id	sid	tid	token	lemma	pos
fsr-4154	1	1	financial	financial	PROPN
fsr-4154	1	2	services	service	NOUN
fsr-4154	1	3	review	review	NOUN
fsr-4154	1	4	,	,	PUNCT
fsr-4154	1	5	33(3	33(3	NOUN
fsr-4154	1	6	)	)	PUNCT
fsr-4154	1	7	61	61	NUM
fsr-4154	1	8	central	central	ADJ
fsr-4154	1	9	bank	bank	NOUN
fsr-4154	1	10	digital	digital	ADJ
fsr-4154	1	11	currency	currency	NOUN
fsr-4154	1	12	:	:	PUNCT
fsr-4154	1	13	perspectives	perspective	NOUN
fsr-4154	1	14	on	on	ADP
fsr-4154	1	15	design	design	NOUN
fsr-4154	1	16	choices	choice	NOUN
fsr-4154	1	17	and	and	CCONJ
fsr-4154	1	18	implications	implication	NOUN
fsr-4154	1	19	,	,	PUNCT
fsr-4154	1	20	with	with	ADP
fsr-4154	1	21	a	a	DET
fsr-4154	1	22	focus	focus	NOUN
fsr-4154	1	23	on	on	ADP
fsr-4154	1	24	e	e	NOUN
fsr-4154	1	25	-	-	NOUN
fsr-4154	1	26	rupee	rupee	ADJ
fsr-4154	1	27	dr	dr	PROPN
fsr-4154	1	28	.	.	PROPN
fsr-4154	1	29	vidhu	vidhu	PROPN
fsr-4154	1	30	shekhar1	shekhar1	PROPN
fsr-4154	1	31	and	and	CCONJ
fsr-4154	1	32	sanjogita	sanjogita	PROPN
fsr-4154	1	33	ramesh2	ramesh2	ADJ
fsr-4154	1	34	abstract	abstract	ADJ
fsr-4154	1	35	central	central	PROPN
fsr-4154	1	36	bank	bank	NOUN
fsr-4154	1	37	digital	digital	ADJ
fsr-4154	1	38	currencies	currency	NOUN
fsr-4154	1	39	(	(	PUNCT
fsr-4154	1	40	cbdcs	cbdc	NOUN
fsr-4154	1	41	)	)	PUNCT
fsr-4154	1	42	are	be	AUX
fsr-4154	1	43	rapidly	rapidly	ADV
fsr-4154	1	44	gaining	gain	VERB
fsr-4154	1	45	momentum	momentum	NOUN
fsr-4154	1	46	as	as	SCONJ
fsr-4154	1	47	134	134	NUM
fsr-4154	1	48	countries	country	NOUN
fsr-4154	1	49	explore	explore	VERB
fsr-4154	1	50	digital	digital	ADJ
fsr-4154	1	51	currency	currency	NOUN
fsr-4154	1	52	initiatives	initiative	NOUN
fsr-4154	1	53	,	,	PUNCT
fsr-4154	1	54	yet	yet	CCONJ
fsr-4154	1	55	critical	critical	ADJ
fsr-4154	1	56	gaps	gap	NOUN
fsr-4154	1	57	remain	remain	VERB
fsr-4154	1	58	regarding	regard	VERB
fsr-4154	1	59	design	design	NOUN
fsr-4154	1	60	choices	choice	NOUN
fsr-4154	1	61	that	that	PRON
fsr-4154	1	62	determine	determine	VERB
fsr-4154	1	63	implementation	implementation	NOUN
fsr-4154	1	64	success	success	NOUN
fsr-4154	1	65	.	.	PUNCT
fsr-4154	2	1	this	this	DET
fsr-4154	2	2	study	study	NOUN
fsr-4154	2	3	examines	examine	VERB
fsr-4154	2	4	how	how	SCONJ
fsr-4154	2	5	cbdc	cbdc	VERB
fsr-4154	2	6	design	design	NOUN
fsr-4154	2	7	decisions	decision	NOUN
fsr-4154	2	8	influence	influence	NOUN
fsr-4154	2	9	effectiveness	effectiveness	NOUN
fsr-4154	2	10	and	and	CCONJ
fsr-4154	2	11	integration	integration	NOUN
fsr-4154	2	12	with	with	ADP
fsr-4154	2	13	existing	exist	VERB
fsr-4154	2	14	payment	payment	NOUN
fsr-4154	2	15	systems	system	NOUN
fsr-4154	2	16	in	in	ADP
fsr-4154	2	17	emerging	emerge	VERB
fsr-4154	2	18	economies	economy	NOUN
fsr-4154	2	19	with	with	ADP
fsr-4154	2	20	established	establish	VERB
fsr-4154	2	21	digital	digital	ADJ
fsr-4154	2	22	infrastructures	infrastructure	NOUN
fsr-4154	2	23	.	.	PUNCT
fsr-4154	3	1	through	through	ADP
fsr-4154	3	2	in	in	ADP
fsr-4154	3	3	-	-	PUNCT
fsr-4154	3	4	depth	depth	NOUN
fsr-4154	3	5	interviews	interview	NOUN
fsr-4154	3	6	with	with	ADP
fsr-4154	3	7	22	22	NUM
fsr-4154	3	8	experts	expert	NOUN
fsr-4154	3	9	,	,	PUNCT
fsr-4154	3	10	we	we	PRON
fsr-4154	3	11	identify	identify	VERB
fsr-4154	3	12	essential	essential	ADJ
fsr-4154	3	13	implementation	implementation	NOUN
fsr-4154	3	14	considerations	consideration	NOUN
fsr-4154	3	15	and	and	CCONJ
fsr-4154	3	16	their	their	PRON
fsr-4154	3	17	systemic	systemic	ADJ
fsr-4154	3	18	implications	implication	NOUN
fsr-4154	3	19	.	.	PUNCT
fsr-4154	4	1	our	our	PRON
fsr-4154	4	2	findings	finding	NOUN
fsr-4154	4	3	reveal	reveal	VERB
fsr-4154	4	4	three	three	NUM
fsr-4154	4	5	critical	critical	ADJ
fsr-4154	4	6	insights	insight	NOUN
fsr-4154	4	7	for	for	ADP
fsr-4154	4	8	successful	successful	ADJ
fsr-4154	4	9	cbdc	cbdc	NOUN
fsr-4154	4	10	deployment	deployment	NOUN
fsr-4154	4	11	.	.	PUNCT
fsr-4154	5	1	first	first	ADV
fsr-4154	5	2	,	,	PUNCT
fsr-4154	5	3	a	a	DET
fsr-4154	5	4	two	two	NUM
fsr-4154	5	5	-	-	PUNCT
fsr-4154	5	6	tier	tier	NOUN
fsr-4154	5	7	,	,	PUNCT
fsr-4154	5	8	non	non	ADJ
fsr-4154	5	9	-	-	ADJ
fsr-4154	5	10	interest	interest	NOUN
fsr-4154	5	11	-	-	PUNCT
fsr-4154	5	12	bearing	bear	VERB
fsr-4154	5	13	distribution	distribution	NOUN
fsr-4154	5	14	model	model	NOUN
fsr-4154	5	15	preserves	preserve	VERB
fsr-4154	5	16	banking	banking	NOUN
fsr-4154	5	17	stability	stability	NOUN
fsr-4154	5	18	while	while	SCONJ
fsr-4154	5	19	enabling	enable	VERB
fsr-4154	5	20	innovation	innovation	NOUN
fsr-4154	5	21	,	,	PUNCT
fsr-4154	5	22	with	with	ADP
fsr-4154	5	23	offline	offline	ADJ
fsr-4154	5	24	capabilities	capability	NOUN
fsr-4154	5	25	essential	essential	ADJ
fsr-4154	5	26	for	for	ADP
fsr-4154	5	27	broad	broad	ADJ
fsr-4154	5	28	accessibility	accessibility	NOUN
fsr-4154	5	29	.	.	PUNCT
fsr-4154	6	1	second	second	ADJ
fsr-4154	6	2	,	,	PUNCT
fsr-4154	6	3	cbdcs	cbdc	NOUN
fsr-4154	6	4	should	should	AUX
fsr-4154	6	5	complement	complement	VERB
fsr-4154	6	6	rather	rather	ADV
fsr-4154	6	7	than	than	ADP
fsr-4154	6	8	replace	replace	VERB
fsr-4154	6	9	existing	exist	VERB
fsr-4154	6	10	digital	digital	ADJ
fsr-4154	6	11	payment	payment	NOUN
fsr-4154	6	12	platforms	platform	NOUN
fsr-4154	6	13	,	,	PUNCT
fsr-4154	6	14	enhancing	enhance	VERB
fsr-4154	6	15	system	system	NOUN
fsr-4154	6	16	efficiency	efficiency	NOUN
fsr-4154	6	17	through	through	ADP
fsr-4154	6	18	immediate	immediate	ADJ
fsr-4154	6	19	settlement	settlement	NOUN
fsr-4154	6	20	finality	finality	NOUN
fsr-4154	6	21	and	and	CCONJ
fsr-4154	6	22	programmability	programmability	NOUN
fsr-4154	6	23	.	.	PUNCT
fsr-4154	7	1	third	third	ADJ
fsr-4154	7	2	,	,	PUNCT
fsr-4154	7	3	phased	phase	VERB
fsr-4154	7	4	implementation	implementation	NOUN
fsr-4154	7	5	guided	guide	VERB
fsr-4154	7	6	by	by	ADP
fsr-4154	7	7	clear	clear	ADJ
fsr-4154	7	8	metrics	metric	NOUN
fsr-4154	7	9	and	and	CCONJ
fsr-4154	7	10	strategic	strategic	ADJ
fsr-4154	7	11	partnerships	partnership	NOUN
fsr-4154	7	12	proves	prove	VERB
fsr-4154	7	13	essential	essential	ADJ
fsr-4154	7	14	for	for	ADP
fsr-4154	7	15	sustainable	sustainable	ADJ
fsr-4154	7	16	adoption	adoption	NOUN
fsr-4154	7	17	.	.	PUNCT
fsr-4154	8	1	this	this	DET
fsr-4154	8	2	research	research	NOUN
fsr-4154	8	3	contributes	contribute	VERB
fsr-4154	8	4	a	a	DET
fsr-4154	8	5	novel	novel	ADJ
fsr-4154	8	6	four	four	NUM
fsr-4154	8	7	-	-	PUNCT
fsr-4154	8	8	layer	layer	NOUN
fsr-4154	8	9	design	design	NOUN
fsr-4154	8	10	framework	framework	NOUN
fsr-4154	8	11	demonstrating	demonstrate	VERB
fsr-4154	8	12	the	the	DET
fsr-4154	8	13	interconnected	interconnected	ADJ
fsr-4154	8	14	effects	effect	NOUN
fsr-4154	8	15	of	of	ADP
fsr-4154	8	16	technological	technological	ADJ
fsr-4154	8	17	,	,	PUNCT
fsr-4154	8	18	security	security	NOUN
fsr-4154	8	19	,	,	PUNCT
fsr-4154	8	20	financial	financial	ADJ
fsr-4154	8	21	,	,	PUNCT
fsr-4154	8	22	and	and	CCONJ
fsr-4154	8	23	user	user	NOUN
fsr-4154	8	24	experience	experience	NOUN
fsr-4154	8	25	choices	choice	NOUN
fsr-4154	8	26	on	on	ADP
fsr-4154	8	27	payment	payment	NOUN
fsr-4154	8	28	system	system	NOUN
fsr-4154	8	29	evolution	evolution	NOUN
fsr-4154	8	30	.	.	PUNCT
fsr-4154	9	1	these	these	DET
fsr-4154	9	2	findings	finding	NOUN
fsr-4154	9	3	guide	guide	VERB
fsr-4154	9	4	emerging	emerge	VERB
fsr-4154	9	5	market	market	NOUN
fsr-4154	9	6	policymakers	policymaker	NOUN
fsr-4154	9	7	in	in	ADP
fsr-4154	9	8	optimizing	optimize	VERB
fsr-4154	9	9	cbdc	cbdc	NOUN
fsr-4154	9	10	implementation	implementation	NOUN
fsr-4154	9	11	through	through	ADP
fsr-4154	9	12	strategic	strategic	ADJ
fsr-4154	9	13	interoperability	interoperability	NOUN
fsr-4154	9	14	,	,	PUNCT
fsr-4154	9	15	infrastructure	infrastructure	NOUN
fsr-4154	9	16	leverage	leverage	NOUN
fsr-4154	9	17	,	,	PUNCT
fsr-4154	9	18	and	and	CCONJ
fsr-4154	9	19	balanced	balanced	ADJ
fsr-4154	9	20	innovation	innovation	NOUN
fsr-4154	9	21	.	.	PUNCT
fsr-4154	10	1	creative	creative	ADJ
fsr-4154	10	2	commons	commons	PROPN
fsr-4154	10	3	license	license	NOUN
fsr-4154	10	4	this	this	DET
fsr-4154	10	5	work	work	NOUN
fsr-4154	10	6	is	be	AUX
fsr-4154	10	7	licensed	license	VERB
fsr-4154	10	8	under	under	ADP
fsr-4154	10	9	a	a	DET
fsr-4154	10	10	creative	creative	ADJ
fsr-4154	10	11	commons	common	NOUN
fsr-4154	10	12	attribution	attribution	NOUN
fsr-4154	10	13	-	-	PUNCT
fsr-4154	10	14	noncommercial	noncommercial	ADJ
fsr-4154	10	15	4.0	4.0	NUM
fsr-4154	10	16	license	license	NOUN
fsr-4154	10	17	recommended	recommend	VERB
fsr-4154	10	18	citation	citation	NOUN
fsr-4154	10	19	shekhar	shekhar	NOUN
fsr-4154	10	20	,	,	PUNCT
fsr-4154	10	21	v.	v.	PROPN
fsr-4154	10	22	&	&	CCONJ
fsr-4154	10	23	ramesh	ramesh	PROPN
fsr-4154	10	24	,	,	PUNCT
fsr-4154	10	25	s.	s.	PROPN
fsr-4154	10	26	(	(	PUNCT
fsr-4154	10	27	2025	2025	NUM
fsr-4154	10	28	)	)	PUNCT
fsr-4154	10	29	.	.	PUNCT
fsr-4154	11	1	central	central	PROPN
fsr-4154	11	2	bank	bank	PROPN
fsr-4154	11	3	digital	digital	ADJ
fsr-4154	11	4	currency	currency	NOUN
fsr-4154	11	5	:	:	PUNCT
fsr-4154	11	6	perspectives	perspective	NOUN
fsr-4154	11	7	on	on	ADP
fsr-4154	11	8	design	design	NOUN
fsr-4154	11	9	choices	choice	NOUN
fsr-4154	11	10	and	and	CCONJ
fsr-4154	11	11	implications	implication	NOUN
fsr-4154	11	12	,	,	PUNCT
fsr-4154	11	13	with	with	ADP
fsr-4154	11	14	a	a	DET
fsr-4154	11	15	focus	focus	NOUN
fsr-4154	11	16	on	on	ADP
fsr-4154	11	17	e	e	NOUN
fsr-4154	11	18	-	-	NOUN
fsr-4154	11	19	rupee	rupee	ADJ
fsr-4154	11	20	.	.	PUNCT
fsr-4154	12	1	financial	financial	ADJ
fsr-4154	12	2	services	service	NOUN
fsr-4154	12	3	review	review	NOUN
fsr-4154	12	4	,	,	PUNCT
fsr-4154	12	5	33(3	33(3	NOUN
fsr-4154	12	6	)	)	PUNCT
fsr-4154	12	7	,	,	PUNCT
fsr-4154	12	8	61	61	NUM
fsr-4154	12	9	-	-	SYM
fsr-4154	12	10	79	79	NUM
fsr-4154	12	11	.	.	PUNCT
fsr-4154	13	1	introduction	introduction	NOUN
fsr-4154	13	2	the	the	DET
fsr-4154	13	3	digital	digital	ADJ
fsr-4154	13	4	development	development	NOUN
fsr-4154	13	5	is	be	AUX
fsr-4154	13	6	transforming	transform	VERB
fsr-4154	13	7	the	the	DET
fsr-4154	13	8	financial	financial	ADJ
fsr-4154	13	9	industry	industry	NOUN
fsr-4154	13	10	(	(	PUNCT
fsr-4154	13	11	nourallah	nourallah	PROPN
fsr-4154	13	12	et	et	PROPN
fsr-4154	13	13	al	al	PROPN
fsr-4154	13	14	.	.	PROPN
fsr-4154	13	15	,	,	PUNCT
fsr-4154	13	16	2021	2021	NUM
fsr-4154	13	17	)	)	PUNCT
fsr-4154	13	18	,	,	PUNCT
fsr-4154	13	19	and	and	CCONJ
fsr-4154	13	20	134	134	NUM
fsr-4154	13	21	countries	country	NOUN
fsr-4154	13	22	are	be	AUX
fsr-4154	13	23	exploring	explore	VERB
fsr-4154	13	24	the	the	DET
fsr-4154	13	25	implementation	implementation	NOUN
fsr-4154	13	26	of	of	ADP
fsr-4154	13	27	central	central	ADJ
fsr-4154	13	28	bank	bank	NOUN
fsr-4154	13	29	digital	digital	ADJ
fsr-4154	13	30	currencies	currency	NOUN
fsr-4154	13	31	(	(	PUNCT
fsr-4154	13	32	cbdcs	cbdcs	PROPN
fsr-4154	13	33	)	)	PUNCT
fsr-4154	13	34	.	.	PUNCT
fsr-4154	14	1	this	this	PRON
fsr-4154	14	2	represents	represent	VERB
fsr-4154	14	3	a	a	DET
fsr-4154	14	4	notable	notable	ADJ
fsr-4154	14	5	development	development	NOUN
fsr-4154	14	6	in	in	ADP
fsr-4154	14	7	the	the	DET
fsr-4154	14	8	evolution	evolution	NOUN
fsr-4154	14	9	of	of	ADP
fsr-4154	14	10	the	the	DET
fsr-4154	14	11	monetary	monetary	ADJ
fsr-4154	14	12	and	and	CCONJ
fsr-4154	14	13	payment	payment	NOUN
fsr-4154	14	14	system	system	NOUN
fsr-4154	14	15	worldwide	worldwide	ADV
fsr-4154	14	16	.	.	PUNCT
fsr-4154	15	1	cbdcs	cbdcs	PROPN
fsr-4154	15	2	arguably	arguably	ADV
fsr-4154	15	3	signify	signify	VERB
fsr-4154	15	4	the	the	DET
fsr-4154	15	5	most	most	ADV
fsr-4154	15	6	transformative	transformative	ADJ
fsr-4154	15	7	shift	shift	NOUN
fsr-4154	15	8	in	in	ADP
fsr-4154	15	9	money	money	NOUN
fsr-4154	15	10	since	since	SCONJ
fsr-4154	15	11	the	the	DET
fsr-4154	15	12	abandonment	abandonment	NOUN
fsr-4154	15	13	of	of	ADP
fsr-4154	15	14	the	the	DET
fsr-4154	15	15	gold	gold	NOUN
fsr-4154	15	16	standard	standard	NOUN
fsr-4154	15	17	and	and	CCONJ
fsr-4154	15	18	the	the	DET
fsr-4154	15	19	subsequent	subsequent	ADJ
fsr-4154	15	20	adoption	adoption	NOUN
fsr-4154	15	21	of	of	ADP
fsr-4154	15	22	fiat	fiat	ADJ
fsr-4154	15	23	currencies	currency	NOUN
fsr-4154	15	24	.	.	PUNCT
fsr-4154	16	1	this	this	DET
fsr-4154	16	2	shift	shift	NOUN
fsr-4154	16	3	fundamentally	fundamentally	ADV
fsr-4154	16	4	alters	alter	VERB
fsr-4154	16	5	monetary	monetary	ADJ
fsr-4154	16	6	system	system	NOUN
fsr-4154	16	7	structures	structure	NOUN
fsr-4154	16	8	,	,	PUNCT
fsr-4154	16	9	governance	governance	NOUN
fsr-4154	16	10	,	,	PUNCT
fsr-4154	16	11	and	and	CCONJ
fsr-4154	16	12	technology	technology	NOUN
fsr-4154	16	13	by	by	ADP
fsr-4154	16	14	1	1	NUM
fsr-4154	16	15	s.	s.	PROPN
fsr-4154	16	16	p.	p.	PROPN
fsr-4154	16	17	jain	jain	PROPN
fsr-4154	16	18	institute	institute	PROPN
fsr-4154	16	19	of	of	ADP
fsr-4154	16	20	management	management	NOUN
fsr-4154	16	21	and	and	CCONJ
fsr-4154	16	22	research	research	NOUN
fsr-4154	16	23	(	(	PUNCT
fsr-4154	16	24	spjimr	spjimr	NOUN
fsr-4154	16	25	)	)	PUNCT
fsr-4154	16	26	,	,	PUNCT
fsr-4154	16	27	mumbai	mumbai	PROPN
fsr-4154	16	28	,	,	PUNCT
fsr-4154	16	29	india	india	PROPN
fsr-4154	16	30	.	.	PROPN
fsr-4154	16	31	2	2	NUM
fsr-4154	16	32	corresponding	correspond	VERB
fsr-4154	16	33	author	author	NOUN
fsr-4154	16	34	(	(	PUNCT
fsr-4154	16	35	fpm22.sanjogita@spjimr.org	fpm22.sanjogita@spjimr.org	ADJ
fsr-4154	16	36	)	)	PUNCT
fsr-4154	16	37	.	.	PUNCT
fsr-4154	17	1	spjimr	spjimr	PROPN
fsr-4154	17	2	,	,	PUNCT
fsr-4154	17	3	mumbai	mumbai	PROPN
fsr-4154	17	4	,	,	PUNCT
fsr-4154	17	5	india	india	PROPN
fsr-4154	17	6	.	.	PUNCT
fsr-4154	18	1	integrating	integrate	VERB
fsr-4154	18	2	programmability	programmability	NOUN
fsr-4154	18	3	,	,	PUNCT
fsr-4154	18	4	enhancing	enhance	VERB
fsr-4154	18	5	financial	financial	ADJ
fsr-4154	18	6	inclusion	inclusion	NOUN
fsr-4154	18	7	,	,	PUNCT
fsr-4154	18	8	and	and	CCONJ
fsr-4154	18	9	redefining	redefine	VERB
fsr-4154	18	10	cross	cross	ADJ
fsr-4154	18	11	-	-	ADJ
fsr-4154	18	12	border	border	ADJ
fsr-4154	18	13	payments	payment	NOUN
fsr-4154	18	14	.	.	PUNCT
fsr-4154	19	1	according	accord	VERB
fsr-4154	19	2	to	to	ADP
fsr-4154	19	3	the	the	DET
fsr-4154	19	4	bank	bank	NOUN
fsr-4154	19	5	of	of	ADP
fsr-4154	19	6	international	international	ADJ
fsr-4154	19	7	settlements	settlement	NOUN
fsr-4154	19	8	(	(	PUNCT
fsr-4154	19	9	bis	bis	INTJ
fsr-4154	19	10	,	,	PUNCT
fsr-4154	19	11	2020	2020	NUM
fsr-4154	19	12	)	)	PUNCT
fsr-4154	19	13	,	,	PUNCT
fsr-4154	19	14	cbdcs	cbdc	NOUN
fsr-4154	19	15	can	can	AUX
fsr-4154	19	16	play	play	VERB
fsr-4154	19	17	a	a	DET
fsr-4154	19	18	pivotal	pivotal	ADJ
fsr-4154	19	19	role	role	NOUN
fsr-4154	19	20	in	in	ADP
fsr-4154	19	21	modernizing	modernize	VERB
fsr-4154	19	22	payment	payment	NOUN
fsr-4154	19	23	systems	system	NOUN
fsr-4154	19	24	by	by	ADP
fsr-4154	19	25	enhancing	enhance	VERB
fsr-4154	19	26	efficiency	efficiency	NOUN
fsr-4154	19	27	,	,	PUNCT
fsr-4154	19	28	security	security	NOUN
fsr-4154	19	29	,	,	PUNCT
fsr-4154	19	30	and	and	CCONJ
fsr-4154	19	31	inclusivity	inclusivity	NOUN
fsr-4154	19	32	.	.	PUNCT
fsr-4154	20	1	of	of	ADP
fsr-4154	20	2	the	the	DET
fsr-4154	20	3	countries	country	NOUN
fsr-4154	20	4	currently	currently	ADV
fsr-4154	20	5	exploring	explore	VERB
fsr-4154	20	6	cbdc	cbdc	NOUN
fsr-4154	20	7	implementation	implementation	NOUN
fsr-4154	20	8	,	,	PUNCT
fsr-4154	20	9	three	three	NUM
fsr-4154	20	10	have	have	AUX
fsr-4154	20	11	fully	fully	ADV
fsr-4154	20	12	launched	launch	VERB
fsr-4154	20	13	their	their	PRON
fsr-4154	20	14	systems	system	NOUN
fsr-4154	20	15	,	,	PUNCT
fsr-4154	20	16	44	44	NUM
fsr-4154	20	17	are	be	AUX
fsr-4154	20	18	in	in	ADP
fsr-4154	20	19	the	the	DET
fsr-4154	20	20	pilot	pilot	NOUN
fsr-4154	20	21	phase	phase	NOUN
fsr-4154	20	22	,	,	PUNCT
fsr-4154	20	23	and	and	CCONJ
fsr-4154	20	24	the	the	DET
fsr-4154	20	25	remainder	remainder	NOUN
fsr-4154	20	26	are	be	AUX
fsr-4154	20	27	in	in	ADP
fsr-4154	20	28	various	various	ADJ