in	ADP
abrj-562	47	8	the	the	DET
abrj-562	47	9	development	development	NOUN
abrj-562	47	10	of	of	ADP
abrj-562	47	11	cbdcs	cbdc	NOUN
abrj-562	47	12	:	:	PUNCT
abrj-562	47	13	table	table	NOUN
abrj-562	47	14	1	1	NUM
abrj-562	47	15	.	.	PUNCT
abrj-562	47	16	key	key	ADJ
abrj-562	47	17	milestones	milestone	NOUN
abrj-562	47	18	in	in	ADP
abrj-562	47	19	the	the	DET
abrj-562	47	20	development	development	NOUN
abrj-562	47	21	of	of	ADP
abrj-562	47	22	cbdc	cbdc	NOUN
abrj-562	47	23	.	.	PUNCT
abrj-562	48	1	year	year	NOUN
abrj-562	48	2	event	event	NOUN
abrj-562	48	3	description	description	NOUN
abrj-562	48	4	19932000	19932000	NUM
abrj-562	48	5	finland	finland	PROPN
abrj-562	48	6	’s	’s	PART
abrj-562	48	7	avant	avant	X
abrj-562	48	8	smart	smart	ADJ
abrj-562	48	9	card	card	NOUN
abrj-562	48	10	one	one	NUM
abrj-562	48	11	of	of	ADP
abrj-562	48	12	the	the	DET
abrj-562	48	13	earliest	early	ADJ
abrj-562	48	14	digital	digital	ADJ
abrj-562	48	15	cash	cash	NOUN
abrj-562	48	16	initiatives	initiative	NOUN
abrj-562	48	17	,	,	PUNCT
abrj-562	48	18	considered	consider	VERB
abrj-562	48	19	a	a	DET
abrj-562	48	20	precursor	precursor	NOUN
abrj-562	48	21	to	to	ADP
abrj-562	48	22	cbdcs	cbdcs	PROPN
abrj-562	48	23	(	(	PUNCT
abrj-562	48	24	singh	singh	PROPN
abrj-562	48	25	&	&	CCONJ
abrj-562	48	26	yadav	yadav	PROPN
abrj-562	48	27	,	,	PUNCT
abrj-562	48	28	2024	2024	NUM
abrj-562	48	29	)	)	PUNCT
abrj-562	48	30	.	.	PUNCT
abrj-562	49	1	20142016	20142016	NUM
abrj-562	50	1	china	china	PROPN
abrj-562	50	2	’s	’s	PART
abrj-562	50	3	digital	digital	PROPN
abrj-562	50	4	yuan	yuan	PROPN
abrj-562	50	5	initiative	initiative	NOUN
abrj-562	50	6	the	the	DET
abrj-562	50	7	people	people	NOUN
abrj-562	50	8	’s	’s	PART
abrj-562	50	9	bank	bank	PROPN
abrj-562	50	10	of	of	ADP
abrj-562	50	11	china	china	PROPN
abrj-562	50	12	(	(	PUNCT
abrj-562	50	13	pboc	pboc	NOUN
abrj-562	50	14	)	)	PUNCT
abrj-562	50	15	begins	begin	VERB
abrj-562	50	16	research	research	NOUN
abrj-562	50	17	into	into	ADP
abrj-562	50	18	a	a	DET
abrj-562	50	19	sovereign	sovereign	ADJ
abrj-562	50	20	digital	digital	ADJ
abrj-562	50	21	currency	currency	NOUN
abrj-562	50	22	,	,	PUNCT
abrj-562	50	23	leading	lead	VERB
abrj-562	50	24	to	to	ADP
abrj-562	50	25	the	the	DET
abrj-562	50	26	eventual	eventual	ADJ
abrj-562	50	27	development	development	NOUN
abrj-562	50	28	of	of	ADP
abrj-562	50	29	the	the	DET
abrj-562	50	30	e	e	NOUN
abrj-562	50	31	-	-	NOUN
abrj-562	50	32	cny	cny	NOUN
abrj-562	50	33	(	(	PUNCT
abrj-562	50	34	soltaninejad	soltaninejad	PROPN
abrj-562	50	35	et	et	PROPN
abrj-562	50	36	al	al	PROPN
abrj-562	50	37	.	.	PROPN
abrj-562	50	38	,	,	PUNCT
abrj-562	50	39	2024	2024	NUM
abrj-562	50	40	)	)	PUNCT
abrj-562	50	41	.	.	PUNCT
abrj-562	51	1	20172020	20172020	NUM
abrj-562	51	2	global	global	ADJ
abrj-562	51	3	cbdc	cbdc	NOUN
abrj-562	51	4	research	research	NOUN
abrj-562	51	5	surge	surge	NOUN
abrj-562	51	6	central	central	ADJ
abrj-562	51	7	banks	bank	NOUN
abrj-562	51	8	,	,	PUNCT
abrj-562	51	9	including	include	VERB
abrj-562	51	10	the	the	DET
abrj-562	51	11	european	european	PROPN
abrj-562	51	12	central	central	PROPN
abrj-562	51	13	bank	bank	PROPN
abrj-562	51	14	(	(	PUNCT
abrj-562	51	15	ecb	ecb	PROPN
abrj-562	51	16	)	)	PUNCT
abrj-562	51	17	and	and	CCONJ
abrj-562	51	18	the	the	DET
abrj-562	51	19	bank	bank	PROPN
abrj-562	51	20	of	of	ADP
abrj-562	51	21	england	england	PROPN
abrj-562	51	22	,	,	PUNCT
abrj-562	51	23	publish	publish	VERB
abrj-562	51	24	feasibility	feasibility	NOUN
abrj-562	51	25	studies	study	NOUN
abrj-562	51	26	on	on	ADP
abrj-562	51	27	cbdc	cbdc	NOUN
abrj-562	51	28	implementation	implementation	NOUN
abrj-562	51	29	(	(	PUNCT
abrj-562	51	30	sanz	sanz	PROPN
abrj-562	51	31	,	,	PUNCT
abrj-562	51	32	2025	2025	NUM
abrj-562	51	33	)	)	PUNCT
abrj-562	51	34	.	.	PUNCT
abrj-562	52	1	2020present	2020present	NOUN
abrj-562	52	2	cbdc	cbdc	VERB
abrj-562	52	3	pilots	pilot	NOUN
abrj-562	52	4	and	and	CCONJ
abrj-562	52	5	launches	launch	VERB
abrj-562	52	6	the	the	DET
abrj-562	52	7	bahamas	bahamas	PROPN
abrj-562	52	8	launches	launch	VERB
abrj-562	52	9	the	the	DET
abrj-562	52	10	sand	sand	NOUN
abrj-562	52	11	dollar	dollar	NOUN
abrj-562	52	12	,	,	PUNCT
abrj-562	52	13	followed	follow	VERB
abrj-562	52	14	by	by	ADP
abrj-562	52	15	nigeria	nigeria	PROPN
abrj-562	52	16	(	(	PUNCT
abrj-562	52	17	enaira	enaira	PROPN
abrj-562	52	18	)	)	PUNCT
abrj-562	52	19	and	and	CCONJ
abrj-562	52	20	jamaica	jamaica	PROPN
abrj-562	52	21	(	(	PUNCT
abrj-562	52	22	jamdex	jamdex	NOUN
abrj-562	52	23	)	)	PUNCT
abrj-562	52	24	(	(	PUNCT
abrj-562	52	25	iqbal	iqbal	PROPN
abrj-562	52	26	et	et	PROPN
abrj-562	52	27	al	al	PROPN
abrj-562	52	28	.	.	PROPN
abrj-562	52	29	,	,	PUNCT
abrj-562	52	30	2024	2024	NUM
abrj-562	52	31	)	)	PUNCT
abrj-562	52	32	.	.	PUNCT
abrj-562	53	1	2023present	2023present	NUM
abrj-562	53	2	ongoing	ongoing	ADJ
abrj-562	53	3	largescale	largescale	NOUN
abrj-562	53	4	pilots	pilot	NOUN
abrj-562	53	5	the	the	DET
abrj-562	53	6	u.s	u.s	PROPN
abrj-562	53	7	.	.	PROPN
abrj-562	53	8	,	,	PUNCT
abrj-562	53	9	european	european	PROPN
abrj-562	53	10	union	union	PROPN
abrj-562	53	11	,	,	PUNCT
abrj-562	53	12	and	and	CCONJ
abrj-562	53	13	several	several	ADJ
abrj-562	53	14	asian	asian	ADJ
abrj-562	53	15	economies	economy	NOUN
abrj-562	53	16	intensify	intensify	VERB
abrj-562	53	17	research	research	NOUN
abrj-562	53	18	and	and	CCONJ
abrj-562	53	19	testing	testing	NOUN
abrj-562	53	20	phases	phase	NOUN
abrj-562	53	21	,	,	PUNCT
abrj-562	53	22	assessing	assess	VERB
abrj-562	53	23	potential	potential	ADJ
abrj-562	53	24	implementations	implementation	NOUN
abrj-562	53	25	(	(	PUNCT
abrj-562	53	26	liu	liu	PROPN
abrj-562	53	27	,	,	PUNCT
abrj-562	53	28	2024	2024	NUM
abrj-562	53	29	)	)	PUNCT
abrj-562	53	30	.	.	PUNCT
abrj-562	54	1	cbdcs	cbdc	NOUN
abrj-562	54	2	differ	differ	VERB
abrj-562	54	3	considerably	considerably	ADV
abrj-562	54	4	from	from	ADP
abrj-562	54	5	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	54	6	and	and	CCONJ
abrj-562	54	7	other	other	ADJ
abrj-562	54	8	digital	digital	ADJ
abrj-562	54	9	payment	payment	NOUN
abrj-562	54	10	solutions	solution	NOUN
abrj-562	54	11	in	in	ADP
abrj-562	54	12	their	their	PRON
abrj-562	54	13	structure	structure	NOUN
abrj-562	54	14	,	,	PUNCT
abrj-562	54	15	objectives	objective	NOUN
abrj-562	54	16	,	,	PUNCT
abrj-562	54	17	and	and	CCONJ
abrj-562	54	18	regulatory	regulatory	ADJ
abrj-562	54	19	frameworks	framework	NOUN
abrj-562	54	20	(	(	PUNCT
abrj-562	54	21	tommerdahl	tommerdahl	NOUN
abrj-562	54	22	,	,	PUNCT
abrj-562	54	23	2025	2025	NUM
abrj-562	54	24	)	)	PUNCT
abrj-562	54	25	.	.	PUNCT
abrj-562	55	1	table	table	NOUN
abrj-562	55	2	2	2	NUM
abrj-562	55	3	contains	contain	VERB
abrj-562	55	4	a	a	DET
abrj-562	55	5	comparison	comparison	NOUN
abrj-562	55	6	of	of	ADP
abrj-562	55	7	cbdcs	cbdc	NOUN
abrj-562	55	8	,	,	PUNCT
abrj-562	55	9	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	55	10	and	and	CCONJ
abrj-562	55	11	stablecoins	stablecoin	NOUN
abrj-562	55	12	.	.	PUNCT
abrj-562	55	13	table	table	NOUN
abrj-562	55	14	2	2	NUM
abrj-562	55	15	.	.	PUNCT
abrj-562	55	16	comparison	comparison	NOUN
abrj-562	55	17	of	of	ADP
abrj-562	55	18	cbdcs	cbdc	NOUN
abrj-562	55	19	,	,	PUNCT
abrj-562	55	20	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	55	21	and	and	CCONJ
abrj-562	55	22	stablecoins	stablecoin	NOUN
abrj-562	55	23	.	.	PUNCT
abrj-562	56	1	feature	feature	NOUN
abrj-562	56	2	cbdcs	cbdcs	PROPN
abrj-562	56	3	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	56	4	stablecoins	stablecoin	NOUN
abrj-562	56	5	issuer	issuer	PROPN
abrj-562	56	6	central	central	PROPN
abrj-562	56	7	bank	bank	PROPN
abrj-562	56	8	decentralized	decentralize	VERB
abrj-562	56	9	network	network	NOUN
abrj-562	56	10	private	private	ADJ
abrj-562	56	11	entity	entity	NOUN
abrj-562	56	12	(	(	PUNCT
abrj-562	56	13	e.g.	e.g.	ADV
abrj-562	56	14	,	,	PUNCT
abrj-562	56	15	tether	tether	NOUN
abrj-562	56	16	,	,	PUNCT
abrj-562	56	17	usdc	usdc	ADJ
abrj-562	56	18	)	)	PUNCT
abrj-562	56	19	legal	legal	ADJ
abrj-562	56	20	status	status	NOUN
abrj-562	56	21	legal	legal	ADJ
abrj-562	56	22	tender	tender	NOUN
abrj-562	56	23	not	not	PART
abrj-562	56	24	recognized	recognize	VERB
abrj-562	56	25	as	as	ADP
abrj-562	56	26	legal	legal	ADJ
abrj-562	56	27	tender	tender	NOUN
abrj-562	56	28	pegged	peg	VERB
abrj-562	56	29	to	to	ADP
abrj-562	56	30	fiat	fiat	ADJ
abrj-562	56	31	currency	currency	NOUN
abrj-562	56	32	backing	back	VERB
abrj-562	56	33	fully	fully	ADV
abrj-562	56	34	backed	back	VERB
abrj-562	56	35	by	by	ADP
abrj-562	56	36	central	central	ADJ
abrj-562	56	37	bank	bank	NOUN
abrj-562	56	38	reserves	reserve	NOUN
abrj-562	56	39	no	no	DET
abrj-562	56	40	intrinsic	intrinsic	ADJ
abrj-562	56	41	value	value	NOUN
abrj-562	56	42	,	,	PUNCT
abrj-562	56	43	volatile	volatile	ADJ
abrj-562	56	44	backed	back	VERB
abrj-562	56	45	by	by	ADP
abrj-562	56	46	reserves	reserve	NOUN
abrj-562	56	47	(	(	PUNCT
abrj-562	56	48	fiat	fiat	NOUN
abrj-562	56	49	,	,	PUNCT
abrj-562	56	50	commodities	commodity	NOUN
abrj-562	56	51	)	)	PUNCT
abrj-562	56	52	regulatory	regulatory	ADJ
abrj-562	56	53	control	control	NOUN
abrj-562	56	54	fully	fully	ADV
abrj-562	56	55	regulated	regulate	VERB
abrj-562	56	56	minimal	minimal	ADJ
abrj-562	56	57	to	to	ADP
abrj-562	56	58	no	no	DET
abrj-562	56	59	regulation	regulation	NOUN
abrj-562	56	60	increasingly	increasingly	ADV
abrj-562	56	61	regulated	regulate	VERB
abrj-562	56	62	monetary	monetary	ADJ
abrj-562	56	63	policy	policy	NOUN
abrj-562	56	64	impact	impact	NOUN
abrj-562	56	65	directly	directly	ADV
abrj-562	56	66	influences	influence	VERB
abrj-562	56	67	money	money	NOUN
abrj-562	56	68	supply	supply	NOUN
abrj-562	56	69	no	no	DET
abrj-562	56	70	direct	direct	ADJ
abrj-562	56	71	impact	impact	NOUN
abrj-562	56	72	on	on	ADP
abrj-562	56	73	monetary	monetary	ADJ
abrj-562	56	74	policy	policy	NOUN
abrj-562	56	75	indirect	indirect	ADJ
abrj-562	56	76	impact	impact	NOUN
abrj-562	56	77	on	on	ADP
abrj-562	56	78	money	money	NOUN
abrj-562	56	79	supply	supply	NOUN
abrj-562	56	80	unlike	unlike	ADP
abrj-562	56	81	cryptocurrencies	cryptocurrencie	NOUN
abrj-562	56	82	primarily	primarily	ADV
abrj-562	56	83	used	use	VERB
abrj-562	56	84	for	for	ADP
abrj-562	56	85	speculation	speculation	NOUN
abrj-562	56	86	,	,	PUNCT
abrj-562	56	87	cbdcs	cbdc	NOUN
abrj-562	56	88	aim	aim	VERB
abrj-562	56	89	to	to	PART
abrj-562	56	90	be	be	AUX
abrj-562	56	91	stable	stable	ADJ
abrj-562	56	92	digital	digital	ADJ
abrj-562	56	93	currencies	currency	NOUN
abrj-562	56	94	directly	directly	ADV
abrj-562	56	95	backed	back	VERB
abrj-562	56	96	by	by	ADP
abrj-562	56	97	governments	government	NOUN
abrj-562	56	98	.	.	PUNCT
abrj-562	57	1	stablecoins	stablecoin	NOUN
abrj-562	57	2	,	,	PUNCT
abrj-562	57	3	like	like	ADP
abrj-562	57	4	usdt	usdt	NOUN
abrj-562	57	5	(	(	PUNCT
abrj-562	57	6	tether	tether	NOUN
abrj-562	57	7	)	)	PUNCT
abrj-562	57	8	and	and	CCONJ
abrj-562	57	9	usdc	usdc	ADJ
abrj-562	57	10	,	,	PUNCT
abrj-562	57	11	attempt	attempt	VERB
abrj-562	57	12	to	to	PART
abrj-562	57	13	achieve	achieve	VERB
abrj-562	57	14	price	price	NOUN
abrj-562	57	15	stability	stability	NOUN
abrj-562	57	16	by	by	ADP
abrj-562	57	17	pegging	peg	VERB
abrj-562	57	18	their	their	PRON
abrj-562	57	19	value	value	NOUN
abrj-562	57	20	to	to	ADP
abrj-562	57	21	traditional	traditional	ADJ
abrj-562	57	22	currencies	currency	NOUN
abrj-562	57	23	or	or	CCONJ
abrj-562	57	24	other	other	ADJ
abrj-562	57	25	assets	asset	NOUN
abrj-562	57	26	.	.	PUNCT
abrj-562	58	1	however	however	ADV
abrj-562	58	2	,	,	PUNCT
abrj-562	58	3	since	since	SCONJ
abrj-562	58	4	stablecoins	stablecoin	NOUN
abrj-562	58	5	are	be	AUX
abrj-562	58	6	issued	issue	VERB
abrj-562	58	7	by	by	ADP
abrj-562	58	8	private	private	ADJ
abrj-562	58	9	entities	entity	NOUN
abrj-562	58	10	,	,	PUNCT
abrj-562	58	11	they	they	PRON
abrj-562	58	12	carry	carry	VERB
abrj-562	58	13	risks	risk	NOUN
abrj-562	58	14	related	relate	VERB
abrj-562	58	15	to	to	PART
abrj-562	58	16	issuer	issuer	VERB
abrj-562	58	17	credibility	credibility	NOUN
abrj-562	58	18	and	and	CCONJ
abrj-562	58	19	regulatory	regulatory	ADJ
abrj-562	58	20	compliance	compliance	NOUN
abrj-562	58	21	,	,	PUNCT
abrj-562	58	22	unlike	unlike	ADP
abrj-562	58	23	cbdcs	cbdc	NOUN
abrj-562	58	24	which	which	PRON
abrj-562	58	25	benefit	benefit	VERB
abrj-562	58	26	from	from	ADP
abrj-562	58	27	explicit	explicit	ADJ
abrj-562	58	28	state	state	NOUN
abrj-562	58	29	backing	backing	NOUN
abrj-562	58	30	(	(	PUNCT
abrj-562	58	31	pastor	pastor	NOUN
abrj-562	58	32	sempere	sempere	NOUN
abrj-562	58	33	,	,	PUNCT
abrj-562	58	34	2025	2025	NUM
abrj-562	58	35	)	)	PUNCT
abrj-562	58	36	.	.	PUNCT
abrj-562	59	1	the	the	DET
abrj-562	59	2	increasing	increase	VERB
abrj-562	59	3	momentum	momentum	NOUN
abrj-562	59	4	towards	towards	ADP
abrj-562	59	5	cbdc	cbdc	NOUN
abrj-562	59	6	development	development	NOUN
abrj-562	59	7	represents	represent	VERB
abrj-562	59	8	a	a	DET
abrj-562	59	9	global	global	ADJ
abrj-562	59	10	shift	shift	NOUN
abrj-562	59	11	toward	toward	ADP
abrj-562	59	12	digital	digital	ADJ
abrj-562	59	13	financial	financial	ADJ
abrj-562	59	14	infrastructure	infrastructure	NOUN
abrj-562	59	15	.	.	PUNCT
abrj-562	60	1	countries	country	NOUN
abrj-562	60	2	worldwide	worldwide	ADV
abrj-562	60	3	are	be	AUX
abrj-562	60	4	evaluating	evaluate	VERB
abrj-562	60	5	cbdcs	cbdc	NOUN
abrj-562	60	6	to	to	PART
abrj-562	60	7	improve	improve	VERB
abrj-562	60	8	payment	payment	NOUN
abrj-562	60	9	efficiency	efficiency	NOUN
abrj-562	60	10	,	,	PUNCT
abrj-562	60	11	provide	provide	VERB
abrj-562	60	12	financial	financial	ADJ
abrj-562	60	13	access	access	NOUN
abrj-562	60	14	to	to	ADP
abrj-562	60	15	underserved	underserved	ADJ
abrj-562	60	16	populations	population	NOUN
abrj-562	60	17	,	,	PUNCT
abrj-562	60	18	and	and	CCONJ
abrj-562	60	19	strengthen	strengthen	VERB
abrj-562	60	20	monetary	monetary	ADJ
abrj-562	60	21	policy	policy	NOUN
abrj-562	60	22	effectiveness	effectiveness	NOUN
abrj-562	60	23	.	.	PUNCT
abrj-562	61	1	the	the	DET
abrj-562	61	2	covid-19	covid-19	PROPN
abrj-562	61	3	pandemic	pandemic	NOUN
abrj-562	61	4	emphasized	emphasize	VERB
abrj-562	61	5	the	the	DET
abrj-562	61	6	need	need	NOUN
abrj-562	61	7	for	for	ADP
abrj-562	61	8	digital	digital	ADJ
abrj-562	61	9	payment	payment	NOUN
abrj-562	61	10	alternatives	alternative	NOUN
abrj-562	61	11	,	,	PUNCT
abrj-562	61	12	accelerating	accelerate	VERB
abrj-562	61	13	cbdc	cbdc	NOUN
abrj-562	61	14	research	research	NOUN
abrj-562	61	15	and	and	CCONJ
abrj-562	61	16	testing	testing	NOUN
abrj-562	61	17	.	.	PUNCT
abrj-562	62	1	nevertheless	nevertheless	ADV
abrj-562	62	2	,	,	PUNCT
abrj-562	62	3	introducing	introduce	VERB
abrj-562	62	4	cbdcs	cbdc	NOUN
abrj-562	62	5	involves	involve	VERB
abrj-562	62	6	managing	manage	VERB
abrj-562	62	7	challenges	challenge	NOUN
abrj-562	62	8	such	such	ADJ
abrj-562	62	9	as	as	ADP
abrj-562	62	10	potential	potential	ADJ
abrj-562	62	11	disruptions	disruption	NOUN
abrj-562	62	12	to	to	ADP
abrj-562	62	13	traditional	traditional	ADJ
abrj-562	62	14	banking	banking	NOUN
abrj-562	62	15	,	,	PUNCT
abrj-562	62	16	cybersecurity	cybersecurity	NOUN
abrj-562	62	17	threats	threat	NOUN
abrj-562	62	18	,	,	PUNCT
abrj-562	62	19	and	and	CCONJ
abrj-562	62	20	regulatory	regulatory	ADJ
abrj-562	62	21	complexities	complexity	NOUN
abrj-562	62	22	.	.	PUNCT
abrj-562	63	1	ultimately	ultimately	ADV
abrj-562	63	2	,	,	PUNCT
abrj-562	63	3	the	the	DET
abrj-562	63	4	success	success	NOUN
abrj-562	63	5	of	of	ADP
abrj-562	63	6	cbdcs	cbdc	NOUN
abrj-562	63	7	will	will	AUX
abrj-562	63	8	hinge	hinge	VERB
abrj-562	63	9	on	on	ADP
abrj-562	63	10	their	their	PRON
abrj-562	63	11	ability	ability	NOUN
abrj-562	63	12	to	to	PART
abrj-562	63	13	balance	balance	VERB
abrj-562	63	14	technological	technological	ADJ
abrj-562	63	15	innovation	innovation	NOUN
abrj-562	63	16	with	with	ADP
abrj-562	63	17	financial	financial	ADJ
abrj-562	63	18	stability	stability	NOUN
abrj-562	63	19	,	,	PUNCT
abrj-562	63	20	ensuring	ensure	VERB
abrj-562	63	21	broad	broad	ADJ
abrj-562	63	22	acceptance	acceptance	NOUN
abrj-562	63	23	and	and	CCONJ
abrj-562	63	24	trust	trust	NOUN
abrj-562	63	25	in	in	ADP
abrj-562	63	26	the	the	DET
abrj-562	63	27	evolving	evolve	VERB
abrj-562	63	28	digital	digital	ADJ
abrj-562	63	29	economy	economy	NOUN
abrj-562	63	30	.	.	PUNCT
abrj-562	64	1	3	3	X
abrj-562	64	2	.	.	X
abrj-562	64	3	motivations	motivation	NOUN
abrj-562	64	4	for	for	ADP
abrj-562	64	5	central	central	ADJ
abrj-562	64	6	banks	bank	NOUN
abrj-562	64	7	to	to	PART
abrj-562	64	8	develop	develop	VERB
abrj-562	64	9	digital	digital	ADJ
abrj-562	64	10	currencies	currency	NOUN
abrj-562	64	11	the	the	DET
abrj-562	64	12	motivations	motivation	NOUN
abrj-562	64	13	behind	behind	ADP
abrj-562	64	14	developing	develop	VERB
abrj-562	64	15	central	central	ADJ
abrj-562	64	16	bank	bank	NOUN
abrj-562	64	17	digital	digital	ADJ
abrj-562	64	18	currencies	currency	NOUN
abrj-562	64	19	vary	vary	VERB
abrj-562	64	20	considerably	considerably	ADV
abrj-562	64	21	across	across	ADP
abrj-562	64	22	different	different	ADJ
abrj-562	64	23	regions	region	NOUN
abrj-562	64	24	,	,	PUNCT
abrj-562	64	25	shaped	shape	VERB
abrj-562	64	26	by	by	ADP
abrj-562	64	27	economic	economic	ADJ
abrj-562	64	28	,	,	PUNCT
abrj-562	64	29	technological	technological	ADJ
abrj-562	64	30	,	,	PUNCT
abrj-562	64	31	and	and	CCONJ
abrj-562	64	32	political	political	ADJ
abrj-562	64	33	factors	factor	NOUN
abrj-562	64	34	.	.	PUNCT
abrj-562	65	1	one	one	NUM
abrj-562	65	2	major	major	ADJ
abrj-562	65	3	motivation	motivation	NOUN
abrj-562	65	4	for	for	ADP
abrj-562	65	5	central	central	ADJ
abrj-562	65	6	banks	bank	NOUN
abrj-562	65	7	is	be	AUX
abrj-562	65	8	the	the	DET
abrj-562	65	9	potential	potential	NOUN
abrj-562	65	10	to	to	PART
abrj-562	65	11	enhance	enhance	VERB
abrj-562	65	12	the	the	DET
abrj-562	65	13	effectiveness	effectiveness	NOUN
abrj-562	65	14	of	of	ADP
abrj-562	65	15	monetary	monetary	ADJ
abrj-562	65	16	policy	policy	NOUN
abrj-562	65	17	.	.	PUNCT
abrj-562	66	1	cbdcs	cbdc	NOUN
abrj-562	66	2	offer	offer	VERB
abrj-562	66	3	central	central	ADJ
abrj-562	66	4	banks	bank	NOUN
abrj-562	66	5	a	a	DET
abrj-562	66	6	more	more	ADV
abrj-562	66	7	direct	direct	ADJ
abrj-562	66	8	method	method	NOUN
abrj-562	66	9	to	to	PART
abrj-562	66	10	influence	influence	VERB
abrj-562	66	11	money	money	NOUN
abrj-562	66	12	asian	asian	ADJ
abrj-562	66	13	business	business	NOUN
abrj-562	66	14	research	research	NOUN
abrj-562	66	15	journal	journal	NOUN
abrj-562	66	16	,	,	PUNCT
abrj-562	66	17	2025	2025	NUM
abrj-562	66	18	,	,	PUNCT
abrj-562	66	19	10(9	10(9	NUM
abrj-562	66	20	):	):	PUNCT
abrj-562	66	21	16	16	NUM
abrj-562	66	22	-	-	SYM
abrj-562	66	23	22	22	NUM
abrj-562	66	24	18	18	NUM
abrj-562	66	25	©	©	PROPN
abrj-562	66	26	2025	2025	NUM
abrj-562	66	27	by	by	ADP
abrj-562	66	28	the	the	DET
abrj-562	66	29	authors	author	NOUN
abrj-562	66	30	;	;	PUNCT
abrj-562	66	31	licensee	licensee	NOUN
abrj-562	66	32	eastern	eastern	ADJ
abrj-562	66	33	centre	centre	NOUN
abrj-562	66	34	of	of	ADP
abrj-562	66	35	science	science	NOUN
abrj-562	66	36	and	and	CCONJ
abrj-562	66	37	education	education	NOUN
abrj-562	66	38	,	,	PUNCT
abrj-562	66	39	usa	usa	PROPN
abrj-562	66	40	supply	supply	PROPN
abrj-562	66	41	and	and	CCONJ
abrj-562	66	42	interest	interest	NOUN
abrj-562	66	43	rates	rate	NOUN
abrj-562	66	44	compared	compare	VERB
abrj-562	66	45	to	to	ADP
abrj-562	66	46	traditional	traditional	ADJ
abrj-562	66	47	monetary	monetary	ADJ
abrj-562	66	48	policy	policy	NOUN
abrj-562	66	49	,	,	PUNCT
abrj-562	66	50	which	which	PRON
abrj-562	66	51	relies	rely	VERB
abrj-562	66	52	heavily	heavily	ADV
abrj-562	66	53	on	on	ADP
abrj-562	66	54	commercial	commercial	ADJ
abrj-562	66	55	banks	bank	NOUN
abrj-562	66	56	and	and	CCONJ
abrj-562	66	57	financial	financial	ADJ
abrj-562	66	58	intermediaries	intermediary	NOUN
abrj-562	66	59	.	.	PUNCT
abrj-562	67	1	(	(	PUNCT
abrj-562	67	2	soltaninejad	soltaninejad	PROPN
abrj-562	67	3	et	et	PROPN
abrj-562	67	4	al	al	PROPN
abrj-562	67	5	.	.	PROPN
abrj-562	67	6	,	,	PUNCT
abrj-562	67	7	2024	2024	NUM
abrj-562	67	8	)	)	PUNCT
abrj-562	67	9	.	.	PUNCT
abrj-562	68	1	additionally	additionally	ADV
abrj-562	68	2	,	,	PUNCT
abrj-562	68	3	cbdcs	cbdc	NOUN
abrj-562	68	4	can	can	AUX
abrj-562	68	5	strengthen	strengthen	VERB
abrj-562	68	6	the	the	DET
abrj-562	68	7	resilience	resilience	NOUN
abrj-562	68	8	of	of	ADP
abrj-562	68	9	the	the	DET
abrj-562	68	10	financial	financial	ADJ
abrj-562	68	11	system	system	NOUN
abrj-562	68	12	by	by	ADP
abrj-562	68	13	providing	provide	VERB
abrj-562	68	14	a	a	DET
abrj-562	68	15	government	government	NOUN
abrj-562	68	16	-	-	PUNCT
abrj-562	68	17	backed	back	VERB
abrj-562	68	18	alternative	alternative	NOUN
abrj-562	68	19	to	to	ADP
abrj-562	68	20	private	private	ADJ
abrj-562	68	21	digital	digital	ADJ
abrj-562	68	22	currencies	currency	NOUN
abrj-562	68	23	.	.	PUNCT
abrj-562	69	1	this	this	PRON
abrj-562	69	2	is	be	AUX
abrj-562	69	3	increasingly	increasingly	ADV
abrj-562	69	4	important	important	ADJ
abrj-562	69	5	with	with	ADP
abrj-562	69	6	the	the	DET
abrj-562	69	7	rise	rise	NOUN
abrj-562	69	8	of	of	ADP
abrj-562	69	9	stablecoins	stablecoin	NOUN
abrj-562	69	10	—	—	PUNCT
abrj-562	69	11	digital	digital	ADJ
abrj-562	69	12	currencies	currency	NOUN
abrj-562	69	13	pegged	peg	VERB
abrj-562	69	14	to	to	ADP
abrj-562	69	15	fiat	fiat	ADJ
abrj-562	69	16	money	money	NOUN
abrj-562	69	17	—	—	PUNCT
abrj-562	69	18	because	because	SCONJ
abrj-562	69	19	they	they	PRON
abrj-562	69	20	carry	carry	VERB
abrj-562	69	21	significant	significant	ADJ
abrj-562	69	22	risks	risk	NOUN
abrj-562	69	23	due	due	ADJ
abrj-562	69	24	to	to	ADP
abrj-562	69	25	limited	limit	VERB
abrj-562	69	26	regulatory	regulatory	ADJ
abrj-562	69	27	oversight	oversight	NOUN
abrj-562	69	28	and	and	CCONJ
abrj-562	69	29	potential	potential	ADJ
abrj-562	69	30	solvency	solvency	NOUN
abrj-562	69	31	issues	issue	NOUN
abrj-562	69	32	(	(	PUNCT
abrj-562	69	33	conlon	conlon	NOUN
abrj-562	69	34	et	et	NOUN
abrj-562	69	35	al	al	PROPN
abrj-562	69	36	.	.	PROPN
abrj-562	69	37	,	,	PUNCT
abrj-562	69	38	2024	2024	NUM
abrj-562	69	39	)	)	PUNCT
abrj-562	69	40	.	.	PUNCT
abrj-562	70	1	central	central	ADJ
abrj-562	70	2	banks	bank	NOUN
abrj-562	70	3	see	see	VERB
abrj-562	70	4	cbdcs	cbdc	NOUN
abrj-562	70	5	as	as	ADP
abrj-562	70	6	a	a	DET
abrj-562	70	7	secure	secure	ADJ
abrj-562	70	8	and	and	CCONJ
abrj-562	70	9	reliable	reliable	ADJ
abrj-562	70	10	option	option	NOUN
abrj-562	70	11	to	to	PART
abrj-562	70	12	mitigate	mitigate	VERB
abrj-562	70	13	the	the	DET
abrj-562	70	14	dependency	dependency	NOUN
abrj-562	70	15	on	on	ADP
abrj-562	70	16	less	less	ADV
abrj-562	70	17	regulated	regulated	ADJ
abrj-562	70	18	private	private	ADJ
abrj-562	70	19	digital	digital	ADJ
abrj-562	70	20	assets	asset	NOUN
abrj-562	70	21	.	.	PUNCT
abrj-562	71	1	another	another	DET
abrj-562	71	2	major	major	ADJ
abrj-562	71	3	motivation	motivation	NOUN
abrj-562	71	4	is	be	AUX
abrj-562	71	5	the	the	DET
abrj-562	71	6	growing	grow	VERB
abrj-562	71	7	dominance	dominance	NOUN
abrj-562	71	8	of	of	ADP
abrj-562	71	9	private	private	ADJ
abrj-562	71	10	digital	digital	ADJ
abrj-562	71	11	currencies	currency	NOUN
abrj-562	71	12	and	and	CCONJ
abrj-562	71	13	stablecoins	stablecoin	NOUN
abrj-562	71	14	,	,	PUNCT
abrj-562	71	15	such	such	ADJ
abrj-562	71	16	as	as	ADP
abrj-562	71	17	bitcoin	bitcoin	NOUN
abrj-562	71	18	,	,	PUNCT
abrj-562	71	19	monero	monero	NOUN
abrj-562	71	20	,	,	PUNCT
abrj-562	71	21	and	and	CCONJ
abrj-562	71	22	tether	tether	NOUN
abrj-562	71	23	.	.	PUNCT
abrj-562	72	1	these	these	DET
abrj-562	72	2	digital	digital	ADJ
abrj-562	72	3	currencies	currency	NOUN
abrj-562	72	4	operate	operate	VERB
abrj-562	72	5	beyond	beyond	ADP
abrj-562	72	6	the	the	DET
abrj-562	72	7	control	control	NOUN
abrj-562	72	8	of	of	ADP
abrj-562	72	9	central	central	ADJ
abrj-562	72	10	banks	bank	NOUN
abrj-562	72	11	,	,	PUNCT
abrj-562	72	12	posing	pose	VERB
abrj-562	72	13	significant	significant	ADJ
abrj-562	72	14	risks	risk	NOUN
abrj-562	72	15	to	to	ADP
abrj-562	72	16	monetary	monetary	ADJ
abrj-562	72	17	sovereignty	sovereignty	NOUN
abrj-562	72	18	and	and	CCONJ
abrj-562	72	19	financial	financial	ADJ
abrj-562	72	20	stability	stability	NOUN
abrj-562	72	21	(	(	PUNCT
abrj-562	72	22	chia	chia	NOUN
abrj-562	72	23	,	,	PUNCT
abrj-562	72	24	2024	2024	NUM
abrj-562	72	25	)	)	PUNCT
abrj-562	72	26	.	.	PUNCT
abrj-562	73	1	countries	country	NOUN
abrj-562	73	2	facing	face	VERB
abrj-562	73	3	high	high	ADJ
abrj-562	73	4	levels	level	NOUN
abrj-562	73	5	of	of	ADP
abrj-562	73	6	currency	currency	NOUN
abrj-562	73	7	substitution	substitution	NOUN
abrj-562	73	8	—	—	PUNCT
abrj-562	73	9	where	where	SCONJ
abrj-562	73	10	foreign	foreign	ADJ
abrj-562	73	11	currencies	currency	NOUN
abrj-562	73	12	dominate	dominate	VERB
abrj-562	73	13	local	local	ADJ
abrj-562	73	14	transactions	transaction	NOUN
abrj-562	73	15	—	—	PUNCT
abrj-562	73	16	consider	consider	VERB
abrj-562	73	17	cbdcs	cbdc	NOUN
abrj-562	73	18	crucial	crucial	ADJ
abrj-562	73	19	for	for	ADP
abrj-562	73	20	maintaining	maintain	VERB
abrj-562	73	21	monetary	monetary	ADJ
abrj-562	73	22	sovereignty	sovereignty	NOUN
abrj-562	73	23	.	.	PUNCT
abrj-562	74	1	issuing	issue	VERB
abrj-562	74	2	a	a	DET
abrj-562	74	3	state	state	NOUN
abrj-562	74	4	-	-	PUNCT
abrj-562	74	5	backed	back	VERB
abrj-562	74	6	digital	digital	ADJ
abrj-562	74	7	currency	currency	NOUN
abrj-562	74	8	can	can	AUX
abrj-562	74	9	help	help	VERB
abrj-562	74	10	these	these	DET
abrj-562	74	11	countries	country	NOUN
abrj-562	74	12	reduce	reduce	VERB
abrj-562	74	13	reliance	reliance	NOUN
abrj-562	74	14	on	on	ADP
abrj-562	74	15	foreign	foreign	ADJ
abrj-562	74	16	currencies	currency	NOUN
abrj-562	74	17	and	and	CCONJ
abrj-562	74	18	maintain	maintain	VERB
abrj-562	74	19	control	control	NOUN
abrj-562	74	20	over	over	ADP
abrj-562	74	21	their	their	PRON
abrj-562	74	22	economic	economic	ADJ
abrj-562	74	23	policies	policy	NOUN
abrj-562	74	24	(	(	PUNCT
abrj-562	74	25	hilpert	hilpert	PROPN
abrj-562	74	26	&	&	CCONJ
abrj-562	74	27	tokarski	tokarski	PROPN
abrj-562	74	28	,	,	PUNCT
abrj-562	74	29	2024	2024	NUM
abrj-562	74	30	)	)	PUNCT
abrj-562	74	31	.	.	PUNCT
abrj-562	75	1	cbdcs	cbdcs	PROPN
abrj-562	75	2	also	also	ADV
abrj-562	75	3	offer	offer	VERB
abrj-562	75	4	significant	significant	ADJ
abrj-562	75	5	potential	potential	NOUN
abrj-562	75	6	to	to	PART
abrj-562	75	7	improve	improve	VERB
abrj-562	75	8	financial	financial	ADJ
abrj-562	75	9	inclusion	inclusion	NOUN
abrj-562	75	10	,	,	PUNCT
abrj-562	75	11	providing	provide	VERB
abrj-562	75	12	digital	digital	ADJ
abrj-562	75	13	financial	financial	ADJ
abrj-562	75	14	services	service	NOUN
abrj-562	75	15	to	to	ADP
abrj-562	75	16	populations	population	NOUN
abrj-562	75	17	without	without	ADP
abrj-562	75	18	adequate	adequate	ADJ
abrj-562	75	19	access	access	NOUN
abrj-562	75	20	to	to	ADP
abrj-562	75	21	traditional	traditional	ADJ
abrj-562	75	22	banking	banking	NOUN
abrj-562	75	23	.	.	PUNCT
abrj-562	76	1	many	many	ADJ
abrj-562	76	2	people	people	NOUN
abrj-562	76	3	,	,	PUNCT
abrj-562	76	4	particularly	particularly	ADV
abrj-562	76	5	in	in	ADP
abrj-562	76	6	developing	develop	VERB
abrj-562	76	7	countries	country	NOUN
abrj-562	76	8	,	,	PUNCT
abrj-562	76	9	face	face	VERB
abrj-562	76	10	barriers	barrier	NOUN
abrj-562	76	11	such	such	ADJ
abrj-562	76	12	as	as	ADP
abrj-562	76	13	high	high	ADJ
abrj-562	76	14	costs	cost	NOUN
abrj-562	76	15	,	,	PUNCT
abrj-562	76	16	geographic	geographic	ADJ
abrj-562	76	17	isolation	isolation	NOUN
abrj-562	76	18	,	,	PUNCT
abrj-562	76	19	or	or	CCONJ
abrj-562	76	20	ineffective	ineffective	ADJ
abrj-562	76	21	banking	banking	NOUN
abrj-562	76	22	institutions	institution	NOUN
abrj-562	76	23	.	.	PUNCT
abrj-562	77	1	accessible	accessible	ADJ
abrj-562	77	2	through	through	ADP
abrj-562	77	3	mobile	mobile	ADJ
abrj-562	77	4	devices	device	NOUN
abrj-562	77	5	,	,	PUNCT
abrj-562	77	6	cbdcs	cbdc	NOUN
abrj-562	77	7	can	can	AUX
abrj-562	77	8	serve	serve	VERB
abrj-562	77	9	as	as	ADP
abrj-562	77	10	a	a	DET
abrj-562	77	11	low	low	ADJ
abrj-562	77	12	-	-	PUNCT
abrj-562	77	13	cost	cost	NOUN
abrj-562	77	14	,	,	PUNCT
abrj-562	77	15	efficient	efficient	ADJ
abrj-562	77	16	financial	financial	ADJ
abrj-562	77	17	inclusion	inclusion	NOUN
abrj-562	77	18	solution	solution	NOUN
abrj-562	77	19	(	(	PUNCT
abrj-562	77	20	ozili	ozili	NOUN
abrj-562	77	21	,	,	PUNCT
abrj-562	77	22	2024	2024	NUM
abrj-562	77	23	)	)	PUNCT
abrj-562	77	24	.	.	PUNCT
abrj-562	78	1	by	by	ADP
abrj-562	78	2	allowing	allow	VERB
abrj-562	78	3	individuals	individual	NOUN
abrj-562	78	4	direct	direct	ADJ
abrj-562	78	5	access	access	NOUN
abrj-562	78	6	to	to	ADP
abrj-562	78	7	digital	digital	ADJ
abrj-562	78	8	currency	currency	NOUN
abrj-562	78	9	without	without	ADP
abrj-562	78	10	requiring	require	VERB
abrj-562	78	11	traditional	traditional	ADJ
abrj-562	78	12	bank	bank	NOUN
abrj-562	78	13	accounts	account	NOUN
abrj-562	78	14	,	,	PUNCT
abrj-562	78	15	cbdcs	cbdc	NOUN
abrj-562	78	16	can	can	AUX
abrj-562	78	17	decrease	decrease	VERB
abrj-562	78	18	reliance	reliance	NOUN
abrj-562	78	19	on	on	ADP
abrj-562	78	20	commercial	commercial	ADJ
abrj-562	78	21	banks	bank	NOUN
abrj-562	78	22	and	and	CCONJ
abrj-562	78	23	promote	promote	VERB
abrj-562	78	24	broader	broad	ADJ
abrj-562	78	25	economic	economic	ADJ
abrj-562	78	26	participation	participation	NOUN
abrj-562	78	27	.	.	PUNCT
abrj-562	79	1	additionally	additionally	ADV
abrj-562	79	2	,	,	PUNCT
abrj-562	79	3	governments	government	NOUN
abrj-562	79	4	can	can	AUX
abrj-562	79	5	use	use	VERB
abrj-562	79	6	cbdcs	cbdc	NOUN
abrj-562	79	7	to	to	PART
abrj-562	79	8	distribute	distribute	VERB
abrj-562	79	9	welfare	welfare	NOUN
abrj-562	79	10	payments	payment	NOUN
abrj-562	79	11	directly	directly	ADV
abrj-562	79	12	,	,	PUNCT
abrj-562	79	13	reducing	reduce	VERB
abrj-562	79	14	fraud	fraud	NOUN
abrj-562	79	15	,	,	PUNCT
abrj-562	79	16	intermediaries	intermediary	NOUN
abrj-562	79	17	,	,	PUNCT
abrj-562	79	18	and	and	CCONJ
abrj-562	79	19	transaction	transaction	NOUN
abrj-562	79	20	costs	cost	NOUN
abrj-562	79	21	.	.	PUNCT
abrj-562	80	1	improving	improve	VERB
abrj-562	80	2	payment	payment	NOUN
abrj-562	80	3	system	system	NOUN
abrj-562	80	4	efficiency	efficiency	NOUN
abrj-562	80	5	is	be	AUX
abrj-562	80	6	another	another	DET
abrj-562	80	7	immediate	immediate	ADJ
abrj-562	80	8	benefit	benefit	NOUN
abrj-562	80	9	of	of	ADP
abrj-562	80	10	cbdcs	cbdc	NOUN
abrj-562	80	11	.	.	PUNCT
abrj-562	81	1	traditional	traditional	ADJ
abrj-562	81	2	payment	payment	NOUN
abrj-562	81	3	systems	system	NOUN
abrj-562	81	4	,	,	PUNCT
abrj-562	81	5	especially	especially	ADV
abrj-562	81	6	for	for	ADP
abrj-562	81	7	cross	cross	ADJ
abrj-562	81	8	-	-	ADJ
abrj-562	81	9	border	border	ADJ
abrj-562	81	10	transactions	transaction	NOUN
abrj-562	81	11	,	,	PUNCT
abrj-562	81	12	are	be	AUX
abrj-562	81	13	often	often	ADV
abrj-562	81	14	slow	slow	ADJ
abrj-562	81	15	,	,	PUNCT
abrj-562	81	16	expensive	expensive	ADJ
abrj-562	81	17	,	,	PUNCT
abrj-562	81	18	and	and	CCONJ
abrj-562	81	19	inefficient	inefficient	ADJ
abrj-562	81	20	due	due	ADP
abrj-562	81	21	to	to	ADP
abrj-562	81	22	multiple	multiple	ADJ
abrj-562	81	23	intermediaries	intermediary	NOUN
abrj-562	81	24	.	.	PUNCT
abrj-562	82	1	cbdcs	cbdc	NOUN
abrj-562	82	2	could	could	AUX
abrj-562	82	3	streamline	streamline	VERB
abrj-562	82	4	these	these	DET
abrj-562	82	5	processes	process	NOUN
abrj-562	82	6	by	by	ADP
abrj-562	82	7	offering	offer	VERB
abrj-562	82	8	fast	fast	ADJ
abrj-562	82	9	and	and	CCONJ
abrj-562	82	10	affordable	affordable	ADJ
abrj-562	82	11	government	government	NOUN
abrj-562	82	12	-	-	PUNCT
abrj-562	82	13	backed	back	VERB
abrj-562	82	14	digital	digital	ADJ
abrj-562	82	15	payments	payment	NOUN
abrj-562	82	16	(	(	PUNCT
abrj-562	82	17	baltgailis	baltgaili	NOUN
abrj-562	82	18	et	et	PROPN
abrj-562	82	19	al	al	PROPN
abrj-562	82	20	.	.	PROPN
abrj-562	82	21	,	,	PUNCT
abrj-562	82	22	2024	2024	NUM
abrj-562	82	23	)	)	PUNCT
abrj-562	82	24	.	.	PUNCT
abrj-562	83	1	integration	integration	NOUN
abrj-562	83	2	with	with	ADP
abrj-562	83	3	existing	exist	VERB
abrj-562	83	4	digital	digital	ADJ
abrj-562	83	5	payment	payment	NOUN
abrj-562	83	6	systems	system	NOUN
abrj-562	83	7	can	can	AUX
abrj-562	83	8	facilitate	facilitate	VERB
abrj-562	83	9	seamless	seamless	ADJ
abrj-562	83	10	domestic	domestic	ADJ
abrj-562	83	11	and	and	CCONJ
abrj-562	83	12	international	international	ADJ
abrj-562	83	13	transactions	transaction	NOUN
abrj-562	83	14	,	,	PUNCT
abrj-562	83	15	benefiting	benefit	VERB
abrj-562	83	16	consumers	consumer	NOUN
abrj-562	83	17	and	and	CCONJ
abrj-562	83	18	businesses	business	NOUN
abrj-562	83	19	by	by	ADP
abrj-562	83	20	significantly	significantly	ADV
abrj-562	83	21	lowering	lower	VERB
abrj-562	83	22	costs	cost	NOUN
abrj-562	83	23	and	and	CCONJ
abrj-562	83	24	improving	improve	VERB
abrj-562	83	25	economic	economic	ADJ
abrj-562	83	26	efficiency	efficiency	NOUN
abrj-562	83	27	.	.	PUNCT
abrj-562	84	1	cbdcs	cbdcs	PROPN
abrj-562	84	2	further	far	ADV
abrj-562	84	3	support	support	VERB
abrj-562	84	4	financial	financial	ADJ
abrj-562	84	5	transparency	transparency	NOUN
abrj-562	84	6	,	,	PUNCT
abrj-562	84	7	allowing	allow	VERB
abrj-562	84	8	regulators	regulator	NOUN
abrj-562	84	9	to	to	PART
abrj-562	84	10	monitor	monitor	VERB
abrj-562	84	11	transactions	transaction	NOUN
abrj-562	84	12	in	in	ADP
abrj-562	84	13	real	real	ADJ
abrj-562	84	14	-	-	PUNCT
abrj-562	84	15	time	time	NOUN
abrj-562	84	16	and	and	CCONJ
abrj-562	84	17	quickly	quickly	ADV
abrj-562	84	18	detect	detect	VERB
abrj-562	84	19	suspicious	suspicious	ADJ
abrj-562	84	20	activities	activity	NOUN
abrj-562	84	21	.	.	PUNCT
abrj-562	85	1	this	this	DET
abrj-562	85	2	feature	feature	NOUN
abrj-562	85	3	aligns	align	VERB
abrj-562	85	4	with	with	ADP
abrj-562	85	5	global	global	ADJ
abrj-562	85	6	initiatives	initiative	NOUN
abrj-562	85	7	aimed	aim	VERB
abrj-562	85	8	at	at	ADP
abrj-562	85	9	enhancing	enhance	VERB
abrj-562	85	10	transparency	transparency	NOUN
abrj-562	85	11	and	and	CCONJ
abrj-562	85	12	regulatory	regulatory	ADJ
abrj-562	85	13	compliance	compliance	NOUN
abrj-562	85	14	.	.	PUNCT
abrj-562	86	1	nevertheless	nevertheless	ADV
abrj-562	86	2	,	,	PUNCT
abrj-562	86	3	privacy	privacy	NOUN
abrj-562	86	4	concerns	concern	NOUN
abrj-562	86	5	are	be	AUX
abrj-562	86	6	significant	significant	ADJ
abrj-562	86	7	,	,	PUNCT
abrj-562	86	8	as	as	SCONJ
abrj-562	86	9	excessive	excessive	ADJ
abrj-562	86	10	oversight	oversight	NOUN
abrj-562	86	11	could	could	AUX
abrj-562	86	12	discourage	discourage	VERB
abrj-562	86	13	public	public	ADJ
abrj-562	86	14	adoption	adoption	NOUN
abrj-562	86	15	of	of	ADP
abrj-562	86	16	cbdcs	cbdc	NOUN
abrj-562	86	17	.	.	PUNCT
abrj-562	87	1	geopolitical	geopolitical	ADJ
abrj-562	87	2	factors	factor	NOUN
abrj-562	87	3	also	also	ADV
abrj-562	87	4	influence	influence	VERB
abrj-562	87	5	cbdc	cbdc	VERB
abrj-562	87	6	development	development	NOUN
abrj-562	87	7	.	.	PUNCT
abrj-562	88	1	countries	country	NOUN
abrj-562	88	2	recognize	recognize	VERB
abrj-562	88	3	the	the	DET
abrj-562	88	4	strategic	strategic	ADJ
abrj-562	88	5	importance	importance	NOUN
abrj-562	88	6	of	of	ADP
abrj-562	88	7	digital	digital	ADJ
abrj-562	88	8	currencies	currency	NOUN
abrj-562	88	9	for	for	ADP
abrj-562	88	10	maintaining	maintain	VERB
abrj-562	88	11	economic	economic	ADJ
abrj-562	88	12	independence	independence	NOUN
abrj-562	88	13	.	.	PUNCT
abrj-562	89	1	for	for	ADP
abrj-562	89	2	instance	instance	NOUN
abrj-562	89	3	,	,	PUNCT
abrj-562	89	4	china	china	PROPN
abrj-562	89	5	has	have	AUX
abrj-562	89	6	progressed	progress	VERB
abrj-562	89	7	significantly	significantly	ADV
abrj-562	89	8	in	in	ADP
abrj-562	89	9	developing	develop	VERB
abrj-562	89	10	its	its	PRON
abrj-562	89	11	cbdc	cbdc	NOUN
abrj-562	89	12	,	,	PUNCT
abrj-562	89	13	while	while	SCONJ
abrj-562	89	14	the	the	DET
abrj-562	89	15	european	european	PROPN
abrj-562	89	16	union	union	PROPN
abrj-562	89	17	has	have	AUX
abrj-562	89	18	taken	take	VERB
abrj-562	89	19	a	a	DET
abrj-562	89	20	more	more	ADV
abrj-562	89	21	cautious	cautious	ADJ
abrj-562	89	22	approach	approach	NOUN
abrj-562	89	23	(	(	PUNCT
abrj-562	89	24	hilpert	hilpert	PROPN
abrj-562	89	25	&	&	CCONJ
abrj-562	89	26	tokarski	tokarski	PROPN
abrj-562	89	27	,	,	PUNCT
abrj-562	89	28	2024	2024	NUM
abrj-562	89	29	)	)	PUNCT
abrj-562	89	30	.	.	PUNCT
abrj-562	90	1	cbdcs	cbdcs	PROPN
abrj-562	90	2	could	could	AUX
abrj-562	90	3	potentially	potentially	ADV
abrj-562	90	4	be	be	AUX
abrj-562	90	5	employed	employ	VERB
abrj-562	90	6	in	in	ADP
abrj-562	90	7	international	international	ADJ
abrj-562	90	8	trade	trade	NOUN
abrj-562	90	9	to	to	PART
abrj-562	90	10	circumvent	circumvent	VERB
abrj-562	90	11	economic	economic	ADJ
abrj-562	90	12	sanctions	sanction	NOUN
abrj-562	90	13	,	,	PUNCT
abrj-562	90	14	emphasizing	emphasize	VERB
abrj-562	90	15	their	their	PRON
abrj-562	90	16	geopolitical	geopolitical	ADJ
abrj-562	90	17	importance	importance	NOUN
abrj-562	90	18	beyond	beyond	ADP
abrj-562	90	19	domestic	domestic	ADJ
abrj-562	90	20	finance	finance	NOUN
abrj-562	90	21	.	.	PUNCT
abrj-562	91	1	4	4	X
abrj-562	91	2	.	.	X
abrj-562	91	3	global	global	ADJ
abrj-562	91	4	trends	trend	NOUN
abrj-562	91	5	and	and	CCONJ
abrj-562	91	6	policy	policy	NOUN
abrj-562	91	7	approaches	approach	NOUN
abrj-562	91	8	while	while	SCONJ
abrj-562	91	9	central	central	ADJ
abrj-562	91	10	banks	bank	NOUN
abrj-562	91	11	worldwide	worldwide	ADV
abrj-562	91	12	generally	generally	ADV
abrj-562	91	13	share	share	VERB
abrj-562	91	14	similar	similar	ADJ
abrj-562	91	15	goals	goal	NOUN
abrj-562	91	16	when	when	SCONJ
abrj-562	91	17	introducing	introduce	VERB
abrj-562	91	18	central	central	ADJ
abrj-562	91	19	bank	bank	NOUN
abrj-562	91	20	digital	digital	ADJ
abrj-562	91	21	currencies	currency	NOUN
abrj-562	91	22	(	(	PUNCT
abrj-562	91	23	cbdcs)—such	cbdcs)—such	DET
abrj-562	91	24	as	as	ADP
abrj-562	91	25	improving	improve	VERB
abrj-562	91	26	payment	payment	NOUN
abrj-562	91	27	systems	system	NOUN
abrj-562	91	28	,	,	PUNCT
abrj-562	91	29	boosting	boost	VERB
abrj-562	91	30	financial	financial	ADJ
abrj-562	91	31	inclusion	inclusion	NOUN
abrj-562	91	32	,	,	PUNCT
abrj-562	91	33	and	and	CCONJ
abrj-562	91	34	safeguarding	safeguard	VERB
abrj-562	91	35	monetary	monetary	ADJ
abrj-562	91	36	control	control	NOUN
abrj-562	91	37	—	—	PUNCT
abrj-562	91	38	the	the	DET
abrj-562	91	39	actual	actual	ADJ
abrj-562	91	40	implementation	implementation	NOUN
abrj-562	91	41	strategies	strategy	NOUN
abrj-562	91	42	differ	differ	VERB
abrj-562	91	43	significantly	significantly	ADV
abrj-562	91	44	across	across	ADP
abrj-562	91	45	countries	country	NOUN
abrj-562	91	46	.	.	PUNCT
abrj-562	92	1	these	these	DET
abrj-562	92	2	variations	variation	NOUN
abrj-562	92	3	result	result	VERB
abrj-562	92	4	from	from	ADP
abrj-562	92	5	unique	unique	ADJ
abrj-562	92	6	combinations	combination	NOUN
abrj-562	92	7	of	of	ADP
abrj-562	92	8	technological	technological	ADJ
abrj-562	92	9	capabilities	capability	NOUN
abrj-562	92	10	,	,	PUNCT
abrj-562	92	11	financial	financial	ADJ
abrj-562	92	12	structures	structure	NOUN
abrj-562	92	13	,	,	PUNCT
abrj-562	92	14	legal	legal	ADJ
abrj-562	92	15	systems	system	NOUN
abrj-562	92	16	,	,	PUNCT
abrj-562	92	17	and	and	CCONJ
abrj-562	92	18	policy	policy	NOUN
abrj-562	92	19	goals	goal	NOUN
abrj-562	92	20	,	,	PUNCT
abrj-562	92	21	reflecting	reflect	VERB
abrj-562	92	22	each	each	DET
abrj-562	92	23	nation	nation	NOUN
abrj-562	92	24	's	's	PART
abrj-562	92	25	specific	specific	ADJ
abrj-562	92	26	economic	economic	ADJ
abrj-562	92	27	and	and	CCONJ
abrj-562	92	28	institutional	institutional	ADJ
abrj-562	92	29	contexts	contexts	NOUN
abrj-562	92	30	.	.	PUNCT
abrj-562	93	1	china	china	PROPN
abrj-562	93	2	’s	’s	PART
abrj-562	93	3	digital	digital	ADJ
abrj-562	93	4	currency	currency	NOUN
abrj-562	93	5	,	,	PUNCT
abrj-562	93	6	the	the	DET
abrj-562	93	7	e	e	NOUN
abrj-562	93	8	-	-	NOUN
abrj-562	93	9	cny	cny	NOUN
abrj-562	93	10	,	,	PUNCT
abrj-562	93	11	is	be	AUX
abrj-562	93	12	among	among	ADP
abrj-562	93	13	the	the	DET
abrj-562	93	14	most	most	ADV
abrj-562	93	15	advanced	advanced	ADJ
abrj-562	93	16	cbdc	cbdc	NOUN
abrj-562	93	17	projects	project	NOUN
abrj-562	93	18	globally	globally	ADV
abrj-562	93	19	.	.	PUNCT
abrj-562	94	1	the	the	DET
abrj-562	94	2	people	people	NOUN
abrj-562	94	3	's	's	PART
abrj-562	94	4	bank	bank	PROPN
abrj-562	94	5	of	of	ADP
abrj-562	94	6	china	china	PROPN
abrj-562	94	7	(	(	PUNCT
abrj-562	94	8	pboc	pboc	NOUN
abrj-562	94	9	)	)	PUNCT
abrj-562	94	10	employs	employ	VERB
abrj-562	94	11	a	a	DET
abrj-562	94	12	two	two	NUM
abrj-562	94	13	-	-	PUNCT
abrj-562	94	14	tier	tier	NOUN
abrj-562	94	15	distribution	distribution	NOUN
abrj-562	94	16	system	system	NOUN
abrj-562	94	17	,	,	PUNCT
abrj-562	94	18	where	where	SCONJ
abrj-562	94	19	commercial	commercial	ADJ
abrj-562	94	20	banks	bank	NOUN
abrj-562	94	21	act	act	VERB
abrj-562	94	22	as	as	ADP
abrj-562	94	23	intermediaries	intermediary	NOUN
abrj-562	94	24	,	,	PUNCT
abrj-562	94	25	managing	manage	VERB
abrj-562	94	26	the	the	DET
abrj-562	94	27	issuance	issuance	NOUN
abrj-562	94	28	and	and	CCONJ
abrj-562	94	29	circulation	circulation	NOUN
abrj-562	94	30	of	of	ADP
abrj-562	94	31	the	the	DET
abrj-562	94	32	currency	currency	NOUN
abrj-562	94	33	.	.	PUNCT
abrj-562	95	1	this	this	DET
abrj-562	95	2	approach	approach	NOUN
abrj-562	95	3	ensures	ensure	VERB
abrj-562	95	4	a	a	DET
abrj-562	95	5	balance	balance	NOUN
abrj-562	95	6	between	between	ADP
abrj-562	95	7	state	state	NOUN
abrj-562	95	8	control	control	NOUN
abrj-562	95	9	and	and	CCONJ
abrj-562	95	10	privatesector	privatesector	NOUN
abrj-562	95	11	participation	participation	NOUN
abrj-562	95	12	(	(	PUNCT
abrj-562	95	13	wang	wang	PROPN
abrj-562	95	14	,	,	PUNCT
abrj-562	95	15	2022	2022	NUM
abrj-562	95	16	)	)	PUNCT
abrj-562	95	17	.	.	PUNCT
abrj-562	96	1	a	a	DET
abrj-562	96	2	major	major	ADJ
abrj-562	96	3	goal	goal	NOUN
abrj-562	96	4	of	of	ADP
abrj-562	96	5	the	the	DET
abrj-562	96	6	e	e	NOUN
abrj-562	96	7	-	-	NOUN
abrj-562	96	8	cny	cny	NOUN
abrj-562	96	9	is	be	AUX
abrj-562	96	10	to	to	PART
abrj-562	96	11	reduce	reduce	VERB
abrj-562	96	12	reliance	reliance	NOUN
abrj-562	96	13	on	on	ADP
abrj-562	96	14	private	private	ADJ
abrj-562	96	15	digital	digital	ADJ
abrj-562	96	16	payment	payment	NOUN
abrj-562	96	17	services	service	NOUN
abrj-562	96	18	like	like	ADP
abrj-562	96	19	alipay	alipay	PROPN
abrj-562	96	20	and	and	CCONJ
abrj-562	96	21	wechat	wechat	NOUN
abrj-562	96	22	pay	pay	NOUN
abrj-562	96	23	,	,	PUNCT
abrj-562	96	24	thereby	thereby	ADV
abrj-562	96	25	strengthening	strengthen	VERB
abrj-562	96	26	the	the	DET
abrj-562	96	27	central	central	ADJ
abrj-562	96	28	bank	bank	NOUN
abrj-562	96	29	’s	’s	PART
abrj-562	96	30	influence	influence	NOUN
abrj-562	96	31	in	in	ADP
abrj-562	96	32	the	the	DET
abrj-562	96	33	domestic	domestic	ADJ
abrj-562	96	34	financial	financial	ADJ
abrj-562	96	35	system	system	NOUN
abrj-562	96	36	.	.	PUNCT
abrj-562	97	1	additionally	additionally	ADV
abrj-562	97	2	,	,	PUNCT
abrj-562	97	3	the	the	DET
abrj-562	97	4	e	e	NOUN
abrj-562	97	5	-	-	NOUN
abrj-562	97	6	cny	cny	NOUN
abrj-562	97	7	aims	aim	VERB
abrj-562	97	8	to	to	PART
abrj-562	97	9	enhance	enhance	VERB
abrj-562	97	10	the	the	DET
abrj-562	97	11	efficiency	efficiency	NOUN
abrj-562	97	12	of	of	ADP
abrj-562	97	13	cross	cross	ADJ
abrj-562	97	14	-	-	ADJ
abrj-562	97	15	border	border	ADJ
abrj-562	97	16	transactions	transaction	NOUN
abrj-562	97	17	,	,	PUNCT
abrj-562	97	18	aligning	align	VERB
abrj-562	97	19	with	with	ADP
abrj-562	97	20	china	china	PROPN
abrj-562	97	21	’s	’s	PART
abrj-562	97	22	broader	broad	ADJ
abrj-562	97	23	geopolitical	geopolitical	ADJ
abrj-562	97	24	goals	goal	NOUN
abrj-562	97	25	,	,	PUNCT
abrj-562	97	26	such	such	ADJ
abrj-562	97	27	as	as	ADP
abrj-562	97	28	the	the	DET
abrj-562	97	29	belt	belt	NOUN
abrj-562	97	30	and	and	CCONJ
abrj-562	97	31	road	road	NOUN
abrj-562	97	32	initiative	initiative	NOUN
abrj-562	97	33	.	.	PUNCT
abrj-562	98	1	it	it	PRON
abrj-562	98	2	also	also	ADV
abrj-562	98	3	features	feature	VERB
abrj-562	98	4	managed	manage	VERB
abrj-562	98	5	anonymity	anonymity	NOUN
abrj-562	98	6	,	,	PUNCT
abrj-562	98	7	allowing	allow	VERB
abrj-562	98	8	the	the	DET
abrj-562	98	9	government	government	NOUN
abrj-562	98	10	regulatory	regulatory	ADJ
abrj-562	98	11	oversight	oversight	NOUN
abrj-562	98	12	while	while	SCONJ
abrj-562	98	13	preserving	preserve	VERB
abrj-562	98	14	some	some	DET
abrj-562	98	15	transactional	transactional	ADJ
abrj-562	98	16	privacy	privacy	NOUN
abrj-562	98	17	.	.	PUNCT
abrj-562	99	1	by	by	ADP
abrj-562	99	2	september	september	PROPN
abrj-562	99	3	2024	2024	NUM
abrj-562	99	4	,	,	PUNCT
abrj-562	99	5	the	the	PRON
abrj-562	99	6	e	e	NOUN
abrj-562	99	7	-	-	NOUN
abrj-562	99	8	cny	cny	NOUN
abrj-562	99	9	recorded	record	VERB
abrj-562	99	10	a	a	DET
abrj-562	99	11	significant	significant	ADJ
abrj-562	99	12	increase	increase	NOUN
abrj-562	99	13	in	in	ADP
abrj-562	99	14	usage	usage	NOUN
abrj-562	99	15	,	,	PUNCT
abrj-562	99	16	with	with	ADP
abrj-562	99	17	the	the	DET
abrj-562	99	18	total	total	ADJ
abrj-562	99	19	value	value	NOUN
abrj-562	99	20	of	of	ADP
abrj-562	99	21	transactions	transaction	NOUN
abrj-562	99	22	reaching	reach	VERB
abrj-562	99	23	approximately	approximately	ADV
abrj-562	99	24	7	7	NUM
abrj-562	99	25	trillion	trillion	NUM
abrj-562	99	26	yuan	yuan	NOUN
abrj-562	99	27	(	(	PUNCT
abrj-562	99	28	around	around	ADV
abrj-562	99	29	987	987	NUM
abrj-562	99	30	billion	billion	NUM
abrj-562	99	31	usd	usd	NOUN
abrj-562	99	32	)	)	PUNCT
abrj-562	99	33	.	.	PUNCT
abrj-562	100	1	this	this	DET
abrj-562	100	2	growth	growth	NOUN
abrj-562	100	3	indicates	indicate	VERB
abrj-562	100	4	the	the	DET
abrj-562	100	5	rising	rise	VERB
abrj-562	100	6	acceptance	acceptance	NOUN
abrj-562	100	7	of	of	ADP
abrj-562	100	8	the	the	DET
abrj-562	100	9	digital	digital	ADJ
abrj-562	100	10	currency	currency	NOUN
abrj-562	100	11	among	among	ADP
abrj-562	100	12	chinese	chinese	ADJ
abrj-562	100	13	citizens	citizen	NOUN
abrj-562	100	14	and	and	CCONJ
abrj-562	100	15	businesses	business	NOUN
abrj-562	100	16	(	(	PUNCT
abrj-562	100	17	reuters	reuter	NOUN
abrj-562	100	18	,	,	PUNCT
abrj-562	100	19	2024	2024	NUM
abrj-562	100	20	)	)	PUNCT
abrj-562	100	21	.	.	PUNCT
abrj-562	101	1	in	in	ADP
abrj-562	101	2	europe	europe	PROPN
abrj-562	101	3	,	,	PUNCT
abrj-562	101	4	the	the	DET
abrj-562	101	5	european	european	PROPN
abrj-562	101	6	central	central	PROPN
abrj-562	101	7	bank	bank	PROPN
abrj-562	101	8	(	(	PUNCT
abrj-562	101	9	ecb	ecb	PROPN
abrj-562	101	10	)	)	PUNCT
abrj-562	101	11	has	have	AUX
abrj-562	101	12	adopted	adopt	VERB
abrj-562	101	13	a	a	DET
abrj-562	101	14	structured	structured	ADJ
abrj-562	101	15	and	and	CCONJ
abrj-562	101	16	cautious	cautious	ADJ
abrj-562	101	17	approach	approach	NOUN
abrj-562	101	18	to	to	ADP
abrj-562	101	19	developing	develop	VERB
abrj-562	101	20	the	the	DET
abrj-562	101	21	digital	digital	ADJ
abrj-562	101	22	euro	euro	NOUN
abrj-562	101	23	.	.	PUNCT
abrj-562	102	1	unlike	unlike	ADP
abrj-562	102	2	china	china	PROPN
abrj-562	102	3	's	's	PART
abrj-562	102	4	approach	approach	NOUN
abrj-562	102	5	,	,	PUNCT
abrj-562	102	6	the	the	DET
abrj-562	102	7	digital	digital	ADJ
abrj-562	102	8	euro	euro	NOUN
abrj-562	102	9	is	be	AUX
abrj-562	102	10	designed	design	VERB
abrj-562	102	11	to	to	PART
abrj-562	102	12	complement	complement	VERB
abrj-562	102	13	existing	exist	VERB
abrj-562	102	14	financial	financial	ADJ
abrj-562	102	15	services	service	NOUN
abrj-562	102	16	rather	rather	ADV
abrj-562	102	17	than	than	ADP
abrj-562	102	18	replace	replace	VERB
abrj-562	102	19	them	they	PRON
abrj-562	102	20	.	.	PUNCT
abrj-562	103	1	the	the	DET
abrj-562	103	2	ecb	ecb	NOUN
abrj-562	103	3	prioritizes	prioritize	VERB
abrj-562	103	4	maintaining	maintain	VERB
abrj-562	103	5	financial	financial	ADJ
abrj-562	103	6	stability	stability	NOUN
abrj-562	103	7	,	,	PUNCT
abrj-562	103	8	protecting	protect	VERB
abrj-562	103	9	against	against	ADP
abrj-562	103	10	cyber	cyber	NOUN
abrj-562	103	11	threats	threat	NOUN
abrj-562	103	12	,	,	PUNCT
abrj-562	103	13	and	and	CCONJ
abrj-562	103	14	ensuring	ensure	VERB
abrj-562	103	15	data	datum	NOUN
abrj-562	103	16	privacy	privacy	NOUN
abrj-562	103	17	.	.	PUNCT
abrj-562	104	1	it	it	PRON
abrj-562	104	2	also	also	ADV
abrj-562	104	3	seeks	seek	VERB
abrj-562	104	4	to	to	PART
abrj-562	104	5	avoid	avoid	VERB
abrj-562	104	6	undermining	undermine	VERB
abrj-562	104	7	traditional	traditional	ADJ
abrj-562	104	8	banks	bank	NOUN
abrj-562	104	9	by	by	ADP
abrj-562	104	10	preventing	prevent	VERB
abrj-562	104	11	widespread	widespread	ADJ
abrj-562	104	12	shifts	shift	NOUN
abrj-562	104	13	from	from	ADP
abrj-562	104	14	bank	bank	NOUN
abrj-562	104	15	deposits	deposit	NOUN
abrj-562	104	16	to	to	ADP
abrj-562	104	17	digital	digital	ADJ
abrj-562	104	18	currency	currency	NOUN
abrj-562	104	19	holdings	holding	NOUN
abrj-562	104	20	ceylan	ceylan	NOUN
abrj-562	104	21	,	,	PUNCT
abrj-562	104	22	2024	2024	NUM
abrj-562	104	23	;	;	PUNCT
abrj-562	104	24	mayer	mayer	PROPN
abrj-562	104	25	,	,	PUNCT
abrj-562	104	26	2024	2024	NUM
abrj-562	104	27	)	)	PUNCT
abrj-562	104	28	.	.	PUNCT
abrj-562	105	1	the	the	DET
abrj-562	105	2	recent	recent	ADJ
abrj-562	105	3	research	research	NOUN
abrj-562	105	4	(	(	PUNCT
abrj-562	105	5	2024	2024	NUM
abrj-562	105	6	)	)	PUNCT
abrj-562	105	7	by	by	ADP
abrj-562	105	8	omfif	omfif	PROPN
abrj-562	105	9	’s	’s	PART
abrj-562	105	10	digital	digital	PROPN
abrj-562	105	11	monetary	monetary	PROPN
abrj-562	105	12	institute	institute	PROPN
abrj-562	105	13	reveals	reveal	VERB
abrj-562	105	14	that	that	SCONJ
abrj-562	105	15	enthusiasm	enthusiasm	NOUN
abrj-562	105	16	among	among	ADP
abrj-562	105	17	european	european	ADJ
abrj-562	105	18	central	central	ADJ
abrj-562	105	19	banks	bank	NOUN
abrj-562	105	20	for	for	ADP
abrj-562	105	21	cbdcs	cbdc	NOUN
abrj-562	105	22	is	be	AUX
abrj-562	105	23	declining	decline	VERB
abrj-562	105	24	.	.	PUNCT
abrj-562	106	1	their	their	PRON
abrj-562	106	2	study	study	NOUN
abrj-562	106	3	shows	show	VERB
abrj-562	106	4	that	that	SCONJ
abrj-562	106	5	only	only	ADV
abrj-562	106	6	13	13	NUM
abrj-562	106	7	%	%	NOUN
abrj-562	106	8	of	of	ADP
abrj-562	106	9	central	central	ADJ
abrj-562	106	10	bankers	banker	NOUN
abrj-562	106	11	see	see	VERB
abrj-562	106	12	cbdcs	cbdc	NOUN
abrj-562	106	13	as	as	ADP
abrj-562	106	14	a	a	DET
abrj-562	106	15	promising	promising	ADJ
abrj-562	106	16	solution	solution	NOUN
abrj-562	106	17	for	for	ADP
abrj-562	106	18	cross	cross	ADJ
abrj-562	106	19	-	-	ADJ
abrj-562	106	20	border	border	ADJ
abrj-562	106	21	payments	payment	NOUN
abrj-562	106	22	,	,	PUNCT
abrj-562	106	23	a	a	DET
abrj-562	106	24	sharp	sharp	ADJ
abrj-562	106	25	decrease	decrease	NOUN
abrj-562	106	26	from	from	ADP
abrj-562	106	27	31	31	NUM
abrj-562	106	28	%	%	NOUN
abrj-562	106	29	the	the	DET
abrj-562	106	30	previous	previous	ADJ
abrj-562	106	31	year	year	NOUN
abrj-562	106	32	.	.	PUNCT
abrj-562	107	1	(	(	PUNCT
abrj-562	107	2	chambers	chamber	NOUN
abrj-562	107	3	,	,	PUNCT
abrj-562	107	4	2025	2025	NUM
abrj-562	107	5	)	)	PUNCT
abrj-562	107	6	.	.	PUNCT
abrj-562	108	1	the	the	DET
abrj-562	108	2	united	united	PROPN
abrj-562	108	3	states	states	PROPN
abrj-562	108	4	federal	federal	PROPN
abrj-562	108	5	reserve	reserve	PROPN
abrj-562	108	6	is	be	AUX
abrj-562	108	7	carefully	carefully	ADV
abrj-562	108	8	evaluating	evaluate	VERB
abrj-562	108	9	the	the	DET
abrj-562	108	10	feasibility	feasibility	NOUN
abrj-562	108	11	and	and	CCONJ
abrj-562	108	12	implications	implication	NOUN
abrj-562	108	13	of	of	ADP
abrj-562	108	14	a	a	DET
abrj-562	108	15	digital	digital	ADJ
abrj-562	108	16	dollar	dollar	NOUN
abrj-562	108	17	,	,	PUNCT
abrj-562	108	18	considering	consider	VERB
abrj-562	108	19	both	both	CCONJ
abrj-562	108	20	retail	retail	ADJ
abrj-562	108	21	(	(	PUNCT
abrj-562	108	22	public	public	ADJ
abrj-562	108	23	use	use	NOUN
abrj-562	108	24	)	)	PUNCT
abrj-562	108	25	and	and	CCONJ
abrj-562	108	26	wholesale	wholesale	ADJ
abrj-562	108	27	(	(	PUNCT
abrj-562	108	28	bank	bank	NOUN
abrj-562	108	29	-	-	PUNCT
abrj-562	108	30	to	to	ADP
abrj-562	108	31	-	-	PUNCT
abrj-562	108	32	bank	bank	NOUN
abrj-562	108	33	)	)	PUNCT
abrj-562	108	34	applications	application	NOUN
abrj-562	108	35	.	.	PUNCT
abrj-562	109	1	initiatives	initiative	NOUN
abrj-562	109	2	like	like	ADP
abrj-562	109	3	project	project	PROPN
abrj-562	109	4	hamilton	hamilton	PROPN
abrj-562	109	5	,	,	PUNCT
abrj-562	109	6	a	a	DET
abrj-562	109	7	joint	joint	ADJ
abrj-562	109	8	effort	effort	NOUN
abrj-562	109	9	between	between	ADP
abrj-562	109	10	the	the	DET
abrj-562	109	11	boston	boston	PROPN
abrj-562	109	12	federal	federal	PROPN
abrj-562	109	13	reserve	reserve	PROPN
abrj-562	109	14	and	and	CCONJ
abrj-562	109	15	the	the	DET
abrj-562	109	16	massachusetts	massachusetts	PROPN
abrj-562	109	17	institute	institute	PROPN
abrj-562	109	18	of	of	ADP
abrj-562	109	19	technology	technology	PROPN
abrj-562	109	20	(	(	PUNCT
abrj-562	109	21	mit	mit	NOUN
abrj-562	109	22	)	)	PUNCT
abrj-562	109	23	,	,	PUNCT
abrj-562	109	24	are	be	AUX
abrj-562	109	25	focused	focus	VERB
abrj-562	109	26	on	on	ADP
abrj-562	109	27	technical	technical	ADJ
abrj-562	109	28	factors	factor	NOUN
abrj-562	109	29	such	such	ADJ
abrj-562	109	30	as	as	ADP
abrj-562	109	31	transaction	transaction	NOUN
abrj-562	109	32	speed	speed	NOUN
abrj-562	109	33	and	and	CCONJ
abrj-562	109	34	scalability	scalability	NOUN
abrj-562	109	35	(	(	PUNCT
abrj-562	109	36	he	he	PRON
abrj-562	109	37	et	et	PROPN
abrj-562	109	38	al	al	PROPN
abrj-562	109	39	.	.	PROPN
abrj-562	109	40	,	,	PUNCT
abrj-562	109	41	2022	2022	NUM
abrj-562	109	42	;	;	PUNCT
abrj-562	109	43	koparan	koparan	NOUN
abrj-562	109	44	,	,	PUNCT
abrj-562	109	45	2025	2025	NUM
abrj-562	109	46	)	)	PUNCT
abrj-562	109	47	.	.	PUNCT
abrj-562	110	1	however	however	ADV
abrj-562	110	2	,	,	PUNCT
abrj-562	110	3	in	in	ADP
abrj-562	110	4	his	his	PRON
abrj-562	110	5	second	second	ADJ
abrj-562	110	6	presidency	presidency	NOUN
abrj-562	110	7	,	,	PUNCT
abrj-562	110	8	donald	donald	PROPN
abrj-562	110	9	trump	trump	NOUN
abrj-562	110	10	has	have	AUX
abrj-562	110	11	taken	take	VERB
abrj-562	110	12	a	a	DET
abrj-562	110	13	firm	firm	ADJ
abrj-562	110	14	stance	stance	NOUN
abrj-562	110	15	against	against	ADP
abrj-562	110	16	the	the	DET
abrj-562	110	17	development	development	NOUN
abrj-562	110	18	of	of	ADP
abrj-562	110	19	a	a	DET
abrj-562	110	20	central	central	ADJ
abrj-562	110	21	bank	bank	NOUN
abrj-562	110	22	digital	digital	ADJ
abrj-562	110	23	currency	currency	NOUN
abrj-562	110	24	(	(	PUNCT
abrj-562	110	25	cbdc	cbdc	NOUN
abrj-562	110	26	)	)	PUNCT
abrj-562	110	27	in	in	ADP
abrj-562	110	28	the	the	DET
abrj-562	110	29	united	united	PROPN
abrj-562	110	30	states	states	PROPN
abrj-562	110	31	,	,	PUNCT
abrj-562	110	32	emphasizing	emphasize	VERB
abrj-562	110	33	concerns	concern	NOUN
abrj-562	110	34	over	over	ADP
abrj-562	110	35	financial	financial	ADJ
abrj-562	110	36	surveillance	surveillance	NOUN
abrj-562	110	37	and	and	CCONJ
abrj-562	110	38	loss	loss	NOUN
abrj-562	110	39	of	of	ADP
abrj-562	110	40	individual	individual	ADJ
abrj-562	110	41	privacy	privacy	NOUN
abrj-562	110	42	.	.	PUNCT
abrj-562	111	1	through	through	ADP
abrj-562	111	2	executive	executive	ADJ
abrj-562	111	3	order	order	NOUN
abrj-562	111	4	14178	14178	NUM
abrj-562	111	5	,	,	PUNCT
abrj-562	111	6	he	he	PRON
abrj-562	111	7	officially	officially	ADV
abrj-562	111	8	prohibited	prohibit	VERB
abrj-562	111	9	any	any	DET
abrj-562	111	10	federal	federal	ADJ
abrj-562	111	11	agency	agency	NOUN
abrj-562	111	12	from	from	ADP
abrj-562	111	13	issuing	issue	VERB
abrj-562	111	14	or	or	CCONJ
abrj-562	111	15	promoting	promote	VERB
abrj-562	111	16	a	a	DET
abrj-562	111	17	cbdc	cbdc	NOUN
abrj-562	111	18	.	.	PUNCT
abrj-562	112	1	smaller	small	ADJ
abrj-562	112	2	economies	economy	NOUN
abrj-562	112	3	and	and	CCONJ
abrj-562	112	4	emerging	emerge	VERB
abrj-562	112	5	markets	market	NOUN
abrj-562	112	6	demonstrate	demonstrate	VERB
abrj-562	112	7	diverse	diverse	ADJ
abrj-562	112	8	approaches	approach	NOUN
abrj-562	112	9	.	.	PUNCT
abrj-562	113	1	the	the	DET
abrj-562	113	2	bahamas	bahama	NOUN
abrj-562	113	3	'	'	PART
abrj-562	113	4	sand	sand	NOUN
abrj-562	113	5	dollar	dollar	NOUN
abrj-562	113	6	,	,	PUNCT
abrj-562	113	7	launched	launch	VERB
abrj-562	113	8	in	in	ADP
abrj-562	113	9	2020	2020	NUM
abrj-562	113	10	,	,	PUNCT
abrj-562	113	11	was	be	AUX
abrj-562	113	12	one	one	NUM
abrj-562	113	13	of	of	ADP
abrj-562	113	14	the	the	DET
abrj-562	113	15	first	first	ADJ
abrj-562	113	16	operational	operational	ADJ
abrj-562	113	17	retail	retail	ADJ
abrj-562	113	18	cbdcs	cbdc	NOUN
abrj-562	113	19	globally	globally	ADV
abrj-562	113	20	.	.	PUNCT
abrj-562	114	1	it	it	PRON
abrj-562	114	2	addresses	address	VERB
abrj-562	114	3	unique	unique	ADJ
abrj-562	114	4	geographical	geographical	ADJ
abrj-562	114	5	asian	asian	ADJ
abrj-562	114	6	business	business	NOUN
abrj-562	114	7	research	research	NOUN
abrj-562	114	8	journal	journal	NOUN
abrj-562	114	9	,	,	PUNCT
abrj-562	114	10	2025	2025	NUM
abrj-562	114	11	,	,	PUNCT
abrj-562	114	12	10(9	10(9	NUM
abrj-562	114	13	):	):	PUNCT
abrj-562	114	14	16	16	NUM
abrj-562	114	15	-	-	SYM
abrj-562	114	16	22	22	NUM
abrj-562	114	17	19	19	NUM
abrj-562	114	18	©	©	PROPN
abrj-562	114	19	2025	2025	NUM
abrj-562	114	20	by	by	ADP
abrj-562	114	21	the	the	DET
abrj-562	114	22	authors	author	NOUN
abrj-562	114	23	;	;	PUNCT
abrj-562	114	24	licensee	licensee	NOUN
abrj-562	114	25	eastern	eastern	ADJ
abrj-562	114	26	centre	centre	NOUN
abrj-562	114	27	of	of	ADP
abrj-562	114	28	science	science	NOUN
abrj-562	114	29	and	and	CCONJ
abrj-562	114	30	education	education	NOUN
abrj-562	114	31	,	,	PUNCT
abrj-562	114	32	usa	usa	PROPN
abrj-562	114	33	challenges	challenge	NOUN
abrj-562	114	34	,	,	PUNCT
abrj-562	114	35	integrating	integrate	VERB
abrj-562	114	36	mobile	mobile	ADJ
abrj-562	114	37	wallet	wallet	NOUN
abrj-562	114	38	technology	technology	NOUN
abrj-562	114	39	with	with	ADP
abrj-562	114	40	offline	offline	ADJ
abrj-562	114	41	transaction	transaction	NOUN
abrj-562	114	42	capabilities	capability	NOUN
abrj-562	114	43	to	to	PART
abrj-562	114	44	support	support	VERB
abrj-562	114	45	financial	financial	ADJ
abrj-562	114	46	inclusion	inclusion	NOUN
abrj-562	114	47	in	in	ADP
abrj-562	114	48	remote	remote	ADJ
abrj-562	114	49	areas	area	NOUN
abrj-562	114	50	(	(	PUNCT
abrj-562	114	51	soderberg	soderberg	PROPN
abrj-562	114	52	et	et	PROPN
abrj-562	114	53	al	al	PROPN
abrj-562	114	54	.	.	PROPN
abrj-562	114	55	,	,	PUNCT
abrj-562	114	56	2022	2022	NUM
abrj-562	114	57	)	)	PUNCT
abrj-562	114	58	.	.	PUNCT
abrj-562	115	1	this	this	DET
abrj-562	115	2	case	case	NOUN
abrj-562	115	3	highlights	highlight	VERB
abrj-562	115	4	how	how	SCONJ
abrj-562	115	5	specific	specific	ADJ
abrj-562	115	6	local	local	ADJ
abrj-562	115	7	needs	need	NOUN
abrj-562	115	8	can	can	AUX
abrj-562	115	9	shape	shape	VERB
abrj-562	115	10	cbdc	cbdc	NOUN
abrj-562	115	11	designs	design	NOUN
abrj-562	115	12	.	.	PUNCT
abrj-562	116	1	despite	despite	SCONJ
abrj-562	116	2	its	its	PRON
abrj-562	116	3	pioneering	pioneering	ADJ
abrj-562	116	4	status	status	NOUN
abrj-562	116	5	,	,	PUNCT
abrj-562	116	6	adoption	adoption	NOUN
abrj-562	116	7	has	have	AUX
abrj-562	116	8	been	be	AUX
abrj-562	116	9	gradual	gradual	ADJ
abrj-562	116	10	,	,	PUNCT
abrj-562	116	11	prompting	prompt	VERB
abrj-562	116	12	recent	recent	ADJ
abrj-562	116	13	initiatives	initiative	NOUN
abrj-562	116	14	to	to	PART
abrj-562	116	15	enhance	enhance	VERB
abrj-562	116	16	its	its	PRON
abrj-562	116	17	integration	integration	NOUN
abrj-562	116	18	and	and	CCONJ
abrj-562	116	19	usage	usage	NOUN
abrj-562	116	20	.	.	PUNCT
abrj-562	117	1	as	as	ADP
abrj-562	117	2	of	of	ADP
abrj-562	117	3	early	early	ADJ
abrj-562	117	4	2024	2024	NUM
abrj-562	117	5	,	,	PUNCT
abrj-562	117	6	approximately	approximately	ADV
abrj-562	117	7	b$2.1	b$2.1	NOUN
abrj-562	117	8	million	million	NUM
abrj-562	117	9	in	in	ADP
abrj-562	117	10	sand	sand	NOUN
abrj-562	117	11	dollars	dollar	NOUN
abrj-562	117	12	are	be	AUX
abrj-562	117	13	in	in	ADP
abrj-562	117	14	circulation	circulation	NOUN
abrj-562	117	15	,	,	PUNCT
abrj-562	117	16	accounting	account	VERB
abrj-562	117	17	for	for	ADP
abrj-562	117	18	less	less	ADJ
abrj-562	117	19	than	than	ADP
abrj-562	117	20	0.5	0.5	NUM
abrj-562	117	21	%	%	NOUN
abrj-562	117	22	of	of	ADP
abrj-562	117	23	the	the	DET
abrj-562	117	24	total	total	ADJ
abrj-562	117	25	currency	currency	NOUN
abrj-562	117	26	supply	supply	NOUN
abrj-562	117	27	.	.	PUNCT
abrj-562	118	1	while	while	SCONJ
abrj-562	118	2	around	around	ADV
abrj-562	118	3	120,000	120,000	NUM
abrj-562	118	4	digital	digital	ADJ
abrj-562	118	5	wallets	wallet	NOUN
abrj-562	118	6	have	have	AUX
abrj-562	118	7	been	be	AUX
abrj-562	118	8	registered	register	VERB
abrj-562	118	9	,	,	PUNCT
abrj-562	118	10	this	this	DET
abrj-562	118	11	number	number	NOUN
abrj-562	118	12	includes	include	VERB
abrj-562	118	13	both	both	DET
abrj-562	118	14	residents	resident	NOUN
abrj-562	118	15	and	and	CCONJ
abrj-562	118	16	tourists	tourist	NOUN
abrj-562	118	17	,	,	PUNCT
abrj-562	118	18	reflecting	reflect	VERB
abrj-562	118	19	the	the	DET
abrj-562	118	20	bahamas	bahama	NOUN
abrj-562	118	21	'	'	PART
abrj-562	118	22	significant	significant	ADJ
abrj-562	118	23	visitor	visitor	NOUN
abrj-562	118	24	numbers	number	NOUN
abrj-562	118	25	(	(	PUNCT
abrj-562	118	26	ledger	ledger	NOUN
abrj-562	118	27	insights	insight	NOUN
abrj-562	118	28	,	,	PUNCT
abrj-562	118	29	2024	2024	NUM
abrj-562	118	30	)	)	PUNCT
abrj-562	118	31	.	.	PUNCT
abrj-562	119	1	nigeria	nigeria	PROPN
abrj-562	119	2	’s	’s	PART
abrj-562	119	3	enaira	enaira	PROPN
abrj-562	119	4	provides	provide	VERB
abrj-562	119	5	another	another	DET
abrj-562	119	6	perspective	perspective	NOUN
abrj-562	119	7	,	,	PUNCT
abrj-562	119	8	utilizing	utilize	VERB
abrj-562	119	9	a	a	DET
abrj-562	119	10	hybrid	hybrid	ADJ
abrj-562	119	11	distribution	distribution	NOUN
abrj-562	119	12	model	model	NOUN
abrj-562	119	13	combining	combine	VERB
abrj-562	119	14	central	central	ADJ
abrj-562	119	15	bank	bank	NOUN
abrj-562	119	16	issuance	issuance	NOUN
abrj-562	119	17	with	with	ADP
abrj-562	119	18	commercial	commercial	ADJ
abrj-562	119	19	bank	bank	NOUN
abrj-562	119	20	distribution	distribution	NOUN
abrj-562	119	21	.	.	PUNCT
abrj-562	120	1	however	however	ADV
abrj-562	120	2	,	,	PUNCT
abrj-562	120	3	its	its	PRON
abrj-562	120	4	rollout	rollout	NOUN
abrj-562	120	5	faced	face	VERB
abrj-562	120	6	significant	significant	ADJ
abrj-562	120	7	hurdles	hurdle	NOUN
abrj-562	120	8	,	,	PUNCT
abrj-562	120	9	including	include	VERB
abrj-562	120	10	issues	issue	NOUN
abrj-562	120	11	related	relate	VERB
abrj-562	120	12	to	to	ADP
abrj-562	120	13	public	public	ADJ
abrj-562	120	14	trust	trust	NOUN
abrj-562	120	15	,	,	PUNCT
abrj-562	120	16	limited	limited	ADJ
abrj-562	120	17	compatibility	compatibility	NOUN
abrj-562	120	18	with	with	ADP
abrj-562	120	19	existing	exist	VERB
abrj-562	120	20	digital	digital	ADJ
abrj-562	120	21	services	service	NOUN
abrj-562	120	22	,	,	PUNCT
abrj-562	120	23	and	and	CCONJ
abrj-562	120	24	low	low	ADJ
abrj-562	120	25	digital	digital	ADJ
abrj-562	120	26	literacy	literacy	NOUN
abrj-562	120	27	among	among	ADP
abrj-562	120	28	users	user	NOUN
abrj-562	120	29	.	.	PUNCT
abrj-562	121	1	these	these	DET
abrj-562	121	2	challenges	challenge	NOUN
abrj-562	121	3	underline	underline	VERB
abrj-562	121	4	the	the	DET
abrj-562	121	5	importance	importance	NOUN
abrj-562	121	6	of	of	ADP
abrj-562	121	7	public	public	ADJ
abrj-562	121	8	readiness	readiness	NOUN
abrj-562	121	9	and	and	CCONJ
abrj-562	121	10	acceptance	acceptance	NOUN
abrj-562	121	11	,	,	PUNCT
abrj-562	121	12	beyond	beyond	ADP
abrj-562	121	13	just	just	ADV
abrj-562	121	14	technological	technological	ADJ
abrj-562	121	15	implementation	implementation	NOUN
abrj-562	121	16	(	(	PUNCT
abrj-562	121	17	ceylan	ceylan	NOUN
abrj-562	121	18	,	,	PUNCT
abrj-562	121	19	2024	2024	NUM
abrj-562	121	20	)	)	PUNCT
abrj-562	121	21	.	.	PUNCT
abrj-562	122	1	as	as	ADP
abrj-562	122	2	of	of	ADP
abrj-562	122	3	october	october	PROPN
abrj-562	122	4	2024	2024	NUM
abrj-562	122	5	,	,	PUNCT
abrj-562	122	6	the	the	DET
abrj-562	122	7	total	total	ADJ
abrj-562	122	8	value	value	NOUN
abrj-562	122	9	of	of	ADP
abrj-562	122	10	enaira	enaira	PROPN
abrj-562	122	11	transactions	transaction	NOUN
abrj-562	122	12	reached	reach	VERB
abrj-562	122	13	approximately	approximately	ADV
abrj-562	122	14	₦	₦	ADP
abrj-562	122	15	18.32	18.32	NUM
abrj-562	122	16	billion	billion	NUM
abrj-562	122	17	,	,	PUNCT
abrj-562	122	18	marking	mark	VERB
abrj-562	122	19	a	a	DET
abrj-562	122	20	57	57	NUM
abrj-562	122	21	%	%	NOUN
abrj-562	122	22	increase	increase	NOUN
abrj-562	122	23	compared	compare	VERB
abrj-562	122	24	to	to	ADP
abrj-562	122	25	the	the	DET
abrj-562	122	26	previous	previous	ADJ
abrj-562	122	27	year	year	NOUN
abrj-562	122	28	.	.	PUNCT
abrj-562	123	1	despite	despite	SCONJ
abrj-562	123	2	this	this	DET
abrj-562	123	3	growth	growth	NOUN
abrj-562	123	4	,	,	PUNCT
abrj-562	123	5	overall	overall	ADJ
abrj-562	123	6	adoption	adoption	NOUN
abrj-562	123	7	remains	remain	VERB
abrj-562	123	8	modest	modest	ADJ
abrj-562	123	9	,	,	PUNCT
abrj-562	123	10	with	with	ADP
abrj-562	123	11	less	less	ADJ
abrj-562	123	12	than	than	ADP
abrj-562	123	13	0.5	0.5	NUM
abrj-562	123	14	%	%	NOUN
abrj-562	123	15	of	of	ADP
abrj-562	123	16	nigerians	nigerians	PROPN
abrj-562	123	17	utilizing	utilize	VERB
abrj-562	123	18	the	the	DET
abrj-562	123	19	enaira	enaira	NOUN
abrj-562	123	20	within	within	ADP
abrj-562	123	21	a	a	DET
abrj-562	123	22	year	year	NOUN
abrj-562	123	23	of	of	ADP
abrj-562	123	24	its	its	PRON
abrj-562	123	25	launch	launch	NOUN
abrj-562	123	26	(	(	PUNCT
abrj-562	123	27	vanguard	vanguard	NOUN
abrj-562	123	28	nigeria	nigeria	PROPN
abrj-562	123	29	,	,	PUNCT
abrj-562	123	30	2025	2025	NUM
abrj-562	123	31	)	)	PUNCT
abrj-562	123	32	.	.	PUNCT
abrj-562	124	1	jamaica	jamaica	PROPN
abrj-562	124	2	's	's	PART
abrj-562	124	3	jam	jam	NOUN
abrj-562	124	4	-	-	PUNCT
abrj-562	124	5	dex	dex	NOUN
abrj-562	124	6	takes	take	VERB
abrj-562	124	7	an	an	DET
abrj-562	124	8	innovative	innovative	ADJ
abrj-562	124	9	approach	approach	NOUN
abrj-562	124	10	,	,	PUNCT
abrj-562	124	11	leveraging	leverage	VERB
abrj-562	124	12	blockchain	blockchain	NOUN
abrj-562	124	13	technology	technology	NOUN
abrj-562	124	14	and	and	CCONJ
abrj-562	124	15	open	open	ADJ
abrj-562	124	16	-	-	PUNCT
abrj-562	124	17	source	source	NOUN
abrj-562	124	18	platforms	platform	NOUN
abrj-562	124	19	.	.	PUNCT
abrj-562	125	1	the	the	DET
abrj-562	125	2	jamaican	jamaican	ADJ
abrj-562	125	3	government	government	NOUN
abrj-562	125	4	encourages	encourage	VERB
abrj-562	125	5	private	private	ADJ
abrj-562	125	6	-	-	PUNCT
abrj-562	125	7	sector	sector	NOUN
abrj-562	125	8	participation	participation	NOUN
abrj-562	125	9	in	in	ADP
abrj-562	125	10	developing	develop	VERB
abrj-562	125	11	digital	digital	ADJ
abrj-562	125	12	wallets	wallet	NOUN
abrj-562	125	13	and	and	CCONJ
abrj-562	125	14	additional	additional	ADJ
abrj-562	125	15	financial	financial	ADJ
abrj-562	125	16	services	service	NOUN
abrj-562	125	17	.	.	PUNCT
abrj-562	126	1	public	public	ADJ
abrj-562	126	2	policy	policy	NOUN
abrj-562	126	3	initiatives	initiative	NOUN
abrj-562	126	4	,	,	PUNCT
abrj-562	126	5	including	include	VERB
abrj-562	126	6	incentives	incentive	NOUN
abrj-562	126	7	for	for	ADP
abrj-562	126	8	early	early	ADJ
abrj-562	126	9	adoption	adoption	NOUN
abrj-562	126	10	,	,	PUNCT
abrj-562	126	11	aim	aim	VERB
abrj-562	126	12	to	to	PART
abrj-562	126	13	accelerate	accelerate	VERB
abrj-562	126	14	public	public	ADJ
abrj-562	126	15	acceptance	acceptance	NOUN
abrj-562	126	16	and	and	CCONJ
abrj-562	126	17	usage	usage	NOUN
abrj-562	126	18	,	,	PUNCT
abrj-562	126	19	demonstrating	demonstrate	VERB
abrj-562	126	20	how	how	SCONJ
abrj-562	126	21	government	government	NOUN
abrj-562	126	22	support	support	NOUN
abrj-562	126	23	combined	combine	VERB
abrj-562	126	24	with	with	ADP
abrj-562	126	25	accessible	accessible	ADJ
abrj-562	126	26	technology	technology	NOUN
abrj-562	126	27	can	can	AUX
abrj-562	126	28	drive	drive	VERB
abrj-562	126	29	rapid	rapid	ADJ
abrj-562	126	30	behavioral	behavioral	ADJ
abrj-562	126	31	change	change	NOUN
abrj-562	126	32	(	(	PUNCT
abrj-562	126	33	mu	mu	PROPN
abrj-562	126	34	&	&	CCONJ
abrj-562	126	35	mu	mu	PROPN
abrj-562	126	36	,	,	PUNCT
abrj-562	126	37	2022	2022	NUM
abrj-562	126	38	)	)	PUNCT
abrj-562	126	39	.	.	PUNCT
abrj-562	127	1	table	table	NOUN
abrj-562	127	2	3	3	NUM
abrj-562	127	3	summarize	summarize	VERB
abrj-562	127	4	implementation	implementation	NOUN
abrj-562	127	5	strategies	strategy	NOUN
abrj-562	127	6	.	.	PUNCT
abrj-562	128	1	table	table	NOUN
abrj-562	128	2	3	3	NUM
abrj-562	128	3	.	.	PUNCT
abrj-562	128	4	comparison	comparison	NOUN
abrj-562	128	5	of	of	ADP
abrj-562	128	6	cbdc	cbdc	NOUN
abrj-562	128	7	implementation	implementation	NOUN
abrj-562	128	8	strategies	strategy	NOUN
abrj-562	128	9	in	in	ADP
abrj-562	128	10	selected	select	VERB
abrj-562	128	11	countries	country	NOUN
abrj-562	128	12	.	.	PUNCT
abrj-562	129	1	country	country	NOUN
abrj-562	129	2	model	model	NOUN
abrj-562	129	3	technology	technology	NOUN
abrj-562	129	4	distribution	distribution	NOUN
abrj-562	129	5	launch	launch	NOUN
abrj-562	129	6	status	status	NOUN
abrj-562	129	7	china	china	PROPN
abrj-562	129	8	retail	retail	PROPN
abrj-562	129	9	centralized	centralize	VERB
abrj-562	129	10	two	two	NUM
abrj-562	129	11	-	-	PUNCT
abrj-562	129	12	tier	tier	NOUN
abrj-562	129	13	(	(	PUNCT
abrj-562	129	14	pboc	pboc	NOUN
abrj-562	129	15	-	-	PUNCT
abrj-562	129	16	led	lead	VERB
abrj-562	129	17	)	)	PUNCT
abrj-562	129	18	pilot	pilot	NOUN
abrj-562	129	19	eu	eu	PROPN
abrj-562	129	20	retail	retail	ADJ
abrj-562	129	21	hybrid	hybrid	ADJ
abrj-562	129	22	private	private	ADJ
abrj-562	129	23	intermediaries	intermediary	NOUN
abrj-562	129	24	under	under	ADP
abrj-562	129	25	development	development	NOUN
abrj-562	129	26	usa	usa	PROPN
abrj-562	129	27	undecided	undecided	ADJ
abrj-562	129	28	prototype	prototype	NOUN
abrj-562	129	29	research	research	NOUN
abrj-562	129	30	only	only	ADV
abrj-562	129	31	research	research	NOUN
abrj-562	129	32	stopped	stop	VERB
abrj-562	129	33	bahamas	bahamas	PROPN
abrj-562	129	34	retail	retail	ADJ
abrj-562	129	35	centralized	centralize	VERB
abrj-562	129	36	mobile	mobile	ADJ
abrj-562	129	37	wallets	wallet	NOUN
abrj-562	129	38	launched	launch	VERB
abrj-562	129	39	nigeria	nigeria	PROPN
abrj-562	129	40	retail	retail	ADJ
abrj-562	129	41	hybrid	hybrid	ADJ
abrj-562	129	42	banks	bank	NOUN
abrj-562	129	43	+	+	CCONJ
abrj-562	129	44	wallets	wallet	NOUN
abrj-562	129	45	launched	launch	VERB
abrj-562	129	46	jamaica	jamaica	PROPN
abrj-562	129	47	retail	retail	PROPN
abrj-562	129	48	dlt	dlt	PROPN
abrj-562	129	49	(	(	PUNCT
abrj-562	129	50	blockchain	blockchain	PROPN
abrj-562	129	51	)	)	PUNCT
abrj-562	129	52	private	private	ADJ
abrj-562	129	53	+	+	CCONJ
abrj-562	129	54	open	open	ADJ
abrj-562	129	55	source	source	NOUN
abrj-562	129	56	launched	launch	VERB
abrj-562	129	57	globally	globally	ADV
abrj-562	129	58	,	,	PUNCT
abrj-562	129	59	there	there	PRON
abrj-562	129	60	is	be	VERB
abrj-562	129	61	a	a	DET
abrj-562	129	62	clear	clear	ADJ
abrj-562	129	63	distinction	distinction	NOUN
abrj-562	129	64	between	between	ADP
abrj-562	129	65	countries	country	NOUN
abrj-562	129	66	focusing	focus	VERB
abrj-562	129	67	on	on	ADP
abrj-562	129	68	retail	retail	ADJ
abrj-562	129	69	central	central	ADJ
abrj-562	129	70	bank	bank	NOUN
abrj-562	129	71	digital	digital	ADJ
abrj-562	129	72	currencies	currency	NOUN
abrj-562	129	73	(	(	PUNCT
abrj-562	129	74	cbdcs	cbdc	NOUN
abrj-562	129	75	)	)	PUNCT
abrj-562	129	76	intended	intend	VERB
abrj-562	129	77	for	for	ADP
abrj-562	129	78	everyday	everyday	ADJ
abrj-562	129	79	public	public	ADJ
abrj-562	129	80	use	use	NOUN
abrj-562	129	81	,	,	PUNCT
abrj-562	129	82	and	and	CCONJ
abrj-562	129	83	those	those	PRON
abrj-562	129	84	prioritizing	prioritize	VERB
abrj-562	129	85	wholesale	wholesale	ADJ
abrj-562	129	86	cbdcs	cbdc	NOUN
abrj-562	129	87	for	for	ADP
abrj-562	129	88	institutional	institutional	ADJ
abrj-562	129	89	or	or	CCONJ
abrj-562	129	90	interbank	interbank	NOUN
abrj-562	129	91	transactions	transaction	NOUN
abrj-562	129	92	.	.	PUNCT
abrj-562	130	1	retail	retail	ADJ
abrj-562	130	2	models	model	NOUN
abrj-562	130	3	have	have	AUX
abrj-562	130	4	attracted	attract	VERB
abrj-562	130	5	significant	significant	ADJ
abrj-562	130	6	political	political	ADJ
abrj-562	130	7	attention	attention	NOUN
abrj-562	130	8	due	due	ADP
abrj-562	130	9	to	to	ADP
abrj-562	130	10	their	their	PRON
abrj-562	130	11	potential	potential	NOUN
abrj-562	130	12	to	to	PART
abrj-562	130	13	boost	boost	VERB
abrj-562	130	14	financial	financial	ADJ
abrj-562	130	15	inclusion	inclusion	NOUN
abrj-562	130	16	and	and	CCONJ
abrj-562	130	17	modernize	modernize	VERB
abrj-562	130	18	domestic	domestic	ADJ
abrj-562	130	19	payment	payment	NOUN
abrj-562	130	20	systems	system	NOUN
abrj-562	130	21	.	.	PUNCT
abrj-562	131	1	meanwhile	meanwhile	ADV
abrj-562	131	2	,	,	PUNCT
abrj-562	131	3	several	several	ADJ
abrj-562	131	4	advanced	advanced	ADJ
abrj-562	131	5	economies	economy	NOUN
abrj-562	131	6	are	be	AUX
abrj-562	131	7	actively	actively	ADV
abrj-562	131	8	exploring	explore	VERB
abrj-562	131	9	wholesale	wholesale	ADJ
abrj-562	131	10	cbdcs	cbdc	NOUN
abrj-562	131	11	,	,	PUNCT
abrj-562	131	12	particularly	particularly	ADV
abrj-562	131	13	for	for	ADP
abrj-562	131	14	cross	cross	ADJ
abrj-562	131	15	-	-	ADJ
abrj-562	131	16	border	border	ADJ
abrj-562	131	17	and	and	CCONJ
abrj-562	131	18	interbank	interbank	NOUN
abrj-562	131	19	settlements	settlement	NOUN
abrj-562	131	20	.	.	PUNCT
abrj-562	132	1	for	for	ADP
abrj-562	132	2	example	example	NOUN
abrj-562	132	3	,	,	PUNCT
abrj-562	132	4	the	the	DET
abrj-562	132	5	mbridge	mbridge	NOUN
abrj-562	132	6	project	project	NOUN
abrj-562	132	7	—	—	PUNCT
abrj-562	132	8	jointly	jointly	ADV
abrj-562	132	9	led	lead	VERB
abrj-562	132	10	by	by	ADP
abrj-562	132	11	the	the	DET
abrj-562	132	12	bank	bank	NOUN
abrj-562	132	13	for	for	ADP
abrj-562	132	14	international	international	ADJ
abrj-562	132	15	settlements	settlement	NOUN
abrj-562	132	16	(	(	PUNCT
abrj-562	132	17	bis	bis	ADJ
abrj-562	132	18	)	)	PUNCT
abrj-562	132	19	innovation	innovation	NOUN
abrj-562	132	20	hub	hub	NOUN
abrj-562	132	21	with	with	ADP
abrj-562	132	22	participation	participation	NOUN
abrj-562	132	23	from	from	ADP
abrj-562	132	24	china	china	PROPN
abrj-562	132	25	,	,	PUNCT
abrj-562	132	26	thailand	thailand	PROPN
abrj-562	132	27	,	,	PUNCT
abrj-562	132	28	the	the	DET
abrj-562	132	29	uae	uae	PROPN
abrj-562	132	30	,	,	PUNCT
abrj-562	132	31	and	and	CCONJ
abrj-562	132	32	hong	hong	PROPN
abrj-562	132	33	kong	kong	PROPN
abrj-562	132	34	—	—	PUNCT
abrj-562	132	35	focuses	focus	VERB
abrj-562	132	36	on	on	ADP
abrj-562	132	37	enhancing	enhance	VERB
abrj-562	132	38	cross	cross	ADJ
abrj-562	132	39	-	-	ADJ
abrj-562	132	40	border	border	ADJ
abrj-562	132	41	payments	payment	NOUN
abrj-562	132	42	and	and	CCONJ
abrj-562	132	43	real	real	ADJ
abrj-562	132	44	-	-	PUNCT
abrj-562	132	45	time	time	NOUN
abrj-562	132	46	settlements	settlement	NOUN
abrj-562	132	47	between	between	ADP
abrj-562	132	48	central	central	ADJ
abrj-562	132	49	banks	bank	NOUN
abrj-562	132	50	.	.	PUNCT
abrj-562	133	1	these	these	DET
abrj-562	133	2	initiatives	initiative	NOUN
abrj-562	133	3	aim	aim	VERB
abrj-562	133	4	to	to	PART
abrj-562	133	5	reduce	reduce	VERB
abrj-562	133	6	dependence	dependence	NOUN
abrj-562	133	7	on	on	ADP
abrj-562	133	8	traditional	traditional	ADJ
abrj-562	133	9	correspondent	correspondent	NOUN
abrj-562	133	10	banking	banking	NOUN
abrj-562	133	11	networks	network	NOUN
abrj-562	133	12	and	and	CCONJ
abrj-562	133	13	lessen	lessen	VERB
abrj-562	133	14	the	the	DET
abrj-562	133	15	dominance	dominance	NOUN
abrj-562	133	16	of	of	ADP
abrj-562	133	17	major	major	ADJ
abrj-562	133	18	global	global	ADJ
abrj-562	133	19	currencies	currency	NOUN
abrj-562	133	20	in	in	ADP
abrj-562	133	21	international	international	ADJ
abrj-562	133	22	payments	payment	NOUN
abrj-562	133	23	(	(	PUNCT
abrj-562	133	24	mayer	mayer	PROPN
abrj-562	133	25	,	,	PUNCT
abrj-562	133	26	2024	2024	NUM
abrj-562	133	27	)	)	PUNCT
abrj-562	133	28	.	.	PUNCT
abrj-562	134	1	the	the	DET
abrj-562	134	2	choice	choice	NOUN
abrj-562	134	3	of	of	ADP
abrj-562	134	4	technology	technology	NOUN
abrj-562	134	5	also	also	ADV
abrj-562	134	6	reveals	reveal	VERB
abrj-562	134	7	significant	significant	ADJ
abrj-562	134	8	differences	difference	NOUN
abrj-562	134	9	.	.	PUNCT
abrj-562	135	1	countries	country	NOUN
abrj-562	135	2	like	like	ADP
abrj-562	135	3	china	china	PROPN
abrj-562	135	4	and	and	CCONJ
abrj-562	135	5	the	the	DET
abrj-562	135	6	bahamas	bahamas	PROPN
abrj-562	135	7	prefer	prefer	VERB
abrj-562	135	8	centralized	centralized	ADJ
abrj-562	135	9	database	database	NOUN
abrj-562	135	10	systems	system	NOUN
abrj-562	135	11	,	,	PUNCT
abrj-562	135	12	which	which	PRON
abrj-562	135	13	provide	provide	VERB
abrj-562	135	14	easier	easy	ADJ
abrj-562	135	15	management	management	NOUN
abrj-562	135	16	and	and	CCONJ
abrj-562	135	17	regulatory	regulatory	ADJ
abrj-562	135	18	compliance	compliance	NOUN
abrj-562	135	19	.	.	PUNCT
abrj-562	136	1	in	in	ADP
abrj-562	136	2	contrast	contrast	NOUN
abrj-562	136	3	,	,	PUNCT
abrj-562	136	4	other	other	ADJ
abrj-562	136	5	regions	region	NOUN
abrj-562	136	6	prioritize	prioritize	VERB
abrj-562	136	7	distributed	distribute	VERB
abrj-562	136	8	ledger	ledger	NOUN
abrj-562	136	9	technologies	technology	NOUN
abrj-562	136	10	(	(	PUNCT
abrj-562	136	11	dlt	dlt	PROPN
abrj-562	136	12	)	)	PUNCT
abrj-562	136	13	,	,	PUNCT
abrj-562	136	14	favoring	favor	VERB
abrj-562	136	15	transparency	transparency	NOUN
abrj-562	136	16	,	,	PUNCT
abrj-562	136	17	resilience	resilience	NOUN
abrj-562	136	18	,	,	PUNCT
abrj-562	136	19	and	and	CCONJ
abrj-562	136	20	interoperability	interoperability	NOUN
abrj-562	136	21	.	.	PUNCT
abrj-562	137	1	notable	notable	ADJ
abrj-562	137	2	projects	project	NOUN
abrj-562	137	3	such	such	ADJ
abrj-562	137	4	as	as	ADP
abrj-562	137	5	jamaica	jamaica	PROPN
abrj-562	137	6	’s	’s	PART
abrj-562	137	7	jam	jam	PROPN
abrj-562	137	8	-	-	PUNCT
abrj-562	137	9	dex	dex	NOUN
abrj-562	137	10	,	,	PUNCT
abrj-562	137	11	mbridge	mbridge	NOUN
abrj-562	137	12	,	,	PUNCT
abrj-562	137	13	and	and	CCONJ
abrj-562	137	14	france	france	PROPN
abrj-562	137	15	’s	’s	PART
abrj-562	137	16	project	project	NOUN
abrj-562	137	17	jura	jura	PROPN
abrj-562	137	18	use	use	PROPN
abrj-562	137	19	blockchain	blockchain	PROPN
abrj-562	137	20	-	-	PUNCT
abrj-562	137	21	based	base	VERB
abrj-562	137	22	dlt	dlt	PROPN
abrj-562	137	23	systems	system	NOUN
abrj-562	137	24	,	,	PUNCT
abrj-562	137	25	reflecting	reflect	VERB
abrj-562	137	26	a	a	DET
abrj-562	137	27	trend	trend	NOUN
abrj-562	137	28	towards	towards	ADP
abrj-562	137	29	decentralized	decentralize	VERB
abrj-562	137	30	solutions	solution	NOUN
abrj-562	137	31	(	(	PUNCT
abrj-562	137	32	lee	lee	PROPN
abrj-562	137	33	et	et	PROPN
abrj-562	137	34	al	al	PROPN
abrj-562	137	35	.	.	PROPN
abrj-562	137	36	,	,	PUNCT
abrj-562	137	37	2023	2023	NUM
abrj-562	137	38	)	)	PUNCT
abrj-562	137	39	.	.	PUNCT
abrj-562	138	1	international	international	ADJ
abrj-562	138	2	institutions	institution	NOUN
abrj-562	138	3	such	such	ADJ
abrj-562	138	4	as	as	ADP
abrj-562	138	5	the	the	DET
abrj-562	138	6	international	international	ADJ
abrj-562	138	7	monetary	monetary	ADJ
abrj-562	138	8	fund	fund	NOUN
abrj-562	138	9	(	(	PUNCT
abrj-562	138	10	imf	imf	PROPN
abrj-562	138	11	)	)	PUNCT
abrj-562	138	12	and	and	CCONJ
abrj-562	138	13	the	the	DET
abrj-562	138	14	bank	bank	NOUN
abrj-562	138	15	for	for	ADP
abrj-562	138	16	international	international	ADJ
abrj-562	138	17	settlements	settlement	NOUN
abrj-562	138	18	(	(	PUNCT
abrj-562	138	19	bis	bis	ADJ
abrj-562	138	20	)	)	PUNCT
abrj-562	138	21	increasingly	increasingly	ADV
abrj-562	138	22	influence	influence	VERB
abrj-562	138	23	the	the	DET
abrj-562	138	24	standardization	standardization	NOUN
abrj-562	138	25	of	of	ADP
abrj-562	138	26	cbdc	cbdc	NOUN
abrj-562	138	27	practices	practice	NOUN
abrj-562	138	28	,	,	PUNCT
abrj-562	138	29	particularly	particularly	ADV
abrj-562	138	30	among	among	ADP
abrj-562	138	31	smaller	small	ADJ
abrj-562	138	32	economies	economy	NOUN
abrj-562	138	33	.	.	PUNCT
abrj-562	139	1	the	the	DET
abrj-562	139	2	imf	imf	PROPN
abrj-562	139	3	’s	’s	PART
abrj-562	139	4	virtual	virtual	ADJ
abrj-562	139	5	handbook	handbook	NOUN
abrj-562	139	6	on	on	ADP
abrj-562	139	7	cbdcs	cbdc	NOUN
abrj-562	139	8	provides	provide	VERB
abrj-562	139	9	structured	structured	ADJ
abrj-562	139	10	guidelines	guideline	NOUN
abrj-562	139	11	on	on	ADP
abrj-562	139	12	evaluating	evaluate	VERB
abrj-562	139	13	readiness	readiness	NOUN
abrj-562	139	14	,	,	PUNCT
abrj-562	139	15	covering	cover	VERB
abrj-562	139	16	legal	legal	ADJ
abrj-562	139	17	,	,	PUNCT
abrj-562	139	18	technological	technological	ADJ
abrj-562	139	19	,	,	PUNCT
abrj-562	139	20	and	and	CCONJ
abrj-562	139	21	operational	operational	ADJ
abrj-562	139	22	dimensions	dimension	NOUN
abrj-562	139	23	(	(	PUNCT
abrj-562	139	24	imf	imf	PROPN
abrj-562	139	25	,	,	PUNCT
abrj-562	139	26	2024	2024	NUM
abrj-562	139	27	)	)	PUNCT
abrj-562	139	28	.	.	PUNCT
abrj-562	140	1	meanwhile	meanwhile	ADV
abrj-562	140	2	,	,	PUNCT
abrj-562	140	3	the	the	DET
abrj-562	140	4	bis	bis	NOUN
abrj-562	140	5	supports	support	VERB
abrj-562	140	6	experimental	experimental	ADJ
abrj-562	140	7	initiatives	initiative	NOUN
abrj-562	140	8	focused	focus	VERB
abrj-562	140	9	on	on	ADP
abrj-562	140	10	interoperability	interoperability	NOUN
abrj-562	140	11	,	,	PUNCT
abrj-562	140	12	security	security	NOUN
abrj-562	140	13	,	,	PUNCT
abrj-562	140	14	and	and	CCONJ
abrj-562	140	15	liquidity	liquidity	NOUN
abrj-562	140	16	management	management	NOUN
abrj-562	140	17	across	across	ADP
abrj-562	140	18	countries	country	NOUN
abrj-562	140	19	(	(	PUNCT
abrj-562	140	20	soderberg	soderberg	PROPN
abrj-562	140	21	et	et	PROPN
abrj-562	140	22	al	al	PROPN
abrj-562	140	23	.	.	PROPN
abrj-562	140	24	,	,	PUNCT
abrj-562	140	25	2022	2022	NUM
abrj-562	140	26	)	)	PUNCT
abrj-562	140	27	.	.	PUNCT
abrj-562	141	1	overall	overall	ADV
abrj-562	141	2	,	,	PUNCT
abrj-562	141	3	although	although	SCONJ
abrj-562	141	4	cbdcs	cbdc	NOUN
abrj-562	141	5	represent	represent	VERB
abrj-562	141	6	a	a	DET
abrj-562	141	7	common	common	ADJ
abrj-562	141	8	goal	goal	NOUN
abrj-562	141	9	among	among	ADP
abrj-562	141	10	central	central	ADJ
abrj-562	141	11	banks	bank	NOUN
abrj-562	141	12	to	to	PART
abrj-562	141	13	modernize	modernize	VERB
abrj-562	141	14	financial	financial	ADJ
abrj-562	141	15	systems	system	NOUN
abrj-562	141	16	for	for	ADP
abrj-562	141	17	the	the	DET
abrj-562	141	18	digital	digital	ADJ
abrj-562	141	19	era	era	NOUN
abrj-562	141	20	,	,	PUNCT
abrj-562	141	21	their	their	PRON
abrj-562	141	22	actual	actual	ADJ
abrj-562	141	23	implementation	implementation	NOUN
abrj-562	141	24	follows	follow	VERB
abrj-562	141	25	diverse	diverse	ADJ
abrj-562	141	26	paths	path	NOUN
abrj-562	141	27	.	.	PUNCT
abrj-562	142	1	these	these	DET
abrj-562	142	2	variations	variation	NOUN
abrj-562	142	3	reflect	reflect	VERB
abrj-562	142	4	not	not	PART
abrj-562	142	5	only	only	ADV
abrj-562	142	6	differing	differ	VERB
abrj-562	142	7	national	national	ADJ
abrj-562	142	8	capabilities	capability	NOUN
abrj-562	142	9	and	and	CCONJ
abrj-562	142	10	policy	policy	NOUN
abrj-562	142	11	goals	goal	NOUN
abrj-562	142	12	but	but	CCONJ
abrj-562	142	13	also	also	ADV
abrj-562	142	14	deeper	deep	ADJ
abrj-562	142	15	societal	societal	ADJ
abrj-562	142	16	values	value	NOUN
abrj-562	142	17	around	around	ADP
abrj-562	142	18	privacy	privacy	NOUN
abrj-562	142	19	,	,	PUNCT
abrj-562	142	20	control	control	NOUN
abrj-562	142	21	,	,	PUNCT
abrj-562	142	22	efficiency	efficiency	NOUN
abrj-562	142	23	,	,	PUNCT
abrj-562	142	24	and	and	CCONJ
abrj-562	142	25	inclusion	inclusion	NOUN
abrj-562	142	26	.	.	PUNCT
abrj-562	143	1	understanding	understand	VERB
abrj-562	143	2	these	these	DET
abrj-562	143	3	differences	difference	NOUN
abrj-562	143	4	is	be	AUX
abrj-562	143	5	crucial	crucial	ADJ
abrj-562	143	6	for	for	ADP
abrj-562	143	7	shaping	shape	VERB
abrj-562	143	8	globally	globally	ADV
abrj-562	143	9	compatible	compatible	ADJ
abrj-562	143	10	,	,	PUNCT
abrj-562	143	11	resilient	resilient	ADJ
abrj-562	143	12	,	,	PUNCT
abrj-562	143	13	and	and	CCONJ
abrj-562	143	14	flexible	flexible	ADJ
abrj-562	143	15	digital	digital	ADJ
abrj-562	143	16	currency	currency	NOUN
abrj-562	143	17	systems	system	NOUN
abrj-562	143	18	.	.	PUNCT
abrj-562	144	1	5	5	X
abrj-562	144	2	.	.	X
abrj-562	144	3	future	future	ADJ
abrj-562	144	4	perspectives	perspective	NOUN
abrj-562	144	5	and	and	CCONJ
abrj-562	144	6	open	open	ADJ
abrj-562	144	7	questions	question	NOUN
abrj-562	144	8	cbdcs	cbdc	NOUN
abrj-562	144	9	represent	represent	VERB
abrj-562	144	10	a	a	DET
abrj-562	144	11	major	major	ADJ
abrj-562	144	12	step	step	NOUN
abrj-562	144	13	forward	forward	ADV
abrj-562	144	14	in	in	ADP
abrj-562	144	15	the	the	DET
abrj-562	144	16	evolution	evolution	NOUN
abrj-562	144	17	of	of	ADP
abrj-562	144	18	money	money	NOUN
abrj-562	144	19	.	.	PUNCT
abrj-562	145	1	many	many	ADJ
abrj-562	145	2	countries	country	NOUN
abrj-562	145	3	are	be	AUX
abrj-562	145	4	already	already	ADV
abrj-562	145	5	experimenting	experiment	VERB
abrj-562	145	6	with	with	ADP
abrj-562	145	7	or	or	CCONJ
abrj-562	145	8	piloting	pilot	VERB
abrj-562	145	9	cbdcs	cbdc	NOUN
abrj-562	145	10	,	,	PUNCT
abrj-562	145	11	but	but	CCONJ
abrj-562	145	12	their	their	PRON
abrj-562	145	13	long	long	ADJ
abrj-562	145	14	-	-	PUNCT
abrj-562	145	15	term	term	NOUN
abrj-562	145	16	effects	effect	NOUN
abrj-562	145	17	remain	remain	VERB
abrj-562	145	18	uncertain	uncertain	ADJ
abrj-562	145	19	,	,	PUNCT
abrj-562	145	20	raising	raise	VERB
abrj-562	145	21	important	important	ADJ
abrj-562	145	22	questions	question	NOUN
abrj-562	145	23	for	for	ADP
abrj-562	145	24	researchers	researcher	NOUN
abrj-562	145	25	and	and	CCONJ
abrj-562	145	26	policymakers	policymaker	NOUN
abrj-562	145	27	about	about	ADP
abrj-562	145	28	monetary	monetary	ADJ
abrj-562	145	29	policy	policy	NOUN
abrj-562	145	30	,	,	PUNCT
abrj-562	145	31	financial	financial	ADJ
abrj-562	145	32	stability	stability	NOUN
abrj-562	145	33	,	,	PUNCT
abrj-562	145	34	and	and	CCONJ
abrj-562	145	35	international	international	ADJ
abrj-562	145	36	finance	finance	NOUN
abrj-562	145	37	.	.	PUNCT
abrj-562	146	1	one	one	NUM
abrj-562	146	2	critical	critical	ADJ
abrj-562	146	3	area	area	NOUN
abrj-562	146	4	impacted	impact	VERB
abrj-562	146	5	by	by	ADP
abrj-562	146	6	cbdcs	cbdc	NOUN
abrj-562	146	7	is	be	AUX
abrj-562	146	8	monetary	monetary	ADJ
abrj-562	146	9	policy	policy	NOUN
abrj-562	146	10	.	.	PUNCT
abrj-562	147	1	introducing	introduce	VERB
abrj-562	147	2	cbdcs	cbdc	NOUN
abrj-562	147	3	could	could	AUX
abrj-562	147	4	significantly	significantly	ADV
abrj-562	147	5	change	change	VERB
abrj-562	147	6	how	how	SCONJ
abrj-562	147	7	money	money	NOUN
abrj-562	147	8	is	be	AUX
abrj-562	147	9	created	create	VERB
abrj-562	147	10	,	,	PUNCT
abrj-562	147	11	distributed	distribute	VERB
abrj-562	147	12	,	,	PUNCT
abrj-562	147	13	and	and	CCONJ
abrj-562	147	14	controlled	control	VERB
abrj-562	147	15	.	.	PUNCT
abrj-562	148	1	for	for	ADP
abrj-562	148	2	instance	instance	NOUN
abrj-562	148	3	,	,	PUNCT
abrj-562	148	4	central	central	ADJ
abrj-562	148	5	banks	bank	NOUN
abrj-562	148	6	could	could	AUX
abrj-562	148	7	have	have	VERB
abrj-562	148	8	real	real	ADJ
abrj-562	148	9	-	-	PUNCT
abrj-562	148	10	time	time	NOUN
abrj-562	148	11	insights	insight	NOUN
abrj-562	148	12	into	into	ADP
abrj-562	148	13	money	money	NOUN
abrj-562	148	14	flows	flow	NOUN
abrj-562	148	15	,	,	PUNCT
abrj-562	148	16	allowing	allow	VERB
abrj-562	148	17	them	they	PRON
abrj-562	148	18	to	to	PART
abrj-562	148	19	apply	apply	VERB
abrj-562	148	20	monetary	monetary	ADJ
abrj-562	148	21	tools	tool	NOUN
abrj-562	148	22	with	with	ADP
abrj-562	148	23	greater	great	ADJ
abrj-562	148	24	precision	precision	NOUN
abrj-562	148	25	and	and	CCONJ
abrj-562	148	26	effectiveness	effectiveness	NOUN
abrj-562	148	27	.	.	PUNCT
abrj-562	149	1	this	this	DET
abrj-562	149	2	capability	capability	NOUN
abrj-562	149	3	might	might	AUX
abrj-562	149	4	help	help	VERB
abrj-562	149	5	better	well	ADV
abrj-562	149	6	manage	manage	VERB
abrj-562	149	7	inflation	inflation	NOUN
abrj-562	149	8	or	or	CCONJ
abrj-562	149	9	deflation	deflation	NOUN
abrj-562	149	10	risks	risk	NOUN
abrj-562	149	11	.	.	PUNCT
abrj-562	150	1	yet	yet	ADV
abrj-562	150	2	,	,	PUNCT
abrj-562	150	3	this	this	DET
abrj-562	150	4	advantage	advantage	NOUN
abrj-562	150	5	comes	come	VERB
abrj-562	150	6	with	with	ADP
abrj-562	150	7	significant	significant	ADJ
abrj-562	150	8	uncertainty	uncertainty	NOUN
abrj-562	150	9	.	.	PUNCT
abrj-562	151	1	if	if	SCONJ
abrj-562	151	2	cbdcs	cbdc	NOUN
abrj-562	151	3	gain	gain	VERB
abrj-562	151	4	popularity	popularity	NOUN
abrj-562	151	5	,	,	PUNCT
abrj-562	151	6	particularly	particularly	ADV
abrj-562	151	7	if	if	SCONJ
abrj-562	151	8	they	they	PRON
abrj-562	151	9	pay	pay	VERB
abrj-562	151	10	interest	interest	NOUN
abrj-562	151	11	,	,	PUNCT
abrj-562	151	12	people	people	NOUN
abrj-562	151	13	might	might	AUX
abrj-562	151	14	shift	shift	VERB
abrj-562	151	15	funds	fund	NOUN
abrj-562	151	16	away	away	ADV
abrj-562	151	17	from	from	ADP
abrj-562	151	18	commercial	commercial	ADJ
abrj-562	151	19	banks	bank	NOUN
abrj-562	151	20	to	to	PART
abrj-562	151	21	cbdc	cbdc	VERB
abrj-562	151	22	accounts	account	NOUN
abrj-562	151	23	.	.	PUNCT
abrj-562	152	1	this	this	PRON
abrj-562	152	2	could	could	AUX
abrj-562	152	3	reduce	reduce	VERB
abrj-562	152	4	banks	bank	NOUN
abrj-562	152	5	'	'	PART
abrj-562	152	6	ability	ability	NOUN
abrj-562	152	7	to	to	PART
abrj-562	152	8	create	create	VERB
abrj-562	152	9	credit	credit	NOUN
abrj-562	152	10	,	,	PUNCT
abrj-562	152	11	fundamentally	fundamentally	ADV
abrj-562	152	12	altering	alter	VERB
abrj-562	152	13	the	the	DET
abrj-562	152	14	banking	banking	NOUN
abrj-562	152	15	system	system	NOUN
abrj-562	152	16	and	and	CCONJ
abrj-562	152	17	giving	give	VERB
abrj-562	152	18	central	central	ADJ
abrj-562	152	19	banks	bank	NOUN
abrj-562	152	20	an	an	DET
abrj-562	152	21	outsized	outsized	ADJ
abrj-562	152	22	role	role	NOUN
abrj-562	152	23	that	that	PRON
abrj-562	152	24	they	they	PRON
abrj-562	152	25	might	might	AUX
abrj-562	152	26	not	not	PART
abrj-562	152	27	be	be	AUX
abrj-562	152	28	prepared	prepare	VERB
abrj-562	152	29	to	to	PART
abrj-562	152	30	handle	handle	VERB
abrj-562	152	31	.	.	PUNCT
abrj-562	153	1	policymakers	policymaker	NOUN
abrj-562	153	2	need	need	VERB
abrj-562	153	3	to	to	PART
abrj-562	153	4	consider	consider	VERB
abrj-562	153	5	carefully	carefully	ADV
abrj-562	153	6	how	how	SCONJ
abrj-562	153	7	to	to	PART
abrj-562	153	8	maintain	maintain	VERB
abrj-562	153	9	the	the	DET
abrj-562	153	10	essential	essential	ADJ
abrj-562	153	11	functions	function	NOUN
abrj-562	153	12	of	of	ADP
abrj-562	153	13	banks	bank	NOUN
abrj-562	153	14	without	without	ADP
abrj-562	153	15	restricting	restrict	VERB
abrj-562	153	16	credit	credit	NOUN
abrj-562	153	17	availability	availability	NOUN
abrj-562	153	18	or	or	CCONJ
abrj-562	153	19	overwhelming	overwhelming	ADJ
abrj-562	153	20	central	central	ADJ
abrj-562	153	21	banks	bank	NOUN
abrj-562	153	22	.	.	PUNCT
abrj-562	154	1	cbdcs	cbdcs	PROPN
abrj-562	154	2	might	might	AUX
abrj-562	154	3	also	also	ADV
abrj-562	154	4	affect	affect	VERB
abrj-562	154	5	monetary	monetary	ADJ
abrj-562	154	6	policy	policy	NOUN
abrj-562	154	7	by	by	ADP
abrj-562	154	8	changing	change	VERB
abrj-562	154	9	how	how	SCONJ
abrj-562	154	10	quickly	quickly	ADV
abrj-562	154	11	money	money	NOUN
abrj-562	154	12	moves	move	VERB
abrj-562	154	13	through	through	ADP
abrj-562	154	14	the	the	DET
abrj-562	154	15	economy	economy	NOUN
abrj-562	154	16	and	and	CCONJ
abrj-562	154	17	by	by	ADP
abrj-562	154	18	improving	improve	VERB
abrj-562	154	19	liquidity	liquidity	NOUN
abrj-562	154	20	management	management	NOUN
abrj-562	154	21	.	.	PUNCT
abrj-562	155	1	for	for	ADP
abrj-562	155	2	example	example	NOUN
abrj-562	155	3	,	,	PUNCT
abrj-562	155	4	china	china	PROPN
abrj-562	155	5	's	's	PART
abrj-562	155	6	digital	digital	PROPN
abrj-562	155	7	yuan	yuan	PROPN
abrj-562	155	8	(	(	PUNCT
abrj-562	155	9	e	e	NOUN
abrj-562	155	10	-	-	NOUN
abrj-562	155	11	cny	cny	NOUN
abrj-562	155	12	)	)	PUNCT
abrj-562	155	13	has	have	AUX
abrj-562	155	14	shown	show	VERB
abrj-562	155	15	potential	potential	NOUN
abrj-562	155	16	to	to	PART
abrj-562	155	17	speed	speed	VERB
abrj-562	155	18	up	up	ADP
abrj-562	155	19	money	money	NOUN
abrj-562	155	20	circulation	circulation	NOUN
abrj-562	155	21	and	and	CCONJ
abrj-562	155	22	enhance	enhance	VERB
abrj-562	155	23	control	control	NOUN
abrj-562	155	24	over	over	ADP
abrj-562	155	25	central	central	ADJ
abrj-562	155	26	bank	bank	NOUN
abrj-562	155	27	reserves	reserve	NOUN
abrj-562	155	28	.	.	PUNCT
abrj-562	156	1	cbdcs	cbdc	NOUN
abrj-562	156	2	could	could	AUX
abrj-562	156	3	also	also	ADV
abrj-562	156	4	improve	improve	VERB
abrj-562	156	5	how	how	SCONJ
abrj-562	156	6	effectively	effectively	ADV
abrj-562	156	7	central	central	ADJ
abrj-562	156	8	bank	bank	NOUN
abrj-562	156	9	interest	interest	NOUN
abrj-562	156	10	rate	rate	NOUN
abrj-562	156	11	changes	change	NOUN
abrj-562	156	12	influence	influence	VERB
abrj-562	156	13	the	the	DET
abrj-562	156	14	broader	broad	ADJ
abrj-562	156	15	economy	economy	NOUN
abrj-562	156	16	,	,	PUNCT
abrj-562	156	17	especially	especially	ADV
abrj-562	156	18	if	if	SCONJ
abrj-562	156	19	the	the	DET
abrj-562	156	20	digital	digital	ADJ
abrj-562	156	21	currencies	currency	NOUN
abrj-562	156	22	earn	earn	VERB
abrj-562	156	23	interest	interest	NOUN
abrj-562	156	24	.	.	PUNCT
abrj-562	157	1	however	however	ADV
abrj-562	157	2	,	,	PUNCT
abrj-562	157	3	the	the	DET
abrj-562	157	4	specific	specific	ADJ
abrj-562	157	5	design	design	NOUN
abrj-562	157	6	—	—	PUNCT
abrj-562	157	7	such	such	ADJ
abrj-562	157	8	as	as	ADP
abrj-562	157	9	limits	limit	NOUN
abrj-562	157	10	on	on	ADP
abrj-562	157	11	holdings	holding	NOUN
abrj-562	157	12	or	or	CCONJ
abrj-562	157	13	whether	whether	SCONJ
abrj-562	157	14	cbdcs	cbdc	NOUN
abrj-562	157	15	pay	pay	VERB
abrj-562	157	16	interest	interest	NOUN
abrj-562	157	17	—	—	PUNCT
abrj-562	157	18	will	will	AUX
abrj-562	157	19	greatly	greatly	ADV
abrj-562	157	20	influence	influence	VERB
abrj-562	157	21	asian	asian	ADJ
abrj-562	157	22	business	business	NOUN
abrj-562	157	23	research	research	NOUN
abrj-562	157	24	journal	journal	NOUN
abrj-562	157	25	,	,	PUNCT
abrj-562	157	26	2025	2025	NUM
abrj-562	157	27	,	,	PUNCT
abrj-562	157	28	10(9	10(9	NUM
abrj-562	157	29	):	):	PUNCT
abrj-562	157	30	16	16	NUM
abrj-562	157	31	-	-	SYM
abrj-562	157	32	22	22	NUM
abrj-562	157	33	20	20	NUM
abrj-562	157	34	©	©	PROPN
abrj-562	157	35	2025	2025	NUM
abrj-562	157	36	by	by	ADP
abrj-562	157	37	the	the	DET
abrj-562	157	38	authors	author	NOUN
abrj-562	157	39	;	;	PUNCT
abrj-562	157	40	licensee	licensee	NOUN
abrj-562	157	41	eastern	eastern	ADJ
abrj-562	157	42	centre	centre	NOUN
abrj-562	157	43	of	of	ADP
abrj-562	157	44	science	science	NOUN
abrj-562	157	45	and	and	CCONJ
abrj-562	157	46	education	education	NOUN
abrj-562	157	47	,	,	PUNCT
abrj-562	157	48	usa	usa	PROPN
abrj-562	157	49	this	this	DET
abrj-562	157	50	effect	effect	NOUN
abrj-562	157	51	.	.	PUNCT
abrj-562	158	1	key	key	ADJ
abrj-562	158	2	concerns	concern	NOUN
abrj-562	158	3	remain	remain	VERB
abrj-562	158	4	around	around	ADP
abrj-562	158	5	managing	manage	VERB
abrj-562	158	6	currency	currency	NOUN
abrj-562	158	7	volatility	volatility	NOUN
abrj-562	158	8	and	and	CCONJ
abrj-562	158	9	ensuring	ensure	VERB
abrj-562	158	10	that	that	SCONJ
abrj-562	158	11	monetary	monetary	ADJ
abrj-562	158	12	policy	policy	NOUN
abrj-562	158	13	remains	remain	VERB
abrj-562	158	14	effective	effective	ADJ
abrj-562	158	15	if	if	SCONJ
abrj-562	158	16	traditional	traditional	ADJ
abrj-562	158	17	banking	banking	NOUN
abrj-562	158	18	roles	role	NOUN
abrj-562	158	19	are	be	AUX
abrj-562	158	20	diminished	diminish	VERB
abrj-562	158	21	.	.	PUNCT
abrj-562	159	1	internationally	internationally	ADV
abrj-562	159	2	,	,	PUNCT
abrj-562	159	3	cbdcs	cbdc	NOUN
abrj-562	159	4	could	could	AUX
abrj-562	159	5	revolutionize	revolutionize	VERB
abrj-562	159	6	cross	cross	ADJ
abrj-562	159	7	-	-	ADJ
abrj-562	159	8	border	border	ADJ
abrj-562	159	9	transactions	transaction	NOUN
abrj-562	159	10	by	by	ADP
abrj-562	159	11	tackling	tackle	VERB
abrj-562	159	12	inefficiencies	inefficiency	NOUN
abrj-562	159	13	like	like	ADP
abrj-562	159	14	slow	slow	ADJ
abrj-562	159	15	processing	processing	NOUN
abrj-562	159	16	times	time	NOUN
abrj-562	159	17	,	,	PUNCT
abrj-562	159	18	high	high	ADJ
abrj-562	159	19	costs	cost	NOUN
abrj-562	159	20	,	,	PUNCT
abrj-562	159	21	and	and	CCONJ
abrj-562	159	22	lack	lack	NOUN
abrj-562	159	23	of	of	ADP
abrj-562	159	24	transparency	transparency	NOUN
abrj-562	159	25	.	.	PUNCT
abrj-562	160	1	distributed	distribute	VERB
abrj-562	160	2	ledger	ledger	NOUN
abrj-562	160	3	technology	technology	NOUN
abrj-562	160	4	(	(	PUNCT
abrj-562	160	5	dlt)-based	dlt)-base	VERB
abrj-562	160	6	cbdcs	cbdc	NOUN
abrj-562	160	7	might	might	AUX
abrj-562	160	8	allow	allow	VERB
abrj-562	160	9	almost	almost	ADV
abrj-562	160	10	instant	instant	ADJ
abrj-562	160	11	peer	peer	NOUN
abrj-562	160	12	-	-	PUNCT
abrj-562	160	13	to	to	ADP
abrj-562	160	14	-	-	PUNCT
abrj-562	160	15	peer	peer	NOUN
abrj-562	160	16	transactions	transaction	NOUN
abrj-562	160	17	internationally	internationally	ADV
abrj-562	160	18	,	,	PUNCT
abrj-562	160	19	significantly	significantly	ADV
abrj-562	160	20	reducing	reduce	VERB
abrj-562	160	21	costs	cost	NOUN
abrj-562	160	22	by	by	ADP
abrj-562	160	23	cutting	cut	VERB
abrj-562	160	24	out	out	ADP
abrj-562	160	25	intermediaries	intermediary	NOUN
abrj-562	160	26	.	.	PUNCT
abrj-562	161	1	despite	despite	SCONJ
abrj-562	161	2	these	these	DET
abrj-562	161	3	benefits	benefit	NOUN
abrj-562	161	4	,	,	PUNCT
abrj-562	161	5	the	the	DET
abrj-562	161	6	lack	lack	NOUN
abrj-562	161	7	of	of	ADP
abrj-562	161	8	common	common	ADJ
abrj-562	161	9	legal	legal	ADJ
abrj-562	161	10	and	and	CCONJ
abrj-562	161	11	technical	technical	ADJ
abrj-562	161	12	standards	standard	NOUN
abrj-562	161	13	among	among	ADP
abrj-562	161	14	different	different	ADJ
abrj-562	161	15	countries	country	NOUN
abrj-562	161	16	presents	present	VERB
abrj-562	161	17	major	major	ADJ
abrj-562	161	18	challenges	challenge	NOUN
abrj-562	161	19	.	.	PUNCT
abrj-562	162	1	additionally	additionally	ADV
abrj-562	162	2	,	,	PUNCT
abrj-562	162	3	if	if	SCONJ
abrj-562	162	4	a	a	DET
abrj-562	162	5	large	large	ADJ
abrj-562	162	6	economy	economy	NOUN
abrj-562	162	7	’s	’s	PART
abrj-562	162	8	cbdc	cbdc	NOUN
abrj-562	162	9	becomes	become	VERB
abrj-562	162	10	dominant	dominant	ADJ
abrj-562	162	11	globally	globally	ADV
abrj-562	162	12	,	,	PUNCT
abrj-562	162	13	it	it	PRON
abrj-562	162	14	could	could	AUX
abrj-562	162	15	undermine	undermine	VERB
abrj-562	162	16	monetary	monetary	ADJ
abrj-562	162	17	sovereignty	sovereignty	NOUN
abrj-562	162	18	in	in	ADP
abrj-562	162	19	smaller	small	ADJ
abrj-562	162	20	or	or	CCONJ
abrj-562	162	21	developing	develop	VERB
abrj-562	162	22	countries	country	NOUN
abrj-562	162	23	.	.	PUNCT
abrj-562	163	1	regulatory	regulatory	ADJ
abrj-562	163	2	challenges	challenge	NOUN
abrj-562	163	3	also	also	ADV
abrj-562	163	4	persist	persist	VERB
abrj-562	163	5	.	.	PUNCT
abrj-562	164	1	the	the	DET
abrj-562	164	2	global	global	ADJ
abrj-562	164	3	spread	spread	NOUN
abrj-562	164	4	of	of	ADP
abrj-562	164	5	cbdcs	cbdc	NOUN
abrj-562	164	6	is	be	AUX
abrj-562	164	7	likely	likely	ADJ
abrj-562	164	8	to	to	PART
abrj-562	164	9	be	be	AUX
abrj-562	164	10	uneven	uneven	ADJ
abrj-562	164	11	,	,	PUNCT
abrj-562	164	12	creating	create	VERB
abrj-562	164	13	fragmented	fragmented	ADJ
abrj-562	164	14	standards	standard	NOUN
abrj-562	164	15	and	and	CCONJ
abrj-562	164	16	increasing	increase	VERB
abrj-562	164	17	risks	risk	NOUN
abrj-562	164	18	like	like	ADP
abrj-562	164	19	regulatory	regulatory	ADJ
abrj-562	164	20	arbitrage	arbitrage	NOUN
abrj-562	164	21	,	,	PUNCT
abrj-562	164	22	which	which	PRON
abrj-562	164	23	can	can	AUX
abrj-562	164	24	compromise	compromise	VERB
abrj-562	164	25	financial	financial	ADJ
abrj-562	164	26	stability	stability	NOUN
abrj-562	164	27	,	,	PUNCT
abrj-562	164	28	capital	capital	NOUN
abrj-562	164	29	controls	control	NOUN
abrj-562	164	30	,	,	PUNCT
abrj-562	164	31	and	and	CCONJ
abrj-562	164	32	anti	anti	ADJ
abrj-562	164	33	-	-	ADJ
abrj-562	164	34	money	money	ADJ
abrj-562	164	35	laundering	laundering	NOUN
abrj-562	164	36	(	(	PUNCT
abrj-562	164	37	aml	aml	NOUN
abrj-562	164	38	)	)	PUNCT
abrj-562	164	39	measures	measure	NOUN
abrj-562	164	40	.	.	PUNCT
abrj-562	165	1	policymakers	policymaker	NOUN
abrj-562	165	2	must	must	AUX
abrj-562	165	3	decide	decide	VERB
abrj-562	165	4	whether	whether	SCONJ
abrj-562	165	5	to	to	PART
abrj-562	165	6	establish	establish	VERB
abrj-562	165	7	international	international	ADJ
abrj-562	165	8	standards	standard	NOUN
abrj-562	165	9	through	through	ADP
abrj-562	165	10	global	global	ADJ
abrj-562	165	11	institutions	institution	NOUN
abrj-562	165	12	like	like	ADP
abrj-562	165	13	the	the	DET
abrj-562	165	14	imf	imf	PROPN
abrj-562	165	15	or	or	CCONJ
abrj-562	165	16	bank	bank	NOUN
abrj-562	165	17	for	for	ADP
abrj-562	165	18	international	international	ADJ
abrj-562	165	19	settlements	settlement	NOUN
abrj-562	165	20	,	,	PUNCT
abrj-562	165	21	or	or	CCONJ
abrj-562	165	22	whether	whether	SCONJ
abrj-562	165	23	regional	regional	ADJ
abrj-562	165	24	alliances	alliance	NOUN
abrj-562	165	25	with	with	ADP
abrj-562	165	26	shared	share	VERB
abrj-562	165	27	frameworks	framework	NOUN
abrj-562	165	28	are	be	AUX
abrj-562	165	29	more	more	ADV
abrj-562	165	30	practical	practical	ADJ
abrj-562	165	31	.	.	PUNCT
abrj-562	166	1	cbdcs	cbdc	NOUN
abrj-562	166	2	further	far	ADV
abrj-562	166	3	raise	raise	VERB
abrj-562	166	4	foundational	foundational	ADJ
abrj-562	166	5	legal	legal	ADJ
abrj-562	166	6	and	and	CCONJ
abrj-562	166	7	ethical	ethical	ADJ
abrj-562	166	8	questions	question	NOUN
abrj-562	166	9	,	,	PUNCT
abrj-562	166	10	particularly	particularly	ADV
abrj-562	166	11	regarding	regard	VERB
abrj-562	166	12	privacy	privacy	NOUN
abrj-562	166	13	and	and	CCONJ
abrj-562	166	14	traceability	traceability	NOUN
abrj-562	166	15	.	.	PUNCT
abrj-562	167	1	while	while	SCONJ
abrj-562	167	2	programmable	programmable	ADJ
abrj-562	167	3	cbdcs	cbdc	NOUN
abrj-562	167	4	could	could	AUX
abrj-562	167	5	effectively	effectively	ADV
abrj-562	167	6	combat	combat	VERB
abrj-562	167	7	money	money	NOUN
abrj-562	167	8	laundering	laundering	NOUN
abrj-562	167	9	or	or	CCONJ
abrj-562	167	10	terrorism	terrorism	NOUN
abrj-562	167	11	financing	financing	NOUN
abrj-562	167	12	by	by	ADP
abrj-562	167	13	allowing	allow	VERB
abrj-562	167	14	traceability	traceability	NOUN
abrj-562	167	15	,	,	PUNCT
abrj-562	167	16	they	they	PRON
abrj-562	167	17	might	might	AUX
abrj-562	167	18	also	also	ADV
abrj-562	167	19	infringe	infringe	VERB
abrj-562	167	20	on	on	ADP
abrj-562	167	21	privacy	privacy	NOUN
abrj-562	167	22	rights	right	NOUN
abrj-562	167	23	or	or	CCONJ
abrj-562	167	24	enable	enable	VERB
abrj-562	167	25	surveillance	surveillance	NOUN
abrj-562	167	26	if	if	SCONJ
abrj-562	167	27	mismanaged	mismanage	VERB
abrj-562	167	28	.	.	PUNCT
abrj-562	168	1	additionally	additionally	ADV
abrj-562	168	2	,	,	PUNCT
abrj-562	168	3	there	there	PRON
abrj-562	168	4	is	be	VERB
abrj-562	168	5	uncertainty	uncertainty	NOUN
abrj-562	168	6	about	about	ADP
abrj-562	168	7	how	how	SCONJ
abrj-562	168	8	cbdcs	cbdc	NOUN
abrj-562	168	9	should	should	AUX
abrj-562	168	10	be	be	AUX
abrj-562	168	11	legally	legally	ADV
abrj-562	168	12	categorized	categorize	VERB
abrj-562	168	13	internationally	internationally	ADV
abrj-562	168	14	—	—	PUNCT
abrj-562	168	15	are	be	AUX
abrj-562	168	16	they	they	PRON
abrj-562	168	17	digital	digital	ADJ
abrj-562	168	18	cash	cash	NOUN
abrj-562	168	19	,	,	PUNCT
abrj-562	168	20	electronic	electronic	ADJ
abrj-562	168	21	money	money	NOUN
abrj-562	168	22	,	,	PUNCT
abrj-562	168	23	or	or	CCONJ
abrj-562	168	24	a	a	DET
abrj-562	168	25	completely	completely	ADV
abrj-562	168	26	new	new	ADJ
abrj-562	168	27	type	type	NOUN
abrj-562	168	28	of	of	ADP
abrj-562	168	29	asset	asset	NOUN
abrj-562	168	30	?	?	PUNCT
abrj-562	169	1	the	the	DET
abrj-562	169	2	programmability	programmability	NOUN
abrj-562	169	3	of	of	ADP
abrj-562	169	4	cbdcs	cbdcs	PROPN
abrj-562	169	5	introduces	introduce	VERB
abrj-562	169	6	additional	additional	ADJ
abrj-562	169	7	ethical	ethical	ADJ
abrj-562	169	8	dilemmas	dilemma	NOUN
abrj-562	169	9	.	.	PUNCT
abrj-562	170	1	for	for	ADP
abrj-562	170	2	instance	instance	NOUN
abrj-562	170	3	,	,	PUNCT
abrj-562	170	4	currencies	currency	NOUN
abrj-562	170	5	could	could	AUX
abrj-562	170	6	be	be	AUX
abrj-562	170	7	programmed	program	VERB
abrj-562	170	8	to	to	PART
abrj-562	170	9	expire	expire	VERB
abrj-562	170	10	,	,	PUNCT
abrj-562	170	11	restrict	restrict	VERB
abrj-562	170	12	certain	certain	ADJ
abrj-562	170	13	purchases	purchase	NOUN
abrj-562	170	14	,	,	PUNCT
abrj-562	170	15	or	or	CCONJ
abrj-562	170	16	fluctuate	fluctuate	NOUN
abrj-562	170	17	in	in	ADP
abrj-562	170	18	value	value	NOUN
abrj-562	170	19	based	base	VERB
abrj-562	170	20	on	on	ADP
abrj-562	170	21	their	their	PRON
abrj-562	170	22	use	use	NOUN
abrj-562	170	23	.	.	PUNCT
abrj-562	171	1	while	while	SCONJ
abrj-562	171	2	these	these	DET
abrj-562	171	3	features	feature	NOUN
abrj-562	171	4	could	could	AUX
abrj-562	171	5	be	be	AUX
abrj-562	171	6	beneficial	beneficial	ADJ
abrj-562	171	7	for	for	ADP
abrj-562	171	8	targeted	target	VERB
abrj-562	171	9	economic	economic	ADJ
abrj-562	171	10	stimulus	stimulus	NOUN
abrj-562	171	11	,	,	PUNCT
abrj-562	171	12	they	they	PRON
abrj-562	171	13	also	also	ADV
abrj-562	171	14	risk	risk	VERB
abrj-562	171	15	misuse	misuse	NOUN
abrj-562	171	16	or	or	CCONJ
abrj-562	171	17	overly	overly	ADV
abrj-562	171	18	intrusive	intrusive	ADJ
abrj-562	171	19	controls	control	NOUN
abrj-562	171	20	by	by	ADP
abrj-562	171	21	authorities	authority	NOUN
abrj-562	171	22	.	.	PUNCT
abrj-562	172	1	determining	determine	VERB
abrj-562	172	2	the	the	DET
abrj-562	172	3	appropriate	appropriate	ADJ
abrj-562	172	4	governance	governance	NOUN
abrj-562	172	5	model	model	NOUN
abrj-562	172	6	for	for	ADP
abrj-562	172	7	programmable	programmable	ADJ
abrj-562	172	8	money	money	NOUN
abrj-562	172	9	remains	remain	VERB
abrj-562	172	10	an	an	DET
abrj-562	172	11	open	open	ADJ
abrj-562	172	12	question	question	NOUN
abrj-562	172	13	.	.	PUNCT
abrj-562	173	1	another	another	DET
abrj-562	173	2	key	key	ADJ
abrj-562	173	3	concern	concern	NOUN
abrj-562	173	4	is	be	AUX
abrj-562	173	5	the	the	DET
abrj-562	173	6	potential	potential	ADJ
abrj-562	173	7	impact	impact	NOUN
abrj-562	173	8	of	of	ADP
abrj-562	173	9	cbdcs	cbdc	NOUN
abrj-562	173	10	during	during	ADP
abrj-562	173	11	financial	financial	ADJ
abrj-562	173	12	crises	crisis	NOUN
abrj-562	173	13	.	.	PUNCT
abrj-562	174	1	if	if	SCONJ
abrj-562	174	2	people	people	NOUN
abrj-562	174	3	view	view	VERB
abrj-562	174	4	cbdcs	cbdc	NOUN
abrj-562	174	5	as	as	ADP
abrj-562	174	6	safer	safe	ADJ
abrj-562	174	7	than	than	ADP
abrj-562	174	8	bank	bank	NOUN
abrj-562	174	9	deposits	deposit	NOUN
abrj-562	174	10	,	,	PUNCT
abrj-562	174	11	they	they	PRON
abrj-562	174	12	might	might	AUX
abrj-562	174	13	quickly	quickly	ADV
abrj-562	174	14	withdraw	withdraw	VERB
abrj-562	174	15	funds	fund	NOUN
abrj-562	174	16	from	from	ADP
abrj-562	174	17	commercial	commercial	ADJ
abrj-562	174	18	banks	bank	NOUN
abrj-562	174	19	in	in	ADP
abrj-562	174	20	stressful	stressful	ADJ
abrj-562	174	21	times	time	NOUN
abrj-562	174	22	,	,	PUNCT
abrj-562	174	23	leading	lead	VERB
abrj-562	174	24	to	to	ADP
abrj-562	174	25	accelerated	accelerate	VERB
abrj-562	174	26	bank	bank	NOUN
abrj-562	174	27	runs	run	NOUN
abrj-562	174	28	due	due	ADP
abrj-562	174	29	to	to	ADP
abrj-562	174	30	the	the	DET
abrj-562	174	31	instantaneous	instantaneous	ADJ
abrj-562	174	32	nature	nature	NOUN
abrj-562	174	33	of	of	ADP
abrj-562	174	34	digital	digital	ADJ
abrj-562	174	35	transactions	transaction	NOUN
abrj-562	174	36	.	.	PUNCT
abrj-562	175	1	although	although	SCONJ
abrj-562	175	2	measures	measure	NOUN
abrj-562	175	3	like	like	ADP
abrj-562	175	4	transaction	transaction	NOUN
abrj-562	175	5	limits	limit	NOUN
abrj-562	175	6	or	or	CCONJ
abrj-562	175	7	withdrawal	withdrawal	NOUN
abrj-562	175	8	fees	fee	NOUN
abrj-562	175	9	could	could	AUX
abrj-562	175	10	mitigate	mitigate	VERB
abrj-562	175	11	this	this	PRON
abrj-562	175	12	,	,	PUNCT
abrj-562	175	13	their	their	PRON
abrj-562	175	14	effectiveness	effectiveness	NOUN
abrj-562	175	15	is	be	AUX
abrj-562	175	16	still	still	ADV
abrj-562	175	17	unproven	unproven	ADJ
abrj-562	175	18	.	.	PUNCT
abrj-562	176	1	cbdcs	cbdc	NOUN
abrj-562	176	2	might	might	AUX
abrj-562	176	3	also	also	ADV
abrj-562	176	4	blur	blur	VERB
abrj-562	176	5	the	the	DET
abrj-562	176	6	boundaries	boundary	NOUN
abrj-562	176	7	between	between	ADP
abrj-562	176	8	monetary	monetary	ADJ
abrj-562	176	9	and	and	CCONJ
abrj-562	176	10	fiscal	fiscal	ADJ
abrj-562	176	11	policy	policy	NOUN
abrj-562	176	12	.	.	PUNCT
abrj-562	177	1	for	for	ADP
abrj-562	177	2	example	example	NOUN
abrj-562	177	3	,	,	PUNCT
abrj-562	177	4	direct	direct	ADJ
abrj-562	177	5	distribution	distribution	NOUN
abrj-562	177	6	of	of	ADP
abrj-562	177	7	cbdcs	cbdc	NOUN
abrj-562	177	8	to	to	ADP
abrj-562	177	9	households	household	NOUN
abrj-562	177	10	during	during	ADP
abrj-562	177	11	economic	economic	ADJ
abrj-562	177	12	crises	crisis	NOUN
abrj-562	177	13	could	could	AUX
abrj-562	177	14	stabilize	stabilize	VERB
abrj-562	177	15	incomes	income	NOUN
abrj-562	177	16	but	but	CCONJ
abrj-562	177	17	raises	raise	VERB
abrj-562	177	18	questions	question	NOUN
abrj-562	177	19	about	about	ADP
abrj-562	177	20	central	central	ADJ
abrj-562	177	21	banks	bank	NOUN
abrj-562	177	22	encroaching	encroach	VERB
abrj-562	177	23	on	on	ADP
abrj-562	177	24	government	government	NOUN
abrj-562	177	25	roles	role	NOUN
abrj-562	177	26	.	.	PUNCT
abrj-562	178	1	this	this	PRON
abrj-562	178	2	could	could	AUX
abrj-562	178	3	threaten	threaten	VERB
abrj-562	178	4	central	central	ADJ
abrj-562	178	5	bank	bank	NOUN
abrj-562	178	6	independence	independence	NOUN
abrj-562	178	7	,	,	PUNCT
abrj-562	178	8	prompting	prompt	VERB
abrj-562	178	9	the	the	DET
abrj-562	178	10	need	need	NOUN
abrj-562	178	11	for	for	ADP
abrj-562	178	12	updated	update	VERB
abrj-562	178	13	legal	legal	ADJ
abrj-562	178	14	frameworks	framework	NOUN
abrj-562	178	15	and	and	CCONJ
abrj-562	178	16	clear	clear	ADJ
abrj-562	178	17	accountability	accountability	NOUN
abrj-562	178	18	standards	standard	NOUN
abrj-562	178	19	.	.	PUNCT
abrj-562	179	1	given	give	VERB
abrj-562	179	2	these	these	DET
abrj-562	179	3	complexities	complexity	NOUN
abrj-562	179	4	,	,	PUNCT
abrj-562	179	5	cbdc	cbdc	VERB
abrj-562	179	6	development	development	NOUN
abrj-562	179	7	demands	demand	VERB
abrj-562	179	8	extensive	extensive	ADJ
abrj-562	179	9	interdisciplinary	interdisciplinary	ADJ
abrj-562	179	10	research	research	NOUN
abrj-562	179	11	covering	cover	VERB
abrj-562	179	12	macroeconomics	macroeconomic	NOUN
abrj-562	179	13	,	,	PUNCT
abrj-562	179	14	legal	legal	ADJ
abrj-562	179	15	frameworks	framework	NOUN
abrj-562	179	16	,	,	PUNCT
abrj-562	179	17	cybersecurity	cybersecurity	NOUN
abrj-562	179	18	,	,	PUNCT
abrj-562	179	19	and	and	CCONJ
abrj-562	179	20	ethical	ethical	ADJ
abrj-562	179	21	considerations	consideration	NOUN
abrj-562	179	22	.	.	PUNCT
abrj-562	180	1	policymakers	policymaker	NOUN
abrj-562	180	2	must	must	AUX
abrj-562	180	3	thoughtfully	thoughtfully	ADV
abrj-562	180	4	evaluate	evaluate	VERB
abrj-562	180	5	not	not	PART
abrj-562	180	6	just	just	ADV
abrj-562	180	7	the	the	DET
abrj-562	180	8	technical	technical	ADJ
abrj-562	180	9	designs	design	NOUN
abrj-562	180	10	,	,	PUNCT
abrj-562	180	11	but	but	CCONJ
abrj-562	180	12	also	also	ADV
abrj-562	180	13	the	the	DET
abrj-562	180	14	broader	broad	ADJ
abrj-562	180	15	implications	implication	NOUN
abrj-562	180	16	for	for	ADP
abrj-562	180	17	democracy	democracy	NOUN
abrj-562	180	18	,	,	PUNCT
abrj-562	180	19	national	national	ADJ
abrj-562	180	20	sovereignty	sovereignty	NOUN
abrj-562	180	21	,	,	PUNCT
abrj-562	180	22	and	and	CCONJ
abrj-562	180	23	global	global	ADJ
abrj-562	180	24	cooperation	cooperation	NOUN
abrj-562	180	25	.	.	PUNCT
abrj-562	181	1	table	table	NOUN
abrj-562	181	2	4	4	NUM
abrj-562	181	3	.	.	PUNCT
abrj-562	182	1	open	open	ADJ
abrj-562	182	2	questions	question	NOUN
abrj-562	182	3	and	and	CCONJ
abrj-562	182	4	domain	domain	NOUN
abrj-562	182	5	of	of	ADP
abrj-562	182	6	concern	concern	NOUN
abrj-562	182	7	.	.	PUNCT
abrj-562	183	1	open	open	ADJ
abrj-562	183	2	question	question	NOUN
abrj-562	183	3	domain	domain	NOUN
abrj-562	183	4	of	of	ADP
abrj-562	183	5	concern	concern	NOUN
abrj-562	183	6	research	research	NOUN
abrj-562	183	7	/	/	SYM
abrj-562	183	8	policy	policy	NOUN
abrj-562	183	9	focus	focus	NOUN
abrj-562	183	10	how	how	SCONJ
abrj-562	183	11	will	will	AUX
abrj-562	183	12	cbdcs	cbdc	NOUN
abrj-562	183	13	affect	affect	VERB
abrj-562	183	14	traditional	traditional	ADJ
abrj-562	183	15	money	money	NOUN
abrj-562	183	16	demand	demand	NOUN
abrj-562	183	17	and	and	CCONJ
abrj-562	183	18	supply	supply	NOUN
abrj-562	183	19	mechanisms	mechanism	NOUN
abrj-562	183	20	?	?	PUNCT
abrj-562	184	1	monetary	monetary	ADJ
abrj-562	184	2	policy	policy	NOUN
abrj-562	184	3	effects	effect	NOUN
abrj-562	184	4	on	on	ADP
abrj-562	184	5	velocity	velocity	NOUN
abrj-562	184	6	,	,	PUNCT
abrj-562	184	7	central	central	ADJ
abrj-562	184	8	bank	bank	NOUN
abrj-562	184	9	reserves	reserve	NOUN
abrj-562	184	10	,	,	PUNCT
abrj-562	184	11	and	and	CCONJ
abrj-562	184	12	control	control	NOUN
abrj-562	184	13	of	of	ADP
abrj-562	184	14	money	money	NOUN
abrj-562	184	15	aggregates	aggregate	NOUN
abrj-562	184	16	will	will	AUX
abrj-562	184	17	cbdcs	cbdcs	VERB
abrj-562	184	18	weaken	weaken	VERB
abrj-562	184	19	commercial	commercial	ADJ
abrj-562	184	20	banks	bank	NOUN
abrj-562	184	21	’	'	PUNCT
abrj-562	184	22	role	role	NOUN
abrj-562	184	23	in	in	ADP
abrj-562	184	24	credit	credit	NOUN
abrj-562	184	25	creation	creation	NOUN
abrj-562	184	26	?	?	PUNCT
abrj-562	185	1	financial	financial	ADJ
abrj-562	185	2	stability	stability	NOUN
abrj-562	185	3	risk	risk	NOUN
abrj-562	185	4	of	of	ADP
abrj-562	185	5	disintermediation	disintermediation	NOUN
abrj-562	185	6	;	;	PUNCT
abrj-562	185	7	need	need	VERB
abrj-562	185	8	for	for	ADP
abrj-562	185	9	new	new	ADJ
abrj-562	185	10	financial	financial	ADJ
abrj-562	185	11	intermediation	intermediation	NOUN
abrj-562	185	12	models	model	NOUN
abrj-562	185	13	how	how	SCONJ
abrj-562	185	14	can	can	AUX
abrj-562	185	15	cbdcs	cbdcs	VERB
abrj-562	185	16	enhance	enhance	VERB
abrj-562	185	17	or	or	CCONJ
abrj-562	185	18	disrupt	disrupt	VERB
abrj-562	185	19	monetary	monetary	ADJ
abrj-562	185	20	policy	policy	NOUN
abrj-562	185	21	transmission	transmission	NOUN
abrj-562	185	22	?	?	PUNCT
abrj-562	186	1	monetary	monetary	ADJ
abrj-562	186	2	operations	operation	NOUN
abrj-562	186	3	design	design	NOUN
abrj-562	186	4	of	of	ADP
abrj-562	186	5	interest	interest	NOUN
abrj-562	186	6	-	-	PUNCT
abrj-562	186	7	bearing	bear	VERB
abrj-562	186	8	cbdcs	cbdc	NOUN
abrj-562	186	9	,	,	PUNCT
abrj-562	186	10	interaction	interaction	NOUN
abrj-562	186	11	with	with	ADP
abrj-562	186	12	policy	policy	NOUN
abrj-562	186	13	rates	rate	NOUN
abrj-562	186	14	what	what	PRON
abrj-562	186	15	happens	happen	VERB
abrj-562	186	16	during	during	ADP
abrj-562	186	17	a	a	DET
abrj-562	186	18	digital	digital	ADJ
abrj-562	186	19	bank	bank	NOUN
abrj-562	186	20	run	run	NOUN
abrj-562	186	21	?	?	PUNCT
abrj-562	187	1	crisis	crisis	NOUN
abrj-562	187	2	management	management	NOUN
abrj-562	187	3	development	development	NOUN
abrj-562	187	4	of	of	ADP
abrj-562	187	5	circuit	circuit	NOUN
abrj-562	187	6	breakers	breaker	NOUN
abrj-562	187	7	,	,	PUNCT
abrj-562	187	8	wallet	wallet	NOUN
abrj-562	187	9	limits	limit	NOUN
abrj-562	187	10	,	,	PUNCT
abrj-562	187	11	and	and	CCONJ
abrj-562	187	12	withdrawal	withdrawal	NOUN
abrj-562	187	13	controls	control	VERB
abrj-562	187	14	how	how	SCONJ
abrj-562	187	15	should	should	AUX
abrj-562	187	16	cross	cross	ADJ
abrj-562	187	17	-	-	ADJ
abrj-562	187	18	border	border	ADJ
abrj-562	187	19	cbdc	cbdc	NOUN
abrj-562	187	20	transactions	transaction	NOUN
abrj-562	187	21	be	be	AUX
abrj-562	187	22	structured	structure	VERB
abrj-562	187	23	?	?	PUNCT
abrj-562	188	1	international	international	ADJ
abrj-562	188	2	payments	payment	NOUN
abrj-562	188	3	standards	standard	NOUN
abrj-562	188	4	for	for	ADP
abrj-562	188	5	interoperability	interoperability	NOUN
abrj-562	188	6	,	,	PUNCT
abrj-562	188	7	exchange	exchange	NOUN
abrj-562	188	8	mechanisms	mechanism	NOUN
abrj-562	188	9	,	,	PUNCT
abrj-562	188	10	and	and	CCONJ
abrj-562	188	11	real	real	ADJ
abrj-562	188	12	-	-	PUNCT
abrj-562	188	13	time	time	NOUN
abrj-562	188	14	settlement	settlement	NOUN
abrj-562	188	15	frameworks	framework	NOUN
abrj-562	188	16	what	what	PRON
abrj-562	188	17	regulatory	regulatory	ADJ
abrj-562	188	18	structures	structure	NOUN
abrj-562	188	19	will	will	AUX
abrj-562	188	20	govern	govern	VERB
abrj-562	188	21	cbdc	cbdc	NOUN
abrj-562	188	22	networks	network	NOUN
abrj-562	188	23	?	?	PUNCT
abrj-562	189	1	global	global	ADJ
abrj-562	189	2	governance	governance	NOUN
abrj-562	189	3	multilateral	multilateral	ADJ
abrj-562	189	4	cooperation	cooperation	NOUN
abrj-562	189	5	,	,	PUNCT
abrj-562	189	6	regulatory	regulatory	ADJ
abrj-562	189	7	harmonization	harmonization	NOUN
abrj-562	189	8	,	,	PUNCT
abrj-562	189	9	privacy	privacy	NOUN
abrj-562	189	10	laws	law	NOUN
abrj-562	189	11	how	how	SCONJ
abrj-562	189	12	should	should	AUX
abrj-562	189	13	privacy	privacy	NOUN
abrj-562	189	14	be	be	AUX
abrj-562	189	15	balanced	balance	VERB
abrj-562	189	16	with	with	ADP
abrj-562	189	17	traceability	traceability	NOUN
abrj-562	189	18	and	and	CCONJ
abrj-562	189	19	aml	aml	NOUN
abrj-562	189	20	goals	goal	NOUN
abrj-562	189	21	?	?	PUNCT
abrj-562	190	1	legal	legal	ADJ
abrj-562	190	2	and	and	CCONJ
abrj-562	190	3	ethical	ethical	ADJ
abrj-562	190	4	frameworks	framework	NOUN
abrj-562	190	5	identity	identity	NOUN
abrj-562	190	6	protocols	protocol	NOUN
abrj-562	190	7	,	,	PUNCT
abrj-562	190	8	transaction	transaction	NOUN
abrj-562	190	9	monitoring	monitoring	NOUN
abrj-562	190	10	,	,	PUNCT
abrj-562	190	11	and	and	CCONJ
abrj-562	190	12	civil	civil	ADJ
abrj-562	190	13	liberties	liberty	NOUN
abrj-562	190	14	protection	protection	NOUN
abrj-562	190	15	can	can	AUX
abrj-562	190	16	programmable	programmable	ADJ
abrj-562	190	17	money	money	NOUN
abrj-562	190	18	be	be	AUX
abrj-562	190	19	constrained	constrain	VERB
abrj-562	190	20	to	to	PART
abrj-562	190	21	avoid	avoid	VERB
abrj-562	190	22	misuse	misuse	NOUN
abrj-562	190	23	or	or	CCONJ
abrj-562	190	24	coercion	coercion	NOUN
abrj-562	190	25	?	?	PUNCT
abrj-562	191	1	technology	technology	NOUN
abrj-562	191	2	and	and	CCONJ
abrj-562	191	3	ethics	ethic	NOUN
abrj-562	191	4	governance	governance	NOUN
abrj-562	191	5	of	of	ADP
abrj-562	191	6	smart	smart	ADJ
abrj-562	191	7	contracts	contract	NOUN
abrj-562	191	8	,	,	PUNCT
abrj-562	191	9	user	user	NOUN
abrj-562	191	10	consent	consent	NOUN
abrj-562	191	11	,	,	PUNCT
abrj-562	191	12	and	and	CCONJ
abrj-562	191	13	limits	limit	NOUN
abrj-562	191	14	on	on	ADP
abrj-562	191	15	programmability	programmability	NOUN
abrj-562	191	16	should	should	AUX
abrj-562	191	17	cbdcs	cbdcs	VERB
abrj-562	191	18	carry	carry	VERB
abrj-562	191	19	interest	interest	NOUN
abrj-562	191	20	,	,	PUNCT
abrj-562	191	21	and	and	CCONJ
abrj-562	191	22	how	how	SCONJ
abrj-562	191	23	would	would	AUX
abrj-562	191	24	that	that	PRON
abrj-562	191	25	impact	impact	VERB
abrj-562	191	26	macroeconomic	macroeconomic	ADJ
abrj-562	191	27	stability	stability	NOUN
abrj-562	191	28	?	?	PUNCT
abrj-562	192	1	monetary	monetary	ADJ
abrj-562	192	2	policy	policy	NOUN
abrj-562	192	3	design	design	NOUN
abrj-562	192	4	trade	trade	NOUN
abrj-562	192	5	-	-	PUNCT
abrj-562	192	6	offs	off	NOUN
abrj-562	192	7	between	between	ADP
abrj-562	192	8	zero	zero	NUM
abrj-562	192	9	lower	lower	ADV
abrj-562	192	10	bound	bind	VERB
abrj-562	192	11	removal	removal	NOUN
abrj-562	192	12	and	and	CCONJ
abrj-562	192	13	savings	saving	NOUN
abrj-562	192	14	incentives	incentive	VERB
abrj-562	192	15	what	what	PRON
abrj-562	192	16	is	be	AUX
abrj-562	192	17	the	the	DET
abrj-562	192	18	geopolitical	geopolitical	ADJ
abrj-562	192	19	impact	impact	NOUN
abrj-562	192	20	of	of	ADP
abrj-562	192	21	cbdc	cbdc	ADJ
abrj-562	192	22	dominance	dominance	NOUN
abrj-562	192	23	in	in	ADP
abrj-562	192	24	global	global	ADJ
abrj-562	192	25	currency	currency	NOUN
abrj-562	192	26	markets	market	NOUN
abrj-562	192	27	?	?	PUNCT
abrj-562	193	1	sovereignty	sovereignty	NOUN
abrj-562	193	2	and	and	CCONJ
abrj-562	193	3	global	global	ADJ
abrj-562	193	4	finance	finance	NOUN
abrj-562	193	5	risks	risk	NOUN
abrj-562	193	6	of	of	ADP
abrj-562	193	7	currency	currency	NOUN
abrj-562	193	8	substitution	substitution	NOUN
abrj-562	193	9	,	,	PUNCT
abrj-562	193	10	regional	regional	ADJ
abrj-562	193	11	alliances	alliance	NOUN
abrj-562	193	12	,	,	PUNCT
abrj-562	193	13	and	and	CCONJ
abrj-562	193	14	digital	digital	ADJ
abrj-562	193	15	dollar	dollar	NOUN
abrj-562	193	16	/	/	SYM
abrj-562	193	17	euro	euro	NOUN
abrj-562	193	18	/	/	SYM
abrj-562	193	19	yuan	yuan	NOUN
abrj-562	193	20	effects	effect	NOUN
abrj-562	193	21	in	in	ADP
abrj-562	193	22	short	short	ADJ
abrj-562	193	23	,	,	PUNCT
abrj-562	193	24	cbdcs	cbdc	NOUN
abrj-562	193	25	could	could	AUX
abrj-562	193	26	significantly	significantly	ADV
abrj-562	193	27	transform	transform	VERB
abrj-562	193	28	our	our	PRON
abrj-562	193	29	financial	financial	ADJ
abrj-562	193	30	systems	system	NOUN
abrj-562	193	31	,	,	PUNCT
abrj-562	193	32	but	but	CCONJ
abrj-562	193	33	they	they	PRON
abrj-562	193	34	come	come	VERB
abrj-562	193	35	with	with	ADP
abrj-562	193	36	major	major	ADJ
abrj-562	193	37	challenges	challenge	NOUN
abrj-562	193	38	.	.	PUNCT
abrj-562	194	1	success	success	NOUN
abrj-562	194	2	wo	will	AUX
abrj-562	194	3	n't	not	PART
abrj-562	194	4	just	just	ADV
abrj-562	194	5	depend	depend	VERB
abrj-562	194	6	on	on	ADP
abrj-562	194	7	technological	technological	ADJ
abrj-562	194	8	advancements	advancement	NOUN
abrj-562	194	9	—	—	PUNCT
abrj-562	194	10	it	it	PRON
abrj-562	194	11	also	also	ADV
abrj-562	194	12	requires	require	VERB
abrj-562	194	13	careful	careful	ADJ
abrj-562	194	14	governance	governance	NOUN
abrj-562	194	15	,	,	PUNCT
abrj-562	194	16	international	international	ADJ
abrj-562	194	17	cooperation	cooperation	NOUN
abrj-562	194	18	,	,	PUNCT
abrj-562	194	19	and	and	CCONJ
abrj-562	194	20	smart	smart	ADJ
abrj-562	194	21	regulation	regulation	NOUN
abrj-562	194	22	.	.	PUNCT
abrj-562	195	1	future	future	ADJ
abrj-562	195	2	research	research	NOUN
abrj-562	195	3	needs	need	VERB
abrj-562	195	4	to	to	PART
abrj-562	195	5	tackle	tackle	VERB
abrj-562	195	6	these	these	DET
abrj-562	195	7	tough	tough	ADJ
abrj-562	195	8	issues	issue	NOUN
abrj-562	195	9	head	head	NOUN
abrj-562	195	10	-	-	PUNCT
abrj-562	195	11	on	on	NOUN
abrj-562	195	12	to	to	PART
abrj-562	195	13	ensure	ensure	VERB
abrj-562	195	14	that	that	SCONJ
abrj-562	195	15	introducing	introduce	VERB
abrj-562	195	16	cbdcs	cbdc	NOUN
abrj-562	195	17	strengthens	strengthen	VERB
abrj-562	195	18	rather	rather	ADV
abrj-562	195	19	than	than	ADP
abrj-562	195	20	disrupts	disrupt	VERB
abrj-562	195	21	our	our	PRON
abrj-562	195	22	monetary	monetary	ADJ
abrj-562	195	23	and	and	CCONJ
abrj-562	195	24	financial	financial	ADJ
abrj-562	195	25	stability	stability	NOUN
abrj-562	195	26	.	.	PUNCT
abrj-562	196	1	6	6	X
abrj-562	196	2	.	.	X
abrj-562	196	3	conclusion	conclusion	NOUN
abrj-562	196	4	this	this	DET
abrj-562	196	5	paper	paper	NOUN
abrj-562	196	6	explores	explore	NOUN
abrj-562	196	7	how	how	SCONJ
abrj-562	196	8	central	central	ADJ
abrj-562	196	9	bank	bank	NOUN
abrj-562	196	10	digital	digital	ADJ
abrj-562	196	11	currencies	currency	NOUN
abrj-562	196	12	(	(	PUNCT
abrj-562	196	13	cbdcs	cbdc	NOUN
abrj-562	196	14	)	)	PUNCT
abrj-562	196	15	have	have	AUX
abrj-562	196	16	been	be	AUX
abrj-562	196	17	developing	develop	VERB
abrj-562	196	18	globally	globally	ADV
abrj-562	196	19	,	,	PUNCT
abrj-562	196	20	examining	examine	VERB
abrj-562	196	21	their	their	PRON
abrj-562	196	22	motivations	motivation	NOUN
abrj-562	196	23	,	,	PUNCT
abrj-562	196	24	design	design	NOUN
abrj-562	196	25	challenges	challenge	NOUN
abrj-562	196	26	,	,	PUNCT
abrj-562	196	27	and	and	CCONJ
abrj-562	196	28	the	the	DET
abrj-562	196	29	strategies	strategy	NOUN
abrj-562	196	30	being	be	AUX
abrj-562	196	31	adopted	adopt	VERB
abrj-562	196	32	worldwide	worldwide	ADV
abrj-562	196	33	.	.	PUNCT
abrj-562	197	1	it	it	PRON
abrj-562	197	2	provides	provide	VERB
abrj-562	197	3	a	a	DET
abrj-562	197	4	thorough	thorough	ADJ
abrj-562	197	5	look	look	NOUN
abrj-562	197	6	at	at	ADP
abrj-562	197	7	contemporary	contemporary	ADJ
abrj-562	197	8	trends	trend	NOUN
abrj-562	197	9	shaping	shape	VERB
abrj-562	197	10	digital	digital	ADJ
abrj-562	197	11	monetary	monetary	ADJ
abrj-562	197	12	innovation	innovation	NOUN
abrj-562	197	13	.	.	PUNCT
abrj-562	198	1	the	the	DET
abrj-562	198	2	findings	finding	NOUN
abrj-562	198	3	suggest	suggest	VERB
abrj-562	198	4	that	that	SCONJ
abrj-562	198	5	cbdcs	cbdc	NOUN
abrj-562	198	6	offer	offer	VERB
abrj-562	198	7	significant	significant	ADJ
abrj-562	198	8	potential	potential	ADJ
abrj-562	198	9	benefits	benefit	NOUN
abrj-562	198	10	,	,	PUNCT
abrj-562	198	11	such	such	ADJ
abrj-562	198	12	as	as	ADP
abrj-562	198	13	improving	improve	VERB
abrj-562	198	14	the	the	DET
abrj-562	198	15	effectiveness	effectiveness	NOUN
abrj-562	198	16	of	of	ADP
abrj-562	198	17	monetary	monetary	ADJ
abrj-562	198	18	policy	policy	NOUN
abrj-562	198	19	,	,	PUNCT
abrj-562	198	20	increasing	increase	VERB
abrj-562	198	21	financial	financial	ADJ
abrj-562	198	22	inclusion	inclusion	NOUN
abrj-562	198	23	,	,	PUNCT
abrj-562	198	24	and	and	CCONJ
abrj-562	198	25	enhancing	enhance	VERB
abrj-562	198	26	the	the	DET
abrj-562	198	27	efficiency	efficiency	NOUN
abrj-562	198	28	of	of	ADP
abrj-562	198	29	cross	cross	ADJ
abrj-562	198	30	-	-	ADJ
abrj-562	198	31	border	border	ADJ
abrj-562	198	32	payments	payment	NOUN
abrj-562	198	33	.	.	PUNCT
abrj-562	199	1	however	however	ADV
abrj-562	199	2	,	,	PUNCT
abrj-562	199	3	achieving	achieve	VERB
abrj-562	199	4	these	these	DET
abrj-562	199	5	benefits	benefit	NOUN
abrj-562	199	6	requires	require	VERB
abrj-562	199	7	careful	careful	ADJ
abrj-562	199	8	consideration	consideration	NOUN
abrj-562	199	9	of	of	ADP
abrj-562	199	10	technological	technological	ADJ
abrj-562	199	11	,	,	PUNCT
abrj-562	199	12	legal	legal	ADJ
abrj-562	199	13	,	,	PUNCT
abrj-562	199	14	economic	economic	ADJ
abrj-562	199	15	,	,	PUNCT
abrj-562	199	16	and	and	CCONJ
abrj-562	199	17	geopolitical	geopolitical	ADJ
abrj-562	199	18	factors	factor	NOUN
abrj-562	199	19	.	.	PUNCT
abrj-562	200	1	asian	asian	ADJ
abrj-562	200	2	business	business	PROPN
abrj-562	200	3	research	research	NOUN
abrj-562	200	4	journal	journal	NOUN
abrj-562	200	5	,	,	PUNCT
abrj-562	200	6	2025	2025	NUM
abrj-562	200	7	,	,	PUNCT
abrj-562	200	8	10(9	10(9	NUM
abrj-562	200	9	):	):	PUNCT
abrj-562	200	10	16	16	NUM
abrj-562	200	11	-	-	SYM
abrj-562	200	12	22	22	NUM
abrj-562	200	13	21	21	NUM
abrj-562	200	14	©	©	PROPN
abrj-562	200	15	2025	2025	NUM
abrj-562	200	16	by	by	ADP
abrj-562	200	17	the	the	DET
abrj-562	200	18	authors	author	NOUN
abrj-562	200	19	;	;	PUNCT
abrj-562	200	20	licensee	licensee	NOUN
abrj-562	200	21	eastern	eastern	ADJ
abrj-562	200	22	centre	centre	NOUN
abrj-562	200	23	of	of	ADP
abrj-562	200	24	science	science	NOUN
abrj-562	200	25	and	and	CCONJ
abrj-562	200	26	education	education	NOUN
abrj-562	200	27	,	,	PUNCT
abrj-562	200	28	usa	usa	PROPN
abrj-562	200	29	one	one	NUM
abrj-562	200	30	important	important	ADJ
abrj-562	200	31	conclusion	conclusion	NOUN
abrj-562	200	32	from	from	ADP
abrj-562	200	33	this	this	DET
abrj-562	200	34	research	research	NOUN
abrj-562	200	35	is	be	AUX
abrj-562	200	36	that	that	SCONJ
abrj-562	200	37	there	there	PRON
abrj-562	200	38	's	be	VERB
abrj-562	200	39	no	no	DET
abrj-562	200	40	universal	universal	ADJ
abrj-562	200	41	approach	approach	NOUN
abrj-562	200	42	to	to	ADP
abrj-562	200	43	cbdcs	cbdc	NOUN
abrj-562	200	44	;	;	PUNCT
abrj-562	200	45	each	each	DET
abrj-562	200	46	country	country	NOUN
abrj-562	200	47	's	's	PART
abrj-562	200	48	design	design	NOUN
abrj-562	200	49	and	and	CCONJ
abrj-562	200	50	implementation	implementation	NOUN
abrj-562	200	51	must	must	AUX
abrj-562	200	52	align	align	VERB
abrj-562	200	53	with	with	ADP
abrj-562	200	54	its	its	PRON
abrj-562	200	55	unique	unique	ADJ
abrj-562	200	56	institutional	institutional	ADJ
abrj-562	200	57	and	and	CCONJ
abrj-562	200	58	economic	economic	ADJ
abrj-562	200	59	conditions	condition	NOUN
abrj-562	200	60	.	.	PUNCT
abrj-562	201	1	additionally	additionally	ADV
abrj-562	201	2	,	,	PUNCT
abrj-562	201	3	cbdcs	cbdc	NOUN
abrj-562	201	4	have	have	VERB
abrj-562	201	5	the	the	DET
abrj-562	201	6	potential	potential	NOUN
abrj-562	201	7	to	to	PART
abrj-562	201	8	significantly	significantly	ADV
abrj-562	201	9	alter	alter	VERB
abrj-562	201	10	the	the	DET
abrj-562	201	11	financial	financial	ADJ
abrj-562	201	12	landscape	landscape	NOUN
abrj-562	201	13	by	by	ADP
abrj-562	201	14	transforming	transform	VERB
abrj-562	201	15	traditional	traditional	ADJ
abrj-562	201	16	banking	banking	NOUN
abrj-562	201	17	structures	structure	NOUN
abrj-562	201	18	.	.	PUNCT
abrj-562	202	1	this	this	PRON
abrj-562	202	2	raises	raise	VERB
abrj-562	202	3	critical	critical	ADJ
abrj-562	202	4	questions	question	NOUN
abrj-562	202	5	about	about	ADP
abrj-562	202	6	the	the	DET
abrj-562	202	7	future	future	ADJ
abrj-562	202	8	roles	role	NOUN
abrj-562	202	9	of	of	ADP
abrj-562	202	10	central	central	ADJ
abrj-562	202	11	banks	bank	NOUN
abrj-562	202	12	,	,	PUNCT
abrj-562	202	13	the	the	DET
abrj-562	202	14	process	process	NOUN
abrj-562	202	15	of	of	ADP
abrj-562	202	16	money	money	NOUN
abrj-562	202	17	creation	creation	NOUN
abrj-562	202	18	,	,	PUNCT
abrj-562	202	19	and	and	CCONJ
abrj-562	202	20	financial	financial	ADJ
abrj-562	202	21	intermediation	intermediation	NOUN
abrj-562	202	22	.	.	PUNCT
abrj-562	203	1	key	key	ADJ
abrj-562	203	2	technological	technological	ADJ
abrj-562	203	3	decisions	decision	NOUN
abrj-562	203	4	—	—	PUNCT
abrj-562	203	5	like	like	ADP
abrj-562	203	6	choosing	choose	VERB
abrj-562	203	7	between	between	ADP
abrj-562	203	8	centralized	centralized	ADJ
abrj-562	203	9	databases	database	NOUN
abrj-562	203	10	or	or	CCONJ
abrj-562	203	11	distributed	distribute	VERB
abrj-562	203	12	ledger	ledger	NOUN
abrj-562	203	13	technologies	technology	NOUN
abrj-562	203	14	and	and	CCONJ
abrj-562	203	15	opting	opt	VERB
abrj-562	203	16	for	for	ADP
abrj-562	203	17	token	token	NOUN
abrj-562	203	18	-	-	PUNCT
abrj-562	203	19	based	base	VERB
abrj-562	203	20	or	or	CCONJ
abrj-562	203	21	account	account	NOUN
abrj-562	203	22	-	-	PUNCT
abrj-562	203	23	based	base	VERB
abrj-562	203	24	systems	system	NOUN
abrj-562	203	25	—	—	PUNCT
abrj-562	203	26	greatly	greatly	ADV
abrj-562	203	27	impact	impact	NOUN
abrj-562	203	28	issues	issue	NOUN
abrj-562	203	29	such	such	ADJ
abrj-562	203	30	as	as	ADP
abrj-562	203	31	privacy	privacy	NOUN
abrj-562	203	32	,	,	PUNCT
abrj-562	203	33	system	system	NOUN
abrj-562	203	34	resilience	resilience	NOUN
abrj-562	203	35	,	,	PUNCT
abrj-562	203	36	and	and	CCONJ
abrj-562	203	37	interoperability	interoperability	NOUN
abrj-562	203	38	.	.	PUNCT
abrj-562	204	1	the	the	DET
abrj-562	204	2	study	study	NOUN
abrj-562	204	3	provides	provide	VERB
abrj-562	204	4	several	several	ADJ
abrj-562	204	5	policy	policy	NOUN
abrj-562	204	6	recommendations	recommendation	NOUN
abrj-562	204	7	:	:	PUNCT
abrj-562	204	8	•	•	NUM
abrj-562	204	9	developing	develop	VERB
abrj-562	204	10	clear	clear	ADJ
abrj-562	204	11	legal	legal	ADJ
abrj-562	204	12	and	and	CCONJ
abrj-562	204	13	regulatory	regulatory	ADJ
abrj-562	204	14	frameworks	framework	NOUN
abrj-562	204	15	to	to	PART
abrj-562	204	16	ensure	ensure	VERB
abrj-562	204	17	cbdc	cbdc	NOUN
abrj-562	204	18	systems	system	NOUN
abrj-562	204	19	remain	remain	VERB
abrj-562	204	20	transparent	transparent	ADJ
abrj-562	204	21	,	,	PUNCT
abrj-562	204	22	secure	secure	ADJ
abrj-562	204	23	,	,	PUNCT
abrj-562	204	24	and	and	CCONJ
abrj-562	204	25	interoperable	interoperable	ADJ
abrj-562	204	26	.	.	PUNCT
abrj-562	205	1	•	•	NUM
abrj-562	206	1	designing	design	VERB
abrj-562	206	2	cbdcs	cbdc	NOUN
abrj-562	206	3	to	to	PART
abrj-562	206	4	support	support	VERB
abrj-562	206	5	existing	exist	VERB
abrj-562	206	6	financial	financial	ADJ
abrj-562	206	7	intermediaries	intermediary	NOUN
abrj-562	206	8	,	,	PUNCT
abrj-562	206	9	preventing	prevent	VERB
abrj-562	206	10	disruptions	disruption	NOUN
abrj-562	206	11	such	such	ADJ
abrj-562	206	12	as	as	ADP
abrj-562	206	13	disintermediation	disintermediation	NOUN
abrj-562	206	14	and	and	CCONJ
abrj-562	206	15	potential	potential	ADJ
abrj-562	206	16	credit	credit	NOUN
abrj-562	206	17	contractions	contraction	NOUN
abrj-562	206	18	.	.	PUNCT
abrj-562	207	1	•	•	NUM
abrj-562	207	2	establishing	establish	VERB
abrj-562	207	3	international	international	ADJ
abrj-562	207	4	standards	standard	NOUN
abrj-562	207	5	and	and	CCONJ
abrj-562	207	6	encouraging	encourage	VERB
abrj-562	207	7	cross	cross	ADJ
abrj-562	207	8	-	-	ADJ
abrj-562	207	9	border	border	ADJ
abrj-562	207	10	cooperation	cooperation	NOUN
abrj-562	207	11	to	to	PART
abrj-562	207	12	prevent	prevent	VERB
abrj-562	207	13	market	market	NOUN
abrj-562	207	14	fragmentation	fragmentation	NOUN
abrj-562	207	15	and	and	CCONJ
abrj-562	207	16	ensure	ensure	VERB
abrj-562	207	17	global	global	ADJ
abrj-562	207	18	financial	financial	ADJ
abrj-562	207	19	stability	stability	NOUN
abrj-562	207	20	.	.	PUNCT
abrj-562	208	1	•	•	NUM
abrj-562	208	2	implementing	implement	VERB
abrj-562	208	3	layered	layered	ADJ
abrj-562	208	4	privacy	privacy	NOUN
abrj-562	208	5	and	and	CCONJ
abrj-562	208	6	identity	identity	NOUN
abrj-562	208	7	protocols	protocol	NOUN
abrj-562	208	8	that	that	PRON
abrj-562	208	9	achieve	achieve	VERB
abrj-562	208	10	a	a	DET
abrj-562	208	11	balance	balance	NOUN
abrj-562	208	12	between	between	ADP
abrj-562	208	13	user	user	NOUN
abrj-562	208	14	privacy	privacy	NOUN
abrj-562	208	15	and	and	CCONJ
abrj-562	208	16	regulatory	regulatory	ADJ
abrj-562	208	17	requirements	requirement	NOUN
abrj-562	208	18	.	.	PUNCT
abrj-562	209	1	this	this	DET
abrj-562	209	2	research	research	NOUN
abrj-562	209	3	contributes	contribute	VERB
abrj-562	209	4	to	to	ADP
abrj-562	209	5	the	the	DET
abrj-562	209	6	expanding	expand	VERB
abrj-562	209	7	discussion	discussion	NOUN
abrj-562	209	8	on	on	ADP
abrj-562	209	9	cbdcs	cbdc	NOUN
abrj-562	209	10	by	by	ADP
abrj-562	209	11	bringing	bring	VERB
abrj-562	209	12	together	together	ADV
abrj-562	209	13	various	various	ADJ
abrj-562	209	14	perspectives	perspective	NOUN
abrj-562	209	15	on	on	ADP
abrj-562	209	16	digital	digital	ADJ
abrj-562	209	17	currency	currency	NOUN
abrj-562	209	18	evolution	evolution	NOUN
abrj-562	209	19	within	within	ADP
abrj-562	209	20	the	the	DET
abrj-562	209	21	context	context	NOUN
abrj-562	209	22	of	of	ADP
abrj-562	209	23	central	central	ADJ
abrj-562	209	24	banking	banking	NOUN
abrj-562	209	25	.	.	PUNCT
abrj-562	210	1	it	it	PRON
abrj-562	210	2	emphasizes	emphasize	VERB
abrj-562	210	3	a	a	DET
abrj-562	210	4	comprehensive	comprehensive	ADJ
abrj-562	210	5	approach	approach	NOUN
abrj-562	210	6	that	that	PRON
abrj-562	210	7	integrates	integrate	VERB
abrj-562	210	8	macroeconomic	macroeconomic	ADJ
abrj-562	210	9	considerations	consideration	NOUN
abrj-562	210	10	,	,	PUNCT
abrj-562	210	11	technological	technological	ADJ
abrj-562	210	12	design	design	NOUN
abrj-562	210	13	,	,	PUNCT
abrj-562	210	14	and	and	CCONJ
abrj-562	210	15	governance	governance	NOUN
abrj-562	210	16	structures	structure	NOUN
abrj-562	210	17	.	.	PUNCT
abrj-562	211	1	looking	look	VERB
abrj-562	211	2	forward	forward	ADV
abrj-562	211	3	,	,	PUNCT
abrj-562	211	4	several	several	ADJ
abrj-562	211	5	areas	area	NOUN
abrj-562	211	6	require	require	VERB
abrj-562	211	7	further	further	ADJ
abrj-562	211	8	research	research	NOUN
abrj-562	211	9	:	:	PUNCT
abrj-562	211	10	•	•	NUM
abrj-562	211	11	empirical	empirical	ADJ
abrj-562	211	12	studies	study	NOUN
abrj-562	211	13	investigating	investigate	VERB
abrj-562	211	14	how	how	SCONJ
abrj-562	211	15	cbdcs	cbdc	NOUN
abrj-562	211	16	influence	influence	VERB
abrj-562	211	17	monetary	monetary	ADJ
abrj-562	211	18	policy	policy	NOUN
abrj-562	211	19	mechanisms	mechanism	NOUN
abrj-562	211	20	and	and	CCONJ
abrj-562	211	21	their	their	PRON
abrj-562	211	22	broader	broad	ADJ
abrj-562	211	23	macroeconomic	macroeconomic	ADJ
abrj-562	211	24	effects	effect	NOUN
abrj-562	211	25	.	.	PUNCT
abrj-562	212	1	•	•	NUM
abrj-562	212	2	legal	legal	ADJ
abrj-562	212	3	research	research	NOUN
abrj-562	212	4	exploring	explore	VERB
abrj-562	212	5	the	the	DET
abrj-562	212	6	cross	cross	ADJ
abrj-562	212	7	-	-	ADJ
abrj-562	212	8	border	border	ADJ
abrj-562	212	9	legal	legal	ADJ
abrj-562	212	10	status	status	NOUN
abrj-562	212	11	of	of	ADP
abrj-562	212	12	cbdcs	cbdc	NOUN
abrj-562	212	13	and	and	CCONJ
abrj-562	212	14	their	their	PRON
abrj-562	212	15	integration	integration	NOUN
abrj-562	212	16	into	into	ADP
abrj-562	212	17	existing	exist	VERB
abrj-562	212	18	financial	financial	ADJ
abrj-562	212	19	regulations	regulation	NOUN
abrj-562	212	20	.	.	PUNCT
abrj-562	213	1	•	•	NUM
abrj-562	213	2	interdisciplinary	interdisciplinary	NOUN
abrj-562	213	3	analyses	analysis	NOUN
abrj-562	213	4	addressing	address	VERB
abrj-562	213	5	privacy	privacy	NOUN
abrj-562	213	6	,	,	PUNCT
abrj-562	213	7	ethical	ethical	ADJ
abrj-562	213	8	considerations	consideration	NOUN
abrj-562	213	9	,	,	PUNCT
abrj-562	213	10	and	and	CCONJ
abrj-562	213	11	programmability	programmability	NOUN
abrj-562	213	12	to	to	PART
abrj-562	213	13	respond	respond	VERB
abrj-562	213	14	to	to	ADP
abrj-562	213	15	societal	societal	ADJ
abrj-562	213	16	concerns	concern	NOUN
abrj-562	213	17	regarding	regard	VERB
abrj-562	213	18	surveillance	surveillance	NOUN
abrj-562	213	19	and	and	CCONJ
abrj-562	213	20	autonomy	autonomy	NOUN
abrj-562	213	21	in	in	ADP
abrj-562	213	22	digital	digital	ADJ
abrj-562	213	23	finance	finance	NOUN
abrj-562	213	24	.	.	PUNCT
abrj-562	214	1	•	•	NUM
abrj-562	214	2	developing	develop	VERB
abrj-562	214	3	simulations	simulation	NOUN
abrj-562	214	4	and	and	CCONJ
abrj-562	214	5	stress	stress	NOUN
abrj-562	214	6	-	-	PUNCT
abrj-562	214	7	testing	testing	NOUN
abrj-562	214	8	models	model	NOUN
abrj-562	214	9	to	to	PART
abrj-562	214	10	assess	assess	VERB
abrj-562	214	11	cbdc	cbdc	NOUN
abrj-562	214	12	performance	performance	NOUN
abrj-562	214	13	under	under	ADP
abrj-562	214	14	crisis	crisis	NOUN
abrj-562	214	15	scenarios	scenario	NOUN
abrj-562	214	16	,	,	PUNCT
abrj-562	214	17	including	include	VERB
abrj-562	214	18	digital	digital	ADJ
abrj-562	214	19	bank	bank	NOUN
abrj-562	214	20	runs	run	NOUN
abrj-562	214	21	and	and	CCONJ
abrj-562	214	22	geopolitical	geopolitical	ADJ
abrj-562	214	23	tensions	tension	NOUN
abrj-562	214	24	.	.	PUNCT
abrj-562	215	1	ultimately	ultimately	ADV
abrj-562	215	2	,	,	PUNCT
abrj-562	215	3	while	while	SCONJ
abrj-562	215	4	cbdcs	cbdc	NOUN
abrj-562	215	5	hold	hold	VERB
abrj-562	215	6	transformative	transformative	ADJ
abrj-562	215	7	potential	potential	NOUN
abrj-562	215	8	to	to	PART
abrj-562	215	9	modernize	modernize	VERB
abrj-562	215	10	public	public	ADJ
abrj-562	215	11	monetary	monetary	ADJ
abrj-562	215	12	systems	system	NOUN
abrj-562	215	13	for	for	ADP
abrj-562	215	14	a	a	DET
abrj-562	215	15	digital	digital	ADJ
abrj-562	215	16	future	future	NOUN
abrj-562	215	17	,	,	PUNCT
abrj-562	215	18	their	their	PRON
abrj-562	215	19	success	success	NOUN
abrj-562	215	20	depends	depend	VERB
abrj-562	215	21	heavily	heavily	ADV
abrj-562	215	22	on	on	ADP
abrj-562	215	23	how	how	SCONJ
abrj-562	215	24	effectively	effectively	ADV
abrj-562	215	25	central	central	ADJ
abrj-562	215	26	banks	bank	NOUN
abrj-562	215	27	,	,	PUNCT
abrj-562	215	28	governments	government	NOUN
abrj-562	215	29	,	,	PUNCT
abrj-562	215	30	and	and	CCONJ
abrj-562	215	31	international	international	ADJ
abrj-562	215	32	organizations	organization	NOUN
abrj-562	215	33	manage	manage	VERB
abrj-562	215	34	the	the	DET
abrj-562	215	35	delicate	delicate	ADJ
abrj-562	215	36	balance	balance	NOUN
abrj-562	215	37	between	between	ADP
abrj-562	215	38	innovation	innovation	NOUN
abrj-562	215	39	,	,	PUNCT
abrj-562	215	40	stability	stability	NOUN
abrj-562	215	41	,	,	PUNCT
abrj-562	215	42	and	and	CCONJ
abrj-562	215	43	national	national	ADJ
abrj-562	215	44	sovereignty	sovereignty	NOUN
abrj-562	215	45	.	.	PUNCT
abrj-562	216	1	references	reference	NOUN
abrj-562	216	2	assenmacher	assenmacher	PROPN
abrj-562	216	3	,	,	PUNCT
abrj-562	216	4	k.	k.	PROPN
abrj-562	216	5	(	(	PUNCT
abrj-562	216	6	2020	2020	NUM
abrj-562	216	7	)	)	PUNCT
abrj-562	216	8	.	.	PUNCT
abrj-562	217	1	monetary	monetary	ADJ
abrj-562	217	2	policy	policy	NOUN
abrj-562	217	3	implications	implication	NOUN
abrj-562	217	4	of	of	ADP
abrj-562	217	5	digital	digital	ADJ
abrj-562	217	6	currencies	currency	NOUN
abrj-562	217	7	(	(	PUNCT
abrj-562	217	8	suerf	suerf	NOUN
abrj-562	217	9	policy	policy	NOUN
abrj-562	217	10	note	note	NOUN
abrj-562	217	11	no	no	INTJ
abrj-562	217	12	.	.	NOUN
abrj-562	217	13	165	165	NUM
abrj-562	217	14	)	)	PUNCT
abrj-562	217	15	.	.	PUNCT
abrj-562	218	1	suerf	suerf	VERB
abrj-562	218	2	–	–	PUNCT
abrj-562	218	3	the	the	DET
abrj-562	218	4	european	european	ADJ
abrj-562	218	5	money	money	NOUN
abrj-562	218	6	and	and	CCONJ
abrj-562	218	7	finance	finance	PROPN
abrj-562	218	8	forum	forum	PROPN
abrj-562	218	9	.	.	PUNCT
abrj-562	219	1	baltgailis	baltgailis	PROPN
abrj-562	219	2	,	,	PUNCT
abrj-562	219	3	j.	j.	PROPN
abrj-562	219	4	,	,	PUNCT
abrj-562	219	5	meņšikovs	meņšikovs	PROPN
abrj-562	219	6	,	,	PUNCT
abrj-562	219	7	v.	v.	ADV
abrj-562	219	8	,	,	PUNCT
abrj-562	219	9	&	&	CCONJ
abrj-562	219	10	šipilova	šipilova	X
abrj-562	219	11	,	,	PUNCT
abrj-562	219	12	v.	v.	PROPN
abrj-562	219	13	(	(	PUNCT
abrj-562	219	14	2024	2024	NUM
abrj-562	219	15	)	)	PUNCT
abrj-562	219	16	.	.	PUNCT
abrj-562	220	1	reasons	reason	NOUN
abrj-562	220	2	and	and	CCONJ
abrj-562	220	3	macroeconomic	macroeconomic	ADJ
abrj-562	220	4	aspects	aspect	NOUN
abrj-562	220	5	of	of	ADP
abrj-562	220	6	the	the	DET
abrj-562	220	7	introduction	introduction	NOUN
abrj-562	220	8	of	of	ADP
abrj-562	220	9	the	the	DET
abrj-562	220	10	digital	digital	ADJ
abrj-562	220	11	currency	currency	NOUN
abrj-562	220	12	of	of	ADP
abrj-562	220	13	central	central	ADJ
abrj-562	220	14	banks	bank	NOUN
abrj-562	220	15	.	.	PUNCT
abrj-562	221	1	social	social	ADJ
abrj-562	221	2	sciences	sciences	PROPN
abrj-562	221	3	bulletin	bulletin	NOUN
abrj-562	221	4	,	,	PUNCT
abrj-562	221	5	38(1	38(1	NUM
abrj-562	221	6	)	)	PUNCT
abrj-562	221	7	,	,	PUNCT
abrj-562	221	8	7–18	7–18	NUM
abrj-562	221	9	.	.	PUNCT
abrj-562	222	1	bordo	bordo	PROPN
abrj-562	222	2	,	,	PUNCT
abrj-562	222	3	m.	m.	NOUN
abrj-562	222	4	d.	d.	PROPN
abrj-562	222	5	,	,	PUNCT
abrj-562	222	6	&	&	CCONJ
abrj-562	222	7	levin	levin	PROPN
abrj-562	222	8	,	,	PUNCT
abrj-562	222	9	a.	a.	NOUN
abrj-562	222	10	t.	t.	PROPN
abrj-562	222	11	(	(	PUNCT
abrj-562	222	12	2021	2021	NUM
abrj-562	222	13	)	)	PUNCT
abrj-562	222	14	.	.	PUNCT
abrj-562	223	1	central	central	PROPN
abrj-562	223	2	bank	bank	PROPN
abrj-562	223	3	digital	digital	ADJ
abrj-562	223	4	currency	currency	NOUN
abrj-562	223	5	and	and	CCONJ
abrj-562	223	6	the	the	DET
abrj-562	223	7	future	future	NOUN
abrj-562	223	8	of	of	ADP
abrj-562	223	9	monetary	monetary	ADJ
abrj-562	223	10	policy	policy	NOUN
abrj-562	223	11	.	.	PUNCT
abrj-562	224	1	in	in	ADP
abrj-562	224	2	j.	j.	PROPN
abrj-562	224	3	h.	h.	PROPN
abrj-562	224	4	cochrane	cochrane	PROPN
abrj-562	224	5	(	(	PUNCT
abrj-562	224	6	ed	ed	NOUN
abrj-562	224	7	.	.	PUNCT
abrj-562	224	8	)	)	PUNCT
abrj-562	224	9	,	,	PUNCT
abrj-562	224	10	monetary	monetary	ADJ
abrj-562	224	11	policy	policy	NOUN
abrj-562	224	12	and	and	CCONJ
abrj-562	224	13	payments	payment	NOUN
abrj-562	224	14	(	(	PUNCT
abrj-562	224	15	pp	pp	ADJ
abrj-562	224	16	.	.	PUNCT
abrj-562	225	1	xx	xx	NUM
abrj-562	225	2	–	–	PUNCT
abrj-562	225	3	xx	xx	NUM
abrj-562	225	4	)	)	PUNCT
abrj-562	225	5	.	.	PUNCT
abrj-562	226	1	[	[	X
abrj-562	226	2	publisher	publisher	NOUN
abrj-562	226	3	info	info	NOUN
abrj-562	226	4	needed	need	VERB
abrj-562	226	5	]	]	PUNCT
abrj-562	226	6	.	.	PUNCT
abrj-562	227	1	ceylan	ceylan	PROPN
abrj-562	227	2	,	,	PUNCT
abrj-562	227	3	f.	f.	PROPN
abrj-562	227	4	(	(	PUNCT
abrj-562	227	5	2024	2024	NUM
abrj-562	227	6	)	)	PUNCT
abrj-562	227	7	.	.	PUNCT
abrj-562	228	1	a	a	DET
abrj-562	228	2	review	review	NOUN
abrj-562	228	3	of	of	ADP
abrj-562	228	4	central	central	ADJ
abrj-562	228	5	bank	bank	PROPN
abrj-562	228	6	digital	digital	ADJ
abrj-562	228	7	currency	currency	NOUN
abrj-562	228	8	:	:	PUNCT
abrj-562	228	9	current	current	ADJ
abrj-562	228	10	status	status	NOUN
abrj-562	228	11	and	and	CCONJ
abrj-562	228	12	changing	change	VERB
abrj-562	228	13	trends	trend	NOUN
abrj-562	228	14	.	.	PUNCT
abrj-562	229	1	i̇zmir	i̇zmir	PROPN
abrj-562	229	2	journal	journal	PROPN
abrj-562	229	3	of	of	ADP
abrj-562	229	4	economics	economic	NOUN
abrj-562	229	5	,	,	PUNCT
abrj-562	229	6	39(2	39(2	NUM
abrj-562	229	7	)	)	PUNCT
abrj-562	229	8	,	,	PUNCT
abrj-562	229	9	568–589	568–589	NUM
abrj-562	229	10	.	.	PUNCT
abrj-562	230	1	https://doi.org/10.24988/ije.1422562	https://doi.org/10.24988/ije.1422562	PROPN
abrj-562	230	2	chambers	chamber	NOUN
abrj-562	230	3	,	,	PUNCT
abrj-562	230	4	j.	j.	PROPN
abrj-562	230	5	(	(	PUNCT
abrj-562	230	6	2025	2025	NUM
abrj-562	230	7	,	,	PUNCT
abrj-562	230	8	february	february	PROPN
abrj-562	230	9	6	6	NUM
abrj-562	230	10	)	)	PUNCT
abrj-562	230	11	.	.	PUNCT
abrj-562	231	1	even	even	ADV
abrj-562	231	2	central	central	ADJ
abrj-562	231	3	banks	bank	NOUN
abrj-562	231	4	are	be	AUX
abrj-562	231	5	losing	lose	VERB
abrj-562	231	6	faith	faith	NOUN
abrj-562	231	7	in	in	ADP
abrj-562	231	8	cbdcs	cbdc	NOUN
abrj-562	231	9	.	.	PUNCT
abrj-562	232	1	financial	financial	ADJ
abrj-562	232	2	times	time	NOUN
abrj-562	232	3	.	.	PUNCT
abrj-562	233	1	https://www.ft.com/content/e50d0d40a670-4ee7-b734-5f0ee3375aeb	https://www.ft.com/content/e50d0d40a670-4ee7-b734-5f0ee3375aeb	NOUN
abrj-562	233	2	chia	chia	NOUN
abrj-562	233	3	,	,	PUNCT
abrj-562	233	4	c.	c.	PROPN
abrj-562	233	5	(	(	PUNCT
abrj-562	233	6	2024	2024	NUM
abrj-562	233	7	)	)	PUNCT
abrj-562	233	8	.	.	PUNCT
abrj-562	234	1	technology	technology	NOUN
abrj-562	234	2	and	and	CCONJ
abrj-562	234	3	monetary	monetary	ADJ
abrj-562	234	4	sovereignty	sovereignty	NOUN
abrj-562	234	5	:	:	PUNCT
abrj-562	234	6	understanding	understand	VERB
abrj-562	234	7	motivations	motivation	NOUN
abrj-562	234	8	for	for	ADP
abrj-562	234	9	central	central	ADJ
abrj-562	234	10	bank	bank	NOUN
abrj-562	234	11	digital	digital	ADJ
abrj-562	234	12	currencies	currency	NOUN
abrj-562	234	13	.	.	PUNCT
abrj-562	235	1	competition	competition	NOUN
abrj-562	235	2	and	and	CCONJ
abrj-562	235	3	change	change	NOUN
abrj-562	235	4	.	.	PUNCT
abrj-562	236	1	https://doi.org/10.1177/10245294241257168	https://doi.org/10.1177/10245294241257168	NOUN
abrj-562	236	2	conlon	conlon	PROPN
abrj-562	236	3	,	,	PUNCT
abrj-562	236	4	t.	t.	PROPN
abrj-562	236	5	,	,	PUNCT
abrj-562	236	6	corbet	corbet	PROPN
abrj-562	236	7	,	,	PUNCT
abrj-562	236	8	s.	s.	PROPN
abrj-562	236	9	,	,	PUNCT
abrj-562	236	10	hou	hou	PROPN
abrj-562	236	11	,	,	PUNCT
abrj-562	236	12	y.	y.	PROPN
abrj-562	236	13	,	,	PUNCT
abrj-562	236	14	hu	hu	PROPN
abrj-562	236	15	,	,	PUNCT
abrj-562	236	16	y.	y.	PROPN
abrj-562	236	17	,	,	PUNCT
abrj-562	236	18	larkin	larkin	PROPN
abrj-562	236	19	,	,	PUNCT
abrj-562	236	20	c.	c.	PROPN
abrj-562	236	21	,	,	PUNCT
abrj-562	236	22	&	&	CCONJ
abrj-562	236	23	oxley	oxley	PROPN
abrj-562	236	24	,	,	PUNCT
abrj-562	236	25	l.	l.	PROPN
abrj-562	236	26	(	(	PUNCT
abrj-562	236	27	2024	2024	NUM
abrj-562	236	28	)	)	PUNCT
abrj-562	236	29	.	.	PUNCT
abrj-562	237	1	understanding	understand	VERB
abrj-562	237	2	sentiment	sentiment	NOUN
abrj-562	237	3	shifts	shift	NOUN
abrj-562	237	4	in	in	ADP
abrj-562	237	5	central	central	ADJ
abrj-562	237	6	bank	bank	NOUN
abrj-562	237	7	digital	digital	ADJ
abrj-562	237	8	currencies	currency	NOUN
abrj-562	237	9	.	.	PUNCT
abrj-562	238	1	journal	journal	NOUN
abrj-562	238	2	of	of	ADP
abrj-562	238	3	behavioral	behavioral	ADJ
abrj-562	238	4	and	and	CCONJ
abrj-562	238	5	experimental	experimental	ADJ
abrj-562	238	6	finance	finance	NOUN
abrj-562	238	7	,	,	PUNCT
abrj-562	238	8	44	44	NUM
abrj-562	238	9	,	,	PUNCT
abrj-562	238	10	100988	100988	NUM
abrj-562	238	11	.	.	PUNCT
abrj-562	239	1	https://doi.org/10.1016/j.jbef.2024.100988	https://doi.org/10.1016/j.jbef.2024.100988	PROPN
abrj-562	239	2	das	das	PROPN
abrj-562	239	3	,	,	PUNCT
abrj-562	239	4	m.	m.	NOUN
abrj-562	239	5	m.	m.	NOUN
abrj-562	239	6	,	,	PUNCT
abrj-562	239	7	griffoli	griffoli	PROPN
abrj-562	239	8	,	,	PUNCT
abrj-562	239	9	m.	m.	NOUN
abrj-562	239	10	t.	t.	PROPN
abrj-562	239	11	m.	m.	PROPN
abrj-562	239	12	,	,	PUNCT
abrj-562	239	13	nakamura	nakamura	PROPN
abrj-562	239	14	,	,	PUNCT
abrj-562	239	15	f.	f.	PROPN
abrj-562	239	16	,	,	PUNCT
abrj-562	239	17	otten	otten	PROPN
abrj-562	239	18	,	,	PUNCT
abrj-562	239	19	m.	m.	NOUN
abrj-562	239	20	j.	j.	PROPN
abrj-562	239	21	,	,	PUNCT
abrj-562	239	22	soderberg	soderberg	PROPN
abrj-562	239	23	,	,	PUNCT
abrj-562	239	24	g.	g.	PROPN
abrj-562	239	25	,	,	PUNCT
abrj-562	239	26	sole	sole	NOUN
abrj-562	239	27	,	,	PUNCT
abrj-562	239	28	m.	m.	NOUN
abrj-562	239	29	j.	j.	PROPN
abrj-562	239	30	,	,	PUNCT
abrj-562	239	31	&	&	CCONJ
abrj-562	239	32	tan	tan	PROPN
abrj-562	239	33	,	,	PUNCT
abrj-562	239	34	b.	b.	PROPN
abrj-562	239	35	(	(	PUNCT
abrj-562	239	36	2023	2023	NUM
abrj-562	239	37	)	)	PUNCT
abrj-562	239	38	.	.	PUNCT
abrj-562	240	1	implications	implication	NOUN
abrj-562	240	2	of	of	ADP
abrj-562	240	3	central	central	ADJ
abrj-562	240	4	bank	bank	NOUN
abrj-562	240	5	digital	digital	ADJ
abrj-562	240	6	currencies	currency	NOUN
abrj-562	240	7	for	for	ADP
abrj-562	240	8	monetary	monetary	ADJ
abrj-562	240	9	policy	policy	NOUN
abrj-562	240	10	transmission	transmission	NOUN
abrj-562	240	11	(	(	PUNCT
abrj-562	240	12	imf	imf	PROPN
abrj-562	240	13	fintech	fintech	NOUN
abrj-562	240	14	note	note	NOUN
abrj-562	240	15	2023/010	2023/010	NUM
abrj-562	240	16	)	)	PUNCT
abrj-562	240	17	.	.	PUNCT
abrj-562	241	1	international	international	ADJ
abrj-562	241	2	monetary	monetary	ADJ
abrj-562	241	3	fund	fund	PROPN
abrj-562	241	4	.	.	PUNCT
abrj-562	242	1	di	di	PROPN
abrj-562	242	2	iorio	iorio	PROPN
abrj-562	242	3	,	,	PUNCT
abrj-562	242	4	a.	a.	NOUN
abrj-562	242	5	,	,	PUNCT
abrj-562	242	6	kosse	kosse	NOUN
abrj-562	242	7	,	,	PUNCT
abrj-562	242	8	a.	a.	NOUN
abrj-562	242	9	,	,	PUNCT
abrj-562	242	10	&	&	CCONJ
abrj-562	242	11	mattei	mattei	PROPN
abrj-562	242	12	,	,	PUNCT
abrj-562	242	13	i.	i.	PROPN
abrj-562	242	14	(	(	PUNCT
abrj-562	242	15	2024	2024	NUM
abrj-562	242	16	)	)	PUNCT
abrj-562	242	17	.	.	PUNCT
abrj-562	243	1	embracing	embrace	VERB
abrj-562	243	2	diversity	diversity	NOUN
abrj-562	243	3	,	,	PUNCT
abrj-562	243	4	advancing	advance	VERB
abrj-562	243	5	together	together	ADV
abrj-562	243	6	:	:	PUNCT
abrj-562	243	7	results	result	NOUN
abrj-562	243	8	of	of	ADP
abrj-562	243	9	the	the	DET
abrj-562	243	10	2023	2023	NUM
abrj-562	243	11	bis	bis	ADJ
abrj-562	243	12	survey	survey	NOUN
abrj-562	243	13	on	on	ADP
abrj-562	243	14	central	central	ADJ
abrj-562	243	15	bank	bank	NOUN
abrj-562	243	16	digital	digital	ADJ
abrj-562	243	17	currencies	currency	NOUN
abrj-562	243	18	and	and	CCONJ
abrj-562	243	19	crypto	crypto	NOUN
abrj-562	243	20	.	.	PUNCT
abrj-562	244	1	bank	bank	PROPN
abrj-562	244	2	for	for	ADP
abrj-562	244	3	international	international	ADJ
abrj-562	244	4	settlements	settlement	NOUN
abrj-562	244	5	.	.	PUNCT
abrj-562	245	1	dionysopoulos	dionysopoulos	PROPN
abrj-562	245	2	,	,	PUNCT
abrj-562	245	3	l.	l.	PROPN
abrj-562	245	4	,	,	PUNCT
abrj-562	245	5	marra	marra	PROPN
abrj-562	245	6	,	,	PUNCT
abrj-562	245	7	m.	m.	NOUN
abrj-562	245	8	,	,	PUNCT
abrj-562	245	9	&	&	CCONJ
abrj-562	245	10	urquhart	urquhart	PROPN
abrj-562	245	11	,	,	PUNCT
abrj-562	245	12	a.	a.	NOUN
abrj-562	245	13	(	(	PUNCT
abrj-562	245	14	2024	2024	NUM
abrj-562	245	15	)	)	PUNCT
abrj-562	245	16	.	.	PUNCT
abrj-562	246	1	central	central	PROPN
abrj-562	246	2	bank	bank	PROPN
abrj-562	246	3	digital	digital	ADJ
abrj-562	246	4	currencies	currency	NOUN
abrj-562	246	5	:	:	PUNCT
abrj-562	246	6	a	a	DET
abrj-562	246	7	critical	critical	ADJ
abrj-562	246	8	review	review	NOUN
abrj-562	246	9	.	.	PUNCT
abrj-562	247	1	international	international	ADJ
abrj-562	247	2	review	review	NOUN
abrj-562	247	3	of	of	ADP
abrj-562	247	4	financial	financial	ADJ
abrj-562	247	5	analysis	analysis	NOUN
abrj-562	247	6	,	,	PUNCT
abrj-562	247	7	91	91	NUM
abrj-562	247	8	,	,	PUNCT
abrj-562	247	9	103031	103031	NUM
abrj-562	247	10	.	.	PUNCT
abrj-562	248	1	https://doi.org/10.1016/j.irfa.2024.103031	https://doi.org/10.1016/j.irfa.2024.103031	PROPN
abrj-562	248	2	genc	genc	PROPN
abrj-562	248	3	,	,	PUNCT
abrj-562	248	4	h.	h.	PROPN
abrj-562	248	5	o.	o.	PROPN
abrj-562	248	6	,	,	PUNCT
abrj-562	248	7	&	&	CCONJ
abrj-562	248	8	takagi	takagi	PROPN
abrj-562	248	9	,	,	PUNCT
abrj-562	248	10	s.	s.	PROPN
abrj-562	248	11	(	(	PUNCT
abrj-562	248	12	2024	2024	NUM
abrj-562	248	13	)	)	PUNCT
abrj-562	248	14	.	.	PUNCT
abrj-562	249	1	a	a	DET
abrj-562	249	2	literature	literature	NOUN
abrj-562	249	3	review	review	NOUN
abrj-562	249	4	on	on	ADP
abrj-562	249	5	the	the	DET
abrj-562	249	6	design	design	NOUN
abrj-562	249	7	and	and	CCONJ
abrj-562	249	8	implementation	implementation	NOUN
abrj-562	249	9	of	of	ADP
abrj-562	249	10	central	central	ADJ
abrj-562	249	11	bank	bank	NOUN
abrj-562	249	12	digital	digital	ADJ
abrj-562	249	13	currencies	currency	NOUN
abrj-562	249	14	.	.	PUNCT
abrj-562	250	1	international	international	ADJ
abrj-562	250	2	journal	journal	PROPN
abrj-562	250	3	of	of	ADP
abrj-562	250	4	economic	economic	ADJ
abrj-562	250	5	policy	policy	NOUN
abrj-562	250	6	studies	study	NOUN
abrj-562	250	7	,	,	PUNCT
abrj-562	250	8	18(1	18(1	NOUN
abrj-562	250	9	)	)	PUNCT
abrj-562	250	10	,	,	PUNCT
abrj-562	250	11	197–225	197–225	NUM
abrj-562	250	12	.	.	PUNCT
abrj-562	251	1	https://doi.org/10.1007/s42495-023-00099-2	https://doi.org/10.1007/s42495-023-00099-2	NUM
abrj-562	252	1	van	van	PROPN
abrj-562	252	2	ginneken	ginneken	PROPN
abrj-562	252	3	,	,	PUNCT
abrj-562	252	4	c.	c.	PROPN
abrj-562	252	5	l.	l.	PROPN
abrj-562	252	6	(	(	PUNCT
abrj-562	252	7	2019	2019	NUM
abrj-562	252	8	)	)	PUNCT
abrj-562	252	9	.	.	PUNCT
abrj-562	253	1	settlement	settlement	NOUN
abrj-562	253	2	of	of	ADP
abrj-562	253	3	cross	cross	ADJ
abrj-562	253	4	-	-	ADJ
abrj-562	253	5	border	border	ADJ
abrj-562	253	6	transactions	transaction	NOUN
abrj-562	253	7	through	through	ADP
abrj-562	253	8	central	central	ADJ
abrj-562	253	9	bank	bank	NOUN
abrj-562	253	10	digital	digital	ADJ
abrj-562	253	11	currency	currency	NOUN
abrj-562	253	12	:	:	PUNCT
abrj-562	253	13	analysis	analysis	NOUN
abrj-562	253	14	from	from	ADP
abrj-562	253	15	a	a	DET
abrj-562	253	16	risk	risk	NOUN
abrj-562	253	17	management	management	NOUN
abrj-562	253	18	perspective	perspective	NOUN
abrj-562	253	19	(	(	PUNCT
abrj-562	253	20	master	master	NOUN
abrj-562	253	21	’s	’s	PART
abrj-562	253	22	thesis	thesis	NOUN
abrj-562	253	23	)	)	PUNCT
abrj-562	253	24	.	.	PUNCT
abrj-562	254	1	university	university	PROPN
abrj-562	254	2	of	of	ADP
abrj-562	254	3	twente	twente	PROPN
abrj-562	254	4	.	.	PUNCT
abrj-562	255	1	gupta	gupta	PROPN
abrj-562	255	2	,	,	PUNCT
abrj-562	255	3	a.	a.	NOUN
abrj-562	255	4	(	(	PUNCT
abrj-562	255	5	2024	2024	NUM
abrj-562	255	6	)	)	PUNCT
abrj-562	255	7	.	.	PUNCT
abrj-562	256	1	implementation	implementation	NOUN
abrj-562	256	2	challenges	challenge	NOUN
abrj-562	256	3	of	of	ADP
abrj-562	256	4	central	central	ADJ
abrj-562	256	5	bank	bank	NOUN
abrj-562	256	6	digital	digital	ADJ
abrj-562	256	7	currency	currency	NOUN
abrj-562	256	8	.	.	PUNCT
abrj-562	257	1	brookings	brookings	PROPN
abrj-562	257	2	institution	institution	NOUN
abrj-562	257	3	.	.	PUNCT
abrj-562	258	1	https://www.brookings.edu/articles/implementation-challenges-of-central-bank-digital-currency	https://www.brookings.edu/articles/implementation-challenges-of-central-bank-digital-currency	NOUN
abrj-562	258	2	he	he	PRON
abrj-562	258	3	,	,	PUNCT
abrj-562	258	4	c.	c.	PROPN
abrj-562	258	5	,	,	PUNCT
abrj-562	258	6	milne	milne	PROPN
abrj-562	258	7	,	,	PUNCT
abrj-562	258	8	a.	a.	PROPN
abrj-562	258	9	,	,	PUNCT
abrj-562	258	10	&	&	CCONJ
abrj-562	258	11	zachariadis	zachariadis	PROPN
abrj-562	258	12	,	,	PUNCT
abrj-562	258	13	m.	m.	NOUN
abrj-562	258	14	(	(	PUNCT
abrj-562	258	15	2022	2022	NUM
abrj-562	258	16	)	)	PUNCT
abrj-562	258	17	.	.	PUNCT
abrj-562	259	1	central	central	PROPN
abrj-562	259	2	bank	bank	PROPN
abrj-562	259	3	digital	digital	ADJ
abrj-562	259	4	currencies	currency	NOUN
abrj-562	259	5	and	and	CCONJ
abrj-562	259	6	international	international	ADJ
abrj-562	259	7	payments	payment	NOUN
abrj-562	259	8	(	(	PUNCT
abrj-562	259	9	swift	swift	PROPN
abrj-562	259	10	institute	institute	NOUN
abrj-562	259	11	working	working	PROPN
abrj-562	259	12	paper	paper	PROPN
abrj-562	259	13	no	no	INTJ
abrj-562	259	14	.	.	PUNCT
abrj-562	259	15	2020	2020	NUM
abrj-562	259	16	-	-	SYM
abrj-562	259	17	002	002	NUM
abrj-562	259	18	)	)	PUNCT
abrj-562	259	19	.	.	PUNCT
abrj-562	260	1	ssrn	ssrn	PROPN
abrj-562	260	2	.	.	PUNCT
abrj-562	261	1	https://ssrn.com/abstract=4112382	https://ssrn.com/abstract=4112382	PROPN
abrj-562	261	2	hilpert	hilpert	NOUN
abrj-562	261	3	,	,	PUNCT
abrj-562	261	4	h.	h.	PROPN
abrj-562	261	5	g.	g.	PROPN
abrj-562	261	6	,	,	PUNCT
abrj-562	261	7	&	&	CCONJ
abrj-562	261	8	tokarski	tokarski	PROPN
abrj-562	261	9	,	,	PUNCT
abrj-562	261	10	p.	p.	NOUN
abrj-562	261	11	(	(	PUNCT
abrj-562	261	12	2024	2024	NUM
abrj-562	261	13	)	)	PUNCT
abrj-562	261	14	.	.	PUNCT
abrj-562	262	1	the	the	DET
abrj-562	262	2	digitalisation	digitalisation	NOUN
abrj-562	262	3	of	of	ADP
abrj-562	262	4	central	central	ADJ
abrj-562	262	5	bank	bank	NOUN
abrj-562	262	6	money	money	NOUN
abrj-562	262	7	:	:	PUNCT
abrj-562	262	8	china	china	PROPN
abrj-562	262	9	advances	advance	VERB
abrj-562	262	10	while	while	SCONJ
abrj-562	262	11	europe	europe	PROPN
abrj-562	262	12	hesitates	hesitate	VERB
abrj-562	262	13	(	(	PUNCT
abrj-562	262	14	swp	swp	PROPN
abrj-562	262	15	comment	comment	NOUN
abrj-562	262	16	48	48	NUM
abrj-562	262	17	)	)	PUNCT
abrj-562	262	18	.	.	PUNCT
abrj-562	263	1	stiftung	stiftung	PROPN
abrj-562	263	2	wissenschaft	wissenschaft	PROPN
abrj-562	263	3	und	und	PROPN
abrj-562	263	4	politik	politik	PROPN
abrj-562	263	5	.	.	PUNCT
abrj-562	264	1	international	international	ADJ
abrj-562	264	2	monetary	monetary	ADJ
abrj-562	264	3	fund	fund	NOUN
abrj-562	264	4	(	(	PUNCT
abrj-562	264	5	imf	imf	PROPN
abrj-562	264	6	)	)	PUNCT
abrj-562	264	7	.	.	PUNCT
abrj-562	265	1	(	(	PUNCT
abrj-562	265	2	2024	2024	NUM
abrj-562	265	3	)	)	PUNCT
abrj-562	265	4	.	.	PUNCT
abrj-562	266	1	virtual	virtual	ADJ
abrj-562	266	2	handbook	handbook	NOUN
abrj-562	266	3	on	on	ADP
abrj-562	266	4	central	central	ADJ
abrj-562	266	5	bank	bank	NOUN
abrj-562	266	6	digital	digital	ADJ
abrj-562	266	7	currency	currency	NOUN
abrj-562	266	8	.	.	PUNCT
abrj-562	267	1	https://www.imf.org/en/topics/digital-moneyand-fintech/central-bank-digital-currency/virtual-handbook	https://www.imf.org/en/topics/digital-moneyand-fintech/central-bank-digital-currency/virtual-handbook	PROPN
abrj-562	267	2	iqbal	iqbal	PROPN
abrj-562	267	3	,	,	PUNCT
abrj-562	267	4	f.	f.	PROPN
abrj-562	267	5	,	,	PUNCT
abrj-562	267	6	anwar	anwar	PROPN
abrj-562	267	7	,	,	PUNCT
abrj-562	267	8	s.	s.	PROPN
abrj-562	267	9	,	,	PUNCT
abrj-562	267	10	ali	ali	PROPN
abrj-562	267	11	,	,	PUNCT
abrj-562	267	12	s.	s.	PROPN
abrj-562	267	13	,	,	PUNCT
abrj-562	267	14	&	&	CCONJ
abrj-562	267	15	nadeem	nadeem	PROPN
abrj-562	267	16	,	,	PUNCT
abrj-562	267	17	a.	a.	NOUN
abrj-562	267	18	m.	m.	NOUN
abrj-562	267	19	(	(	PUNCT
abrj-562	267	20	2024	2024	NUM
abrj-562	267	21	)	)	PUNCT
abrj-562	267	22	.	.	PUNCT
abrj-562	268	1	the	the	DET
abrj-562	268	2	dual	dual	ADJ
abrj-562	268	3	impact	impact	NOUN
abrj-562	268	4	of	of	ADP
abrj-562	268	5	digital	digital	ADJ
abrj-562	268	6	currencies	currency	NOUN
abrj-562	268	7	on	on	ADP
abrj-562	268	8	economy	economy	NOUN
abrj-562	268	9	and	and	CCONJ
abrj-562	268	10	environment	environment	NOUN
abrj-562	268	11	:	:	PUNCT
abrj-562	268	12	insights	insight	NOUN
abrj-562	268	13	into	into	ADP
abrj-562	268	14	the	the	DET
abrj-562	268	15	role	role	NOUN
abrj-562	268	16	of	of	ADP
abrj-562	268	17	monetary	monetary	ADJ
abrj-562	268	18	control	control	NOUN
abrj-562	268	19	.	.	PUNCT
abrj-562	269	1	international	international	ADJ
abrj-562	269	2	journal	journal	PROPN
abrj-562	269	3	of	of	ADP
abrj-562	269	4	business	business	NOUN
abrj-562	269	5	and	and	CCONJ
abrj-562	269	6	economic	economic	ADJ
abrj-562	269	7	affairs	affair	NOUN
abrj-562	269	8	,	,	PUNCT
abrj-562	269	9	9(4	9(4	NUM
abrj-562	269	10	)	)	PUNCT
abrj-562	269	11	,	,	PUNCT
abrj-562	269	12	22–44	22–44	NUM
abrj-562	269	13	.	.	PUNCT
abrj-562	270	1	koparan	koparan	PROPN
abrj-562	270	2	,	,	PUNCT
abrj-562	270	3	a.	a.	NOUN
abrj-562	270	4	(	(	PUNCT
abrj-562	270	5	2025	2025	NUM
abrj-562	270	6	)	)	PUNCT
abrj-562	270	7	.	.	PUNCT
abrj-562	271	1	central	central	PROPN
abrj-562	271	2	bank	bank	PROPN
abrj-562	271	3	digital	digital	ADJ
abrj-562	271	4	currencies	currency	NOUN
abrj-562	271	5	:	:	PUNCT
abrj-562	271	6	a	a	DET
abrj-562	271	7	review	review	NOUN
abrj-562	271	8	of	of	ADP
abrj-562	271	9	global	global	ADJ
abrj-562	271	10	trends	trend	NOUN
abrj-562	271	11	in	in	ADP
abrj-562	271	12	adoption	adoption	NOUN
abrj-562	271	13	,	,	PUNCT
abrj-562	271	14	financial	financial	ADJ
abrj-562	271	15	inclusion	inclusion	NOUN
abrj-562	271	16	,	,	PUNCT
abrj-562	271	17	and	and	CCONJ
abrj-562	271	18	the	the	DET
abrj-562	271	19	role	role	NOUN
abrj-562	271	20	of	of	ADP
abrj-562	271	21	country	country	NOUN
abrj-562	271	22	characteristics	characteristic	NOUN
abrj-562	271	23	.	.	PUNCT
abrj-562	272	1	investment	investment	NOUN
abrj-562	272	2	management	management	NOUN
abrj-562	272	3	and	and	CCONJ
abrj-562	272	4	financial	financial	ADJ
abrj-562	272	5	innovations	innovation	NOUN
abrj-562	272	6	,	,	PUNCT
abrj-562	272	7	22(1	22(1	NUM
abrj-562	272	8	)	)	PUNCT
abrj-562	272	9	,	,	PUNCT
abrj-562	272	10	107–121	107–121	NUM
abrj-562	272	11	.	.	PUNCT
abrj-562	273	1	https://doi.org/10.21511/imfi.22(1).2025.09	https://doi.org/10.21511/imfi.22(1).2025.09	PROPN
abrj-562	273	2	kunaratskul	kunaratskul	PROPN
abrj-562	273	3	,	,	PUNCT
abrj-562	273	4	t.	t.	PROPN
abrj-562	273	5	,	,	PUNCT
abrj-562	273	6	reslow	reslow	NOUN
abrj-562	273	7	,	,	PUNCT
abrj-562	273	8	a.	a.	NOUN
abrj-562	273	9	,	,	PUNCT
abrj-562	273	10	&	&	CCONJ
abrj-562	273	11	singh	singh	PROPN
abrj-562	273	12	,	,	PUNCT
abrj-562	273	13	m.	m.	NOUN
abrj-562	273	14	(	(	PUNCT
abrj-562	273	15	2024	2024	NUM
abrj-562	273	16	)	)	PUNCT
abrj-562	273	17	.	.	PUNCT
abrj-562	274	1	implications	implication	NOUN
abrj-562	274	2	of	of	ADP
abrj-562	274	3	central	central	ADJ
abrj-562	274	4	bank	bank	NOUN
abrj-562	274	5	digital	digital	ADJ
abrj-562	274	6	currency	currency	NOUN
abrj-562	274	7	for	for	ADP
abrj-562	274	8	monetary	monetary	ADJ
abrj-562	274	9	operations	operation	NOUN
abrj-562	274	10	(	(	PUNCT
abrj-562	274	11	imf	imf	PROPN
abrj-562	274	12	fintech	fintech	NOUN
abrj-562	274	13	note	note	NOUN
abrj-562	274	14	2024/007	2024/007	NUM
abrj-562	274	15	)	)	PUNCT
abrj-562	274	16	.	.	PUNCT
abrj-562	275	1	international	international	ADJ
abrj-562	275	2	monetary	monetary	ADJ
abrj-562	275	3	fund	fund	PROPN
abrj-562	275	4	.	.	PUNCT
abrj-562	276	1	kunaratskul	kunaratskul	PROPN
abrj-562	276	2	,	,	PUNCT
abrj-562	276	3	t.	t.	PROPN
abrj-562	276	4	,	,	PUNCT
abrj-562	276	5	shang	shang	PROPN
abrj-562	276	6	,	,	PUNCT
abrj-562	276	7	q.	q.	PROPN
abrj-562	276	8	,	,	PUNCT
abrj-562	276	9	daseman	daseman	PROPN
abrj-562	276	10	,	,	PUNCT
abrj-562	276	11	a.	a.	PROPN
abrj-562	276	12	d.	d.	PROPN
abrj-562	276	13	,	,	PUNCT
abrj-562	276	14	solomon	solomon	PROPN
abrj-562	276	15	,	,	PUNCT
abrj-562	276	16	f.	f.	PROPN
abrj-562	276	17	,	,	PUNCT
abrj-562	276	18	budau	budau	VERB
abrj-562	276	19	,	,	PUNCT
abrj-562	276	20	v.	v.	ADV
abrj-562	276	21	,	,	PUNCT
abrj-562	276	22	chacon	chacon	PROPN
abrj-562	276	23	rey	rey	PROPN
abrj-562	276	24	,	,	PUNCT
abrj-562	276	25	m.	m.	PROPN
abrj-562	276	26	f.	f.	PROPN
abrj-562	276	27	,	,	PUNCT
abrj-562	276	28	&	&	CCONJ
abrj-562	276	29	claussen	claussen	PROPN
abrj-562	276	30	,	,	PUNCT
abrj-562	276	31	c.-a	c.-a	PROPN
abrj-562	276	32	.	.	PUNCT
abrj-562	277	1	(	(	PUNCT
abrj-562	277	2	2024	2024	NUM
abrj-562	277	3	)	)	PUNCT
abrj-562	277	4	.	.	PUNCT
abrj-562	278	1	namibia	namibia	PROPN
abrj-562	278	2	:	:	PUNCT
abrj-562	278	3	technical	technical	ADJ
abrj-562	278	4	assistance	assistance	NOUN
abrj-562	278	5	report	report	NOUN
abrj-562	278	6	—	—	PUNCT
abrj-562	278	7	retail	retail	ADJ
abrj-562	278	8	central	central	ADJ
abrj-562	278	9	bank	bank	PROPN
abrj-562	278	10	digital	digital	ADJ
abrj-562	278	11	currency	currency	NOUN
abrj-562	278	12	exploration	exploration	NOUN
abrj-562	278	13	and	and	CCONJ
abrj-562	278	14	roadmap	roadmap	NOUN
abrj-562	278	15	.	.	PUNCT
abrj-562	279	1	international	international	ADJ
abrj-562	279	2	monetary	monetary	ADJ
abrj-562	279	3	fund	fund	NOUN
abrj-562	279	4	.	.	PUNCT
abrj-562	280	1	ledger	ledger	NOUN
abrj-562	280	2	insights	insight	NOUN
abrj-562	280	3	.	.	PUNCT
abrj-562	281	1	(	(	PUNCT
abrj-562	281	2	2024	2024	NUM
abrj-562	281	3	,	,	PUNCT
abrj-562	281	4	january	january	PROPN
abrj-562	281	5	10	10	NUM
abrj-562	281	6	)	)	PUNCT
abrj-562	281	7	.	.	PUNCT
abrj-562	282	1	bahamas	bahama	NOUN
abrj-562	282	2	sand	sand	NOUN
abrj-562	282	3	dollar	dollar	NOUN
abrj-562	282	4	cbdc	cbdc	NOUN
abrj-562	282	5	has	have	VERB
abrj-562	282	6	$	$	SYM
abrj-562	282	7	2.1	2.1	NUM
abrj-562	282	8	m	m	NOUN
abrj-562	282	9	in	in	ADP
abrj-562	282	10	circulation	circulation	NOUN
abrj-562	282	11	after	after	ADP
abrj-562	282	12	3	3	NUM
abrj-562	282	13	years	year	NOUN
abrj-562	282	14	.	.	PUNCT
abrj-562	283	1	ledger	ledger	NOUN
abrj-562	283	2	insights	insight	NOUN
abrj-562	283	3	.	.	PUNCT
abrj-562	284	1	https://www.ledgerinsights.com/bahamas-sand-dollar-cbdc-has-2-1m-in-circulation-after-3-years	https://www.ledgerinsights.com/bahamas-sand-dollar-cbdc-has-2-1m-in-circulation-after-3-years	PROPN
abrj-562	284	2	lee	lee	PROPN
abrj-562	284	3	,	,	PUNCT
abrj-562	284	4	d.	d.	PROPN
abrj-562	284	5	k.	k.	PROPN
abrj-562	284	6	c.	c.	PROPN
abrj-562	284	7	,	,	PUNCT
abrj-562	284	8	shih	shih	PROPN
abrj-562	284	9	,	,	PUNCT
abrj-562	284	10	c.	c.	PROPN
abrj-562	284	11	m.	m.	NOUN
abrj-562	284	12	,	,	PUNCT
abrj-562	284	13	&	&	CCONJ
abrj-562	284	14	zheng	zheng	PROPN
abrj-562	284	15	,	,	PUNCT
abrj-562	284	16	j.	j.	PROPN
abrj-562	284	17	(	(	PUNCT
abrj-562	284	18	2023	2023	NUM
abrj-562	284	19	)	)	PUNCT
abrj-562	284	20	.	.	PUNCT
abrj-562	285	1	asian	asian	ADJ
abrj-562	285	2	cbdcs	cbdc	NOUN
abrj-562	285	3	on	on	ADP
abrj-562	285	4	the	the	DET
abrj-562	285	5	rise	rise	NOUN
abrj-562	285	6	:	:	PUNCT
abrj-562	285	7	an	an	DET
abrj-562	285	8	in	in	ADP
abrj-562	285	9	-	-	PUNCT
abrj-562	285	10	depth	depth	NOUN
abrj-562	285	11	analysis	analysis	NOUN
abrj-562	285	12	of	of	ADP
abrj-562	285	13	developments	development	NOUN
abrj-562	285	14	and	and	CCONJ
abrj-562	285	15	implications	implication	NOUN
abrj-562	285	16	.	.	PUNCT
abrj-562	286	1	quantitative	quantitative	ADJ
abrj-562	286	2	finance	finance	NOUN
abrj-562	286	3	and	and	CCONJ
abrj-562	286	4	economics	economic	NOUN
abrj-562	286	5	,	,	PUNCT
abrj-562	286	6	7(4	7(4	NUM
abrj-562	286	7	)	)	PUNCT
abrj-562	286	8	,	,	PUNCT
abrj-562	286	9	665–696	665–696	NUM
abrj-562	286	10	.	.	PUNCT
abrj-562	287	1	https://doi.org/10.3934/qfe.2023032	https://doi.org/10.3934/qfe.2023032	PRON
abrj-562	287	2	https://doi.org/10.24988/ije.1422562	https://doi.org/10.24988/ije.1422562	PROPN
abrj-562	287	3	https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb	https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb	NOUN
abrj-562	287	4	https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb	https://www.ft.com/content/e50d0d40-a670-4ee7-b734-5f0ee3375aeb	NOUN
abrj-562	287	5	https://doi.org/10.1177/10245294241257168	https://doi.org/10.1177/10245294241257168	NOUN
abrj-562	287	6	https://ssrn.com/abstract=4112382	https://ssrn.com/abstract=4112382	PROPN
abrj-562	287	7	https://www.imf.org/en/topics/digital-money-and-fintech/central-bank-digital-currency/virtual-handbook	https://www.imf.org/en/topics/digital-money-and-fintech/central-bank-digital-currency/virtual-handbook	NOUN
abrj-562	287	8	https://www.imf.org/en/topics/digital-money-and-fintech/central-bank-digital-currency/virtual-handbook	https://www.imf.org/en/topics/digital-money-and-fintech/central-bank-digital-currency/virtual-handbook	NOUN
abrj-562	287	9	https://doi.org/10.21511/imfi.22(1).2025.09	https://doi.org/10.21511/imfi.22(1).2025.09	VERB
abrj-562	287	10	https://www.ledgerinsights.com/bahamas-sand-dollar-cbdc-has-2-1m-in-circulation-after-3-years	https://www.ledgerinsights.com/bahamas-sand-dollar-cbdc-has-2-1m-in-circulation-after-3-year	NOUN
abrj-562	287	11	https://doi.org/10.3934/qfe.2023032	https://doi.org/10.3934/qfe.2023032	PRON
abrj-562	287	12	asian	asian	ADJ
abrj-562	287	13	business	business	NOUN
abrj-562	287	14	research	research	NOUN
abrj-562	287	15	journal	journal	NOUN
abrj-562	287	16	,	,	PUNCT
abrj-562	287	17	2025	2025	NUM
abrj-562	287	18	,	,	PUNCT
abrj-562	287	19	10(9	10(9	NUM
abrj-562	287	20	):	):	PUNCT
abrj-562	287	21	16	16	NUM
abrj-562	287	22	-	-	SYM
abrj-562	287	23	22	22	NUM
abrj-562	287	24	22	22	NUM
abrj-562	287	25	©	©	ADP
abrj-562	287	26	2025	2025	NUM
abrj-562	287	27	by	by	ADP
abrj-562	287	28	the	the	DET
abrj-562	287	29	authors	author	NOUN
abrj-562	287	30	;	;	PUNCT
abrj-562	287	31	licensee	licensee	NOUN
abrj-562	287	32	eastern	eastern	ADJ
abrj-562	287	33	centre	centre	NOUN
abrj-562	287	34	of	of	ADP
abrj-562	287	35	science	science	NOUN
abrj-562	287	36	and	and	CCONJ
abrj-562	287	37	education	education	NOUN
abrj-562	287	38	,	,	PUNCT
abrj-562	287	39	usa	usa	PROPN
abrj-562	287	40	liu	liu	PROPN
abrj-562	287	41	,	,	PUNCT
abrj-562	287	42	g.	g.	PROPN
abrj-562	287	43	(	(	PUNCT
abrj-562	287	44	2024	2024	NUM
abrj-562	287	45	)	)	PUNCT
abrj-562	287	46	.	.	PUNCT
abrj-562	288	1	the	the	DET
abrj-562	288	2	development	development	NOUN
abrj-562	288	3	of	of	ADP
abrj-562	288	4	blockchain	blockchain	PROPN
abrj-562	288	5	-	-	PUNCT
abrj-562	288	6	based	base	VERB
abrj-562	288	7	digital	digital	ADJ
abrj-562	288	8	currencies	currency	NOUN
abrj-562	288	9	and	and	CCONJ
abrj-562	288	10	their	their	PRON
abrj-562	288	11	impact	impact	NOUN
abrj-562	288	12	on	on	ADP
abrj-562	288	13	the	the	DET
abrj-562	288	14	global	global	ADJ
abrj-562	288	15	financial	financial	ADJ
abrj-562	288	16	system	system	NOUN
abrj-562	288	17	.	.	PUNCT
abrj-562	289	1	open	open	ADJ
abrj-562	289	2	journal	journal	NOUN
abrj-562	289	3	of	of	ADP
abrj-562	289	4	social	social	ADJ
abrj-562	289	5	sciences	science	NOUN
abrj-562	289	6	,	,	PUNCT
abrj-562	289	7	12(10	12(10	NUM
abrj-562	289	8	)	)	PUNCT
abrj-562	289	9	,	,	PUNCT
abrj-562	289	10	227–238	227–238	NUM
abrj-562	289	11	.	.	PUNCT
abrj-562	290	1	https://doi.org/10.4236/jss.2024.1210017	https://doi.org/10.4236/jss.2024.1210017	PROPN
abrj-562	290	2	mayer	mayer	PROPN
abrj-562	290	3	,	,	PUNCT
abrj-562	290	4	j.	j.	PROPN
abrj-562	290	5	(	(	PUNCT
abrj-562	290	6	2024	2024	NUM
abrj-562	290	7	)	)	PUNCT
abrj-562	290	8	.	.	PUNCT
abrj-562	291	1	de	de	NOUN
abrj-562	291	2	-	-	NOUN
abrj-562	291	3	dollarization	dollarization	NOUN
abrj-562	291	4	:	:	PUNCT
abrj-562	291	5	the	the	DET
abrj-562	291	6	global	global	ADJ
abrj-562	291	7	payment	payment	NOUN
abrj-562	291	8	infrastructure	infrastructure	NOUN
abrj-562	291	9	and	and	CCONJ
abrj-562	291	10	wholesale	wholesale	ADJ
abrj-562	291	11	central	central	ADJ
abrj-562	291	12	bank	bank	NOUN
abrj-562	291	13	digital	digital	ADJ
abrj-562	291	14	currencies	currency	NOUN
abrj-562	291	15	(	(	PUNCT
abrj-562	291	16	fmm	fmm	PROPN
abrj-562	291	17	working	working	PROPN
abrj-562	291	18	paper	paper	PROPN
abrj-562	291	19	no	no	INTJ
abrj-562	291	20	.	.	NOUN
abrj-562	291	21	102	102	NUM
abrj-562	291	22	)	)	PUNCT
abrj-562	291	23	.	.	PUNCT
abrj-562	292	1	hans	hans	PROPN
abrj-562	292	2	-	-	PUNCT
abrj-562	292	3	böckler	böckler	NOUN
abrj-562	292	4	-	-	PUNCT
abrj-562	292	5	stiftung	stiftung	ADJ
abrj-562	292	6	,	,	PUNCT
abrj-562	292	7	macroeconomic	macroeconomic	ADJ
abrj-562	292	8	policy	policy	NOUN
abrj-562	292	9	institute	institute	PROPN
abrj-562	292	10	(	(	PUNCT
abrj-562	292	11	imk	imk	PROPN
abrj-562	292	12	)	)	PUNCT
abrj-562	292	13	.	.	PUNCT
abrj-562	293	1	https://hdl.handle.net/10419/297865	https://hdl.handle.net/10419/297865	ADJ
abrj-562	293	2	mu	mu	PROPN
abrj-562	293	3	,	,	PUNCT
abrj-562	293	4	y.	y.	PROPN
abrj-562	293	5	,	,	PUNCT
abrj-562	293	6	&	&	CCONJ
abrj-562	293	7	mu	mu	PROPN
abrj-562	293	8	,	,	PUNCT
abrj-562	293	9	a.	a.	NOUN
abrj-562	293	10	(	(	PUNCT
abrj-562	293	11	2022	2022	NUM
abrj-562	293	12	)	)	PUNCT
abrj-562	293	13	.	.	PUNCT
abrj-562	294	1	cbdc	cbdc	PROPN
abrj-562	294	2	:	:	PUNCT
abrj-562	294	3	concepts	concept	NOUN
abrj-562	294	4	,	,	PUNCT
abrj-562	294	5	benefits	benefit	NOUN
abrj-562	294	6	,	,	PUNCT
abrj-562	294	7	risks	risk	NOUN
abrj-562	294	8	,	,	PUNCT
abrj-562	294	9	design	design	NOUN
abrj-562	294	10	,	,	PUNCT
abrj-562	294	11	and	and	CCONJ
abrj-562	294	12	implications	implication	NOUN
abrj-562	294	13	.	.	PUNCT
abrj-562	295	1	ssrn	ssrn	PROPN
abrj-562	295	2	.	.	PUNCT
abrj-562	296	1	https://ssrn.com/abstract=4234876	https://ssrn.com/abstract=4234876	NOUN
abrj-562	296	2	ozili	ozili	NOUN
abrj-562	296	3	,	,	PUNCT
abrj-562	296	4	p.	p.	PROPN
abrj-562	296	5	k.	k.	PROPN
abrj-562	296	6	(	(	PUNCT
abrj-562	296	7	2025	2025	NUM
abrj-562	296	8	)	)	PUNCT
abrj-562	296	9	.	.	PUNCT
abrj-562	297	1	how	how	SCONJ
abrj-562	297	2	politics	politic	NOUN
abrj-562	297	3	hinder	hinder	VERB
abrj-562	297	4	central	central	PROPN
abrj-562	297	5	bank	bank	PROPN
abrj-562	297	6	digital	digital	ADJ
abrj-562	297	7	currency	currency	NOUN
abrj-562	297	8	(	(	PUNCT
abrj-562	297	9	cbdc	cbdc	NOUN
abrj-562	297	10	)	)	PUNCT
abrj-562	297	11	development	development	NOUN
abrj-562	297	12	and	and	CCONJ
abrj-562	297	13	what	what	PRON
abrj-562	297	14	to	to	PART
abrj-562	297	15	do	do	VERB
abrj-562	297	16	about	about	ADP
abrj-562	297	17	it	it	PRON
abrj-562	297	18	.	.	PUNCT
abrj-562	298	1	journal	journal	NOUN
abrj-562	298	2	of	of	ADP
abrj-562	298	3	central	central	ADJ
abrj-562	298	4	banking	banking	NOUN
abrj-562	298	5	theory	theory	NOUN
abrj-562	298	6	and	and	CCONJ
abrj-562	298	7	practice	practice	NOUN
abrj-562	298	8	,	,	PUNCT
abrj-562	298	9	1	1	NUM
abrj-562	298	10	,	,	PUNCT
abrj-562	298	11	59–74	59–74	NUM
abrj-562	298	12	.	.	PUNCT
abrj-562	299	1	https://doi.org/10.2478/jcbtp-2025-0004	https://doi.org/10.2478/jcbtp-2025-0004	PROPN
abrj-562	299	2	pastor	pastor	NOUN
abrj-562	299	3	sempere	sempere	NOUN
abrj-562	299	4	,	,	PUNCT
abrj-562	299	5	c.	c.	PROPN
abrj-562	299	6	(	(	PUNCT
abrj-562	299	7	2025	2025	NUM
abrj-562	299	8	)	)	PUNCT
abrj-562	299	9	.	.	PUNCT
abrj-562	300	1	the	the	DET
abrj-562	300	2	legal	legal	ADJ
abrj-562	300	3	framework	framework	NOUN
abrj-562	300	4	for	for	ADP
abrj-562	300	5	new	new	ADJ
abrj-562	300	6	digital	digital	ADJ
abrj-562	300	7	assets	asset	NOUN
abrj-562	300	8	,	,	PUNCT
abrj-562	300	9	identities	identity	NOUN
abrj-562	300	10	,	,	PUNCT
abrj-562	300	11	and	and	CCONJ
abrj-562	300	12	data	datum	NOUN
abrj-562	300	13	spaces	space	NOUN
abrj-562	300	14	:	:	PUNCT
abrj-562	300	15	introduction	introduction	NOUN
abrj-562	300	16	.	.	PUNCT
abrj-562	301	1	in	in	ADP
abrj-562	301	2	governance	governance	NOUN
abrj-562	301	3	and	and	CCONJ
abrj-562	301	4	control	control	NOUN
abrj-562	301	5	of	of	ADP
abrj-562	301	6	data	datum	NOUN
abrj-562	301	7	and	and	CCONJ
abrj-562	301	8	digital	digital	ADJ
abrj-562	301	9	economy	economy	NOUN
abrj-562	301	10	in	in	ADP
abrj-562	301	11	the	the	DET
abrj-562	301	12	european	european	ADJ
abrj-562	301	13	single	single	ADJ
abrj-562	301	14	market	market	NOUN
abrj-562	301	15	:	:	PUNCT
abrj-562	301	16	legal	legal	ADJ
abrj-562	301	17	framework	framework	NOUN
abrj-562	301	18	for	for	ADP
abrj-562	301	19	new	new	ADJ
abrj-562	301	20	digital	digital	ADJ
abrj-562	301	21	assets	asset	NOUN
abrj-562	301	22	,	,	PUNCT
abrj-562	301	23	identities	identity	NOUN
abrj-562	301	24	and	and	CCONJ
abrj-562	301	25	data	datum	NOUN
abrj-562	301	26	spaces	space	NOUN
abrj-562	301	27	(	(	PUNCT
abrj-562	301	28	pp	pp	ADJ
abrj-562	301	29	.	.	PUNCT
abrj-562	301	30	3–21	3–21	NUM
abrj-562	301	31	)	)	PUNCT
abrj-562	301	32	.	.	PUNCT
abrj-562	302	1	springer	springer	PROPN
abrj-562	302	2	nature	nature	PROPN
abrj-562	302	3	switzerland	switzerland	PROPN
abrj-562	302	4	.	.	PUNCT
abrj-562	303	1	https://doi.org/10.1007/978-3-031-56379-3_1	https://doi.org/10.1007/978-3-031-56379-3_1	PROPN
abrj-562	303	2	reuters	reuters	PROPN
abrj-562	303	3	.	.	PUNCT
abrj-562	304	1	(	(	PUNCT
abrj-562	304	2	2024	2024	NUM
abrj-562	304	3	,	,	PUNCT
abrj-562	304	4	september	september	PROPN
abrj-562	304	5	17	17	NUM
abrj-562	304	6	)	)	PUNCT
abrj-562	304	7	.	.	PUNCT
abrj-562	305	1	central	central	PROPN
abrj-562	305	2	bank	bank	PROPN
abrj-562	305	3	digital	digital	ADJ
abrj-562	305	4	currency	currency	NOUN
abrj-562	305	5	momentum	momentum	NOUN
abrj-562	305	6	growing	grow	VERB
abrj-562	305	7	,	,	PUNCT
abrj-562	305	8	study	study	NOUN
abrj-562	305	9	shows	show	NOUN
abrj-562	305	10	.	.	PUNCT
abrj-562	306	1	reuters	reuter	NOUN
abrj-562	306	2	.	.	PUNCT
abrj-562	307	1	https://www.reuters.com/markets/currencies/central-bank-digital-currency-momentum-growing-study-shows-2024-09-17	https://www.reuters.com/markets/currencies/central-bank-digital-currency-momentum-growing-study-shows-2024-09-17	PROPN
abrj-562	307	2	sanz	sanz	PROPN
abrj-562	307	3	bayón	bayón	PROPN
abrj-562	307	4	,	,	PUNCT
abrj-562	307	5	p.	p.	NOUN
abrj-562	307	6	(	(	PUNCT
abrj-562	307	7	2025	2025	NUM
abrj-562	307	8	)	)	PUNCT
abrj-562	307	9	.	.	PUNCT
abrj-562	308	1	current	current	ADJ
abrj-562	308	2	and	and	CCONJ
abrj-562	308	3	future	future	ADJ
abrj-562	308	4	central	central	ADJ
abrj-562	308	5	bank	bank	NOUN
abrj-562	308	6	digital	digital	ADJ
abrj-562	308	7	currency	currency	NOUN
abrj-562	308	8	(	(	PUNCT
abrj-562	308	9	cbdc	cbdc	NOUN
abrj-562	308	10	)	)	PUNCT
abrj-562	308	11	projects	project	NOUN
abrj-562	308	12	.	.	PUNCT
abrj-562	309	1	in	in	ADP
abrj-562	309	2	governance	governance	NOUN
abrj-562	309	3	and	and	CCONJ
abrj-562	309	4	control	control	NOUN
abrj-562	309	5	of	of	ADP
abrj-562	309	6	data	datum	NOUN
abrj-562	309	7	and	and	CCONJ
abrj-562	309	8	digital	digital	ADJ
abrj-562	309	9	economy	economy	NOUN
abrj-562	309	10	in	in	ADP
abrj-562	309	11	the	the	DET
abrj-562	309	12	european	european	ADJ
abrj-562	309	13	single	single	ADJ
abrj-562	309	14	market	market	NOUN
abrj-562	309	15	:	:	PUNCT
abrj-562	309	16	legal	legal	ADJ
abrj-562	309	17	framework	framework	NOUN
abrj-562	309	18	for	for	ADP
abrj-562	309	19	new	new	ADJ
abrj-562	309	20	digital	digital	ADJ
abrj-562	309	21	assets	asset	NOUN
abrj-562	309	22	,	,	PUNCT
abrj-562	309	23	identities	identity	NOUN
abrj-562	309	24	and	and	CCONJ
abrj-562	309	25	data	datum	NOUN
abrj-562	309	26	spaces	space	NOUN
abrj-562	309	27	(	(	PUNCT
abrj-562	309	28	pp	pp	ADJ
abrj-562	309	29	.	.	PUNCT
abrj-562	310	1	309–347	309–347	NUM
abrj-562	310	2	)	)	PUNCT
abrj-562	310	3	.	.	PUNCT
abrj-562	311	1	springer	springer	PROPN
abrj-562	311	2	nature	nature	PROPN
abrj-562	311	3	switzerland	switzerland	PROPN
abrj-562	311	4	.	.	PUNCT
abrj-562	312	1	https://doi.org/10.1007/978-3-031-56379-3_14	https://doi.org/10.1007/978-3-031-56379-3_14	NOUN
abrj-562	312	2	shafranova	shafranova	PROPN
abrj-562	312	3	,	,	PUNCT
abrj-562	312	4	k.	k.	PROPN
abrj-562	312	5	,	,	PUNCT
abrj-562	312	6	navolska	navolska	NOUN
abrj-562	312	7	,	,	PUNCT
abrj-562	312	8	n.	n.	NOUN
abrj-562	312	9	,	,	PUNCT
abrj-562	312	10	&	&	CCONJ
abrj-562	312	11	koldovskyi	koldovskyi	PROPN
abrj-562	312	12	,	,	PUNCT
abrj-562	312	13	a.	a.	NOUN
abrj-562	312	14	(	(	PUNCT
abrj-562	312	15	2024	2024	NUM
abrj-562	312	16	)	)	PUNCT
abrj-562	312	17	.	.	PUNCT
abrj-562	313	1	navigating	navigate	VERB
abrj-562	313	2	the	the	DET
abrj-562	313	3	digital	digital	ADJ
abrj-562	313	4	frontier	frontier	NOUN
abrj-562	313	5	:	:	PUNCT
abrj-562	313	6	a	a	DET
abrj-562	313	7	comparative	comparative	ADJ
abrj-562	313	8	examination	examination	NOUN
abrj-562	313	9	of	of	ADP
abrj-562	313	10	central	central	ADJ
abrj-562	313	11	bank	bank	PROPN
abrj-562	313	12	digital	digital	ADJ
abrj-562	313	13	currency	currency	NOUN
abrj-562	313	14	and	and	CCONJ
abrj-562	313	15	the	the	DET
abrj-562	313	16	quantum	quantum	ADJ
abrj-562	313	17	financial	financial	ADJ
abrj-562	313	18	system	system	NOUN
abrj-562	313	19	.	.	PUNCT
abrj-562	314	1	socioeconomic	socioeconomic	ADJ
abrj-562	314	2	challenges	challenge	NOUN
abrj-562	314	3	,	,	PUNCT
abrj-562	314	4	8(1	8(1	NOUN
abrj-562	314	5	)	)	PUNCT
abrj-562	314	6	,	,	PUNCT
abrj-562	314	7	90–111	90–111	PROPN
abrj-562	314	8	.	.	PUNCT
abrj-562	315	1	https://doi.org/10.21272/sec.8(1).90-111.2024	https://doi.org/10.21272/sec.8(1).90-111.2024	VERB
abrj-562	315	2	singh	singh	PROPN
abrj-562	315	3	,	,	PUNCT
abrj-562	315	4	v.	v.	PROPN
abrj-562	315	5	,	,	PUNCT
abrj-562	315	6	&	&	CCONJ
abrj-562	315	7	yadav	yadav	PROPN
abrj-562	315	8	,	,	PUNCT
abrj-562	315	9	m.	m.	NOUN
abrj-562	315	10	(	(	PUNCT
abrj-562	315	11	2025	2025	NUM
abrj-562	315	12	)	)	PUNCT
abrj-562	315	13	.	.	PUNCT
abrj-562	316	1	user	user	NOUN
abrj-562	316	2	adoption	adoption	NOUN
abrj-562	316	3	of	of	ADP
abrj-562	316	4	digital	digital	ADJ
abrj-562	316	5	currency	currency	NOUN
abrj-562	316	6	:	:	PUNCT
abrj-562	316	7	a	a	DET
abrj-562	316	8	systematic	systematic	ADJ
abrj-562	316	9	review	review	NOUN
abrj-562	316	10	and	and	CCONJ
abrj-562	316	11	future	future	ADJ
abrj-562	316	12	agenda	agenda	NOUN
abrj-562	316	13	using	use	VERB
abrj-562	316	14	tccm	tccm	NOUN
abrj-562	316	15	approach	approach	NOUN
abrj-562	316	16	.	.	PUNCT
abrj-562	317	1	central	central	PROPN
abrj-562	317	2	bank	bank	PROPN
abrj-562	317	3	review	review	PROPN
abrj-562	317	4	,	,	PUNCT
abrj-562	317	5	25(1	25(1	NUM
abrj-562	317	6	)	)	PUNCT
abrj-562	317	7	,	,	PUNCT
abrj-562	317	8	100183	100183	NUM
abrj-562	317	9	.	.	PUNCT
abrj-562	318	1	https://doi.org/10.1016/j.cbrev.2025.100183	https://doi.org/10.1016/j.cbrev.2025.100183	PROPN
abrj-562	318	2	soderberg	soderberg	PROPN
abrj-562	318	3	,	,	PUNCT
abrj-562	318	4	g.	g.	PROPN
abrj-562	318	5	,	,	PUNCT
abrj-562	318	6	bechara	bechara	NOUN
abrj-562	318	7	,	,	PUNCT
abrj-562	318	8	m.	m.	NOUN
abrj-562	318	9	,	,	PUNCT
abrj-562	318	10	bossu	bossu	PROPN
abrj-562	318	11	,	,	PUNCT
abrj-562	318	12	w.	w.	PROPN
abrj-562	318	13	,	,	PUNCT
abrj-562	318	14	che	che	PROPN
abrj-562	318	15	,	,	PUNCT
abrj-562	318	16	n.	n.	NOUN
abrj-562	318	17	,	,	PUNCT
abrj-562	318	18	davidovic	davidovic	PROPN
abrj-562	318	19	,	,	PUNCT
abrj-562	318	20	s.	s.	PROPN
abrj-562	318	21	,	,	PUNCT
abrj-562	318	22	kiff	kiff	PROPN
abrj-562	318	23	,	,	PUNCT
abrj-562	318	24	j.	j.	PROPN
abrj-562	318	25	,	,	PUNCT
abrj-562	318	26	lukonga	lukonga	PROPN
abrj-562	318	27	,	,	PUNCT
abrj-562	318	28	i.	i.	PROPN
abrj-562	318	29	,	,	PUNCT
abrj-562	318	30	mancini	mancini	PROPN
abrj-562	318	31	-	-	PROPN
abrj-562	318	32	griffoli	griffoli	PROPN
abrj-562	318	33	,	,	PUNCT
abrj-562	318	34	t.	t.	PROPN
abrj-562	318	35	,	,	PUNCT
abrj-562	318	36	sun	sun	NOUN
abrj-562	318	37	,	,	PUNCT
abrj-562	318	38	t.	t.	PROPN
abrj-562	318	39	,	,	PUNCT
abrj-562	318	40	&	&	CCONJ
abrj-562	318	41	yoshinaga	yoshinaga	PROPN
abrj-562	318	42	,	,	PUNCT
abrj-562	318	43	a.	a.	NOUN
abrj-562	318	44	(	(	PUNCT
abrj-562	318	45	2022	2022	NUM
abrj-562	318	46	)	)	PUNCT
abrj-562	318	47	.	.	PUNCT
abrj-562	319	1	behind	behind	ADP
abrj-562	319	2	the	the	DET
abrj-562	319	3	scenes	scene	NOUN
abrj-562	319	4	of	of	ADP
abrj-562	319	5	central	central	ADJ
abrj-562	319	6	bank	bank	PROPN
abrj-562	319	7	digital	digital	ADJ
abrj-562	319	8	currency	currency	NOUN
abrj-562	319	9	:	:	PUNCT
abrj-562	319	10	emerging	emerge	VERB
abrj-562	319	11	trends	trend	NOUN
abrj-562	319	12	,	,	PUNCT
abrj-562	319	13	insights	insight	NOUN
abrj-562	319	14	,	,	PUNCT
abrj-562	319	15	and	and	CCONJ
abrj-562	319	16	policy	policy	NOUN
abrj-562	319	17	lessons	lesson	NOUN
abrj-562	319	18	(	(	PUNCT
abrj-562	319	19	imf	imf	PROPN
abrj-562	319	20	fintech	fintech	NOUN
abrj-562	319	21	note	note	NOUN
abrj-562	319	22	2022/004	2022/004	PROPN
abrj-562	319	23	)	)	PUNCT
abrj-562	319	24	.	.	PUNCT
abrj-562	320	1	international	international	ADJ
abrj-562	320	2	monetary	monetary	ADJ
abrj-562	320	3	fund	fund	NOUN
abrj-562	320	4	.	.	PUNCT
abrj-562	321	1	https://ssrn.com/abstract=4663923	https://ssrn.com/abstract=4663923	PROPN
abrj-562	321	2	soltaninejad	soltaninejad	PROPN
abrj-562	321	3	,	,	PUNCT
abrj-562	321	4	m.	m.	NOUN
abrj-562	321	5	,	,	PUNCT
abrj-562	321	6	raeispour	raeispour	NOUN
abrj-562	321	7	rajabali	rajabali	NOUN
abrj-562	321	8	,	,	PUNCT
abrj-562	321	9	a.	a.	NOUN
abrj-562	321	10	,	,	PUNCT
abrj-562	321	11	&	&	CCONJ
abrj-562	321	12	zayandehroodi	zayandehroodi	PROPN
abrj-562	321	13	,	,	PUNCT
abrj-562	321	14	m.	m.	NOUN
abrj-562	321	15	(	(	PUNCT
abrj-562	321	16	2024	2024	NUM
abrj-562	321	17	)	)	PUNCT
abrj-562	321	18	.	.	PUNCT
abrj-562	322	1	the	the	DET
abrj-562	322	2	investigation	investigation	NOUN
abrj-562	322	3	of	of	ADP
abrj-562	322	4	the	the	DET
abrj-562	322	5	effect	effect	NOUN
abrj-562	322	6	of	of	ADP
abrj-562	322	7	the	the	DET
abrj-562	322	8	central	central	PROPN
abrj-562	322	9	bank	bank	NOUN
abrj-562	322	10	’s	’s	PART
abrj-562	322	11	digital	digital	ADJ
abrj-562	322	12	currency	currency	NOUN
abrj-562	322	13	expansion	expansion	NOUN
abrj-562	322	14	on	on	ADP
abrj-562	322	15	economic	economic	ADJ
abrj-562	322	16	resilience	resilience	NOUN
abrj-562	322	17	.	.	PUNCT
abrj-562	323	1	economic	economic	ADJ
abrj-562	323	2	essays	essay	NOUN
abrj-562	323	3	,	,	PUNCT
abrj-562	323	4	21(42	21(42	NOUN
abrj-562	323	5	)	)	PUNCT
abrj-562	323	6	,	,	PUNCT
abrj-562	323	7	1–19	1–19	PROPN
abrj-562	323	8	.	.	PUNCT
abrj-562	324	1	tommerdahl	tommerdahl	PROPN
abrj-562	324	2	,	,	PUNCT
abrj-562	324	3	j.	j.	PROPN
abrj-562	324	4	(	(	PUNCT
abrj-562	324	5	2025	2025	NUM
abrj-562	324	6	)	)	PUNCT
abrj-562	324	7	.	.	PUNCT
abrj-562	325	1	understanding	understand	VERB
abrj-562	325	2	the	the	DET
abrj-562	325	3	future	future	NOUN
abrj-562	325	4	of	of	ADP
abrj-562	325	5	money	money	NOUN
abrj-562	325	6	:	:	PUNCT
abrj-562	325	7	the	the	DET
abrj-562	325	8	struggle	struggle	NOUN
abrj-562	325	9	between	between	ADP
abrj-562	325	10	government	government	NOUN
abrj-562	325	11	control	control	NOUN
abrj-562	325	12	and	and	CCONJ
abrj-562	325	13	decentralization	decentralization	NOUN
abrj-562	325	14	.	.	PUNCT
abrj-562	326	1	journal	journal	NOUN
abrj-562	326	2	of	of	ADP
abrj-562	326	3	risk	risk	NOUN
abrj-562	326	4	and	and	CCONJ
abrj-562	326	5	financial	financial	ADJ
abrj-562	326	6	management	management	NOUN
abrj-562	326	7	,	,	PUNCT
abrj-562	326	8	18(2	18(2	NUM
abrj-562	326	9	)	)	PUNCT
abrj-562	326	10	,	,	PUNCT
abrj-562	326	11	98	98	NUM
abrj-562	326	12	.	.	PUNCT
abrj-562	327	1	https://doi.org/10.3390/jrfm18020098	https://doi.org/10.3390/jrfm18020098	PROPN
abrj-562	327	2	vanguard	vanguard	PROPN
abrj-562	327	3	nigeria	nigeria	PROPN
abrj-562	327	4	.	.	PUNCT
abrj-562	328	1	(	(	PUNCT
abrj-562	328	2	2025	2025	NUM
abrj-562	328	3	,	,	PUNCT
abrj-562	328	4	january	january	PROPN
abrj-562	328	5	5	5	NUM
abrj-562	328	6	)	)	PUNCT
abrj-562	328	7	.	.	PUNCT
abrj-562	329	1	value	value	NOUN
abrj-562	329	2	of	of	ADP
abrj-562	329	3	enaira	enaira	NOUN
abrj-562	329	4	rises	rise	VERB
abrj-562	329	5	by	by	ADP
abrj-562	329	6	57	57	NUM
abrj-562	329	7	%	%	NOUN
abrj-562	329	8	to	to	ADP
abrj-562	329	9	₦	₦	PROPN
abrj-562	329	10	18.32	18.32	NUM
abrj-562	329	11	bn	bn	NOUN
abrj-562	329	12	.	.	PUNCT
abrj-562	330	1	vanguard	vanguard	PROPN
abrj-562	330	2	nigeria	nigeria	PROPN
abrj-562	330	3	.	.	PUNCT
abrj-562	331	1	https://www.vanguardngr.com/2025/01/value-of-enaira-rises-by-57-to-n18-32-bn	https://www.vanguardngr.com/2025/01/value-of-enaira-rises-by-57-to-n18-32-bn	PROPN
abrj-562	331	2	viñuela	viñuela	PROPN
abrj-562	331	3	,	,	PUNCT
abrj-562	331	4	c.	c.	PROPN
abrj-562	331	5	,	,	PUNCT
abrj-562	331	6	sapena	sapena	NOUN
abrj-562	331	7	,	,	PUNCT
abrj-562	331	8	j.	j.	PROPN
abrj-562	331	9	,	,	PUNCT
abrj-562	331	10	&	&	CCONJ
abrj-562	331	11	wandosell	wandosell	PROPN
abrj-562	331	12	,	,	PUNCT
abrj-562	331	13	g.	g.	PROPN
abrj-562	331	14	(	(	PUNCT
abrj-562	331	15	2020	2020	NUM
abrj-562	331	16	)	)	PUNCT
abrj-562	331	17	.	.	PUNCT
abrj-562	332	1	the	the	DET
abrj-562	332	2	future	future	NOUN
abrj-562	332	3	of	of	ADP
abrj-562	332	4	money	money	NOUN
abrj-562	332	5	and	and	CCONJ
abrj-562	332	6	the	the	DET
abrj-562	332	7	central	central	ADJ
abrj-562	332	8	bank	bank	PROPN
abrj-562	332	9	digital	digital	ADJ
abrj-562	332	10	currency	currency	NOUN
abrj-562	332	11	dilemma	dilemma	NOUN
abrj-562	332	12	.	.	PUNCT
abrj-562	333	1	sustainability	sustainability	NOUN
abrj-562	333	2	,	,	PUNCT
abrj-562	333	3	12(22	12(22	NUM
abrj-562	333	4	)	)	PUNCT
abrj-562	333	5	,	,	PUNCT
abrj-562	333	6	9697	9697	NUM
abrj-562	333	7	.	.	PUNCT
abrj-562	334	1	https://doi.org/10.3390/su12229697	https://doi.org/10.3390/su12229697	VERB
abrj-562	334	2	wang	wang	PROPN
abrj-562	334	3	,	,	PUNCT
abrj-562	334	4	h.	h.	PROPN
abrj-562	334	5	(	(	PUNCT
abrj-562	334	6	2022	2022	NUM
abrj-562	334	7	)	)	PUNCT
abrj-562	334	8	.	.	PUNCT
abrj-562	335	1	china	china	PROPN
abrj-562	335	2	’s	’s	PART
abrj-562	335	3	approach	approach	NOUN
abrj-562	335	4	to	to	ADP
abrj-562	335	5	central	central	ADJ
abrj-562	335	6	bank	bank	NOUN
abrj-562	335	7	digital	digital	ADJ
abrj-562	335	8	currency	currency	NOUN
abrj-562	335	9	:	:	PUNCT
abrj-562	335	10	selectively	selectively	ADV
abrj-562	335	11	reshaping	reshape	VERB
abrj-562	335	12	international	international	ADJ
abrj-562	335	13	financial	financial	ADJ
abrj-562	335	14	order	order	NOUN
abrj-562	335	15	?	?	PUNCT
abrj-562	336	1	ssrn	ssrn	NOUN
abrj-562	336	2	.	.	PUNCT
abrj-562	337	1	https://ssrn.com/abstract=4036466	https://ssrn.com/abstract=4036466	PROPN
abrj-562	337	2	wang	wang	PROPN
abrj-562	337	3	,	,	PUNCT
abrj-562	337	4	h.	h.	PROPN
abrj-562	337	5	,	,	PUNCT
abrj-562	337	6	&	&	CCONJ
abrj-562	337	7	gao	gao	PROPN
abrj-562	337	8	,	,	PUNCT
abrj-562	337	9	s.	s.	PROPN
abrj-562	337	10	(	(	PUNCT
abrj-562	337	11	2021	2021	NUM
abrj-562	337	12	)	)	PUNCT
abrj-562	337	13	.	.	PUNCT
abrj-562	338	1	the	the	DET
abrj-562	338	2	future	future	NOUN
abrj-562	338	3	of	of	ADP
abrj-562	338	4	the	the	DET
abrj-562	338	5	international	international	ADJ
abrj-562	338	6	financial	financial	ADJ
abrj-562	338	7	system	system	NOUN
abrj-562	338	8	:	:	PUNCT
abrj-562	338	9	the	the	DET
abrj-562	338	10	emerging	emerge	VERB
abrj-562	338	11	cbdc	cbdc	NOUN
abrj-562	338	12	network	network	NOUN
abrj-562	338	13	and	and	CCONJ
abrj-562	338	14	its	its	PRON
abrj-562	338	15	impact	impact	NOUN
abrj-562	338	16	on	on	ADP
abrj-562	338	17	regulation	regulation	NOUN
abrj-562	338	18	.	.	PUNCT
abrj-562	339	1	researchgate	researchgate	NOUN
abrj-562	339	2	preprint	preprint	NOUN
abrj-562	339	3	.	.	PUNCT
abrj-562	340	1	https://doi.org/10.13140/rg.2.2.28411.39206	https://doi.org/10.13140/rg.2.2.28411.39206	PROPN
abrj-562	340	2	yang	yang	PROPN
abrj-562	340	3	,	,	PUNCT
abrj-562	340	4	j.	j.	PROPN
abrj-562	340	5	,	,	PUNCT
abrj-562	340	6	&	&	CCONJ
abrj-562	340	7	zhou	zhou	PROPN
abrj-562	340	8	,	,	PUNCT
abrj-562	340	9	g.	g.	PROPN
abrj-562	340	10	(	(	PUNCT
abrj-562	340	11	2022	2022	NUM
abrj-562	340	12	)	)	PUNCT
abrj-562	340	13	.	.	PUNCT
abrj-562	341	1	a	a	DET
abrj-562	341	2	study	study	NOUN
abrj-562	341	3	on	on	ADP
abrj-562	341	4	the	the	DET
abrj-562	341	5	influence	influence	NOUN
abrj-562	341	6	mechanism	mechanism	NOUN
abrj-562	341	7	of	of	ADP
abrj-562	341	8	cbdc	cbdc	NOUN
abrj-562	341	9	on	on	ADP
abrj-562	341	10	monetary	monetary	ADJ
abrj-562	341	11	policy	policy	NOUN
abrj-562	341	12	:	:	PUNCT
abrj-562	341	13	an	an	DET
abrj-562	341	14	analysis	analysis	NOUN
abrj-562	341	15	based	base	VERB
abrj-562	341	16	on	on	ADP
abrj-562	341	17	e	e	NOUN
abrj-562	341	18	-	-	NOUN
abrj-562	341	19	cny	cny	NOUN
abrj-562	341	20	.	.	PUNCT
abrj-562	341	21	plos	plos	PROPN
abrj-562	341	22	one	one	NUM
abrj-562	341	23	,	,	PUNCT
abrj-562	341	24	17(7	17(7	NUM
abrj-562	341	25	)	)	PUNCT
abrj-562	341	26	,	,	PUNCT
abrj-562	341	27	e0268471	e0268471	PROPN
abrj-562	341	28	.	.	PUNCT
abrj-562	342	1	https://doi.org/10.1371/journal.pone.0268471	https://doi.org/10.1371/journal.pone.0268471	NOUN
abrj-562	342	2	https://hdl.handle.net/10419/297865	https://hdl.handle.net/10419/297865	ADJ
abrj-562	342	3	https://ssrn.com/abstract=4234876	https://ssrn.com/abstract=4234876	PROPN
abrj-562	342	4	https://www.reuters.com/markets/currencies/central-bank-digital-currency-momentum-growing-study-shows-2024-09-17	https://www.reuters.com/markets/currencies/central-bank-digital-currency-momentum-growing-study-shows-2024-09-17	PROPN
abrj-562	342	5	https://ssrn.com/abstract=4663923	https://ssrn.com/abstract=4663923	PROPN
abrj-562	342	6	https://www.vanguardngr.com/2025/01/value-of-enaira-rises-by-57-to-n18-32-bn	https://www.vanguardngr.com/2025/01/value-of-enaira-rises-by-57-to-n18-32-bn	PROPN
abrj-562	342	7	https://ssrn.com/abstract=4036466	https://ssrn.com/abstract=4036466	PROPN
abrj-562	342	8	https://doi.org/10.1371/journal.pone.0268471	https://doi.org/10.1371/journal.pone.0268471	NOUN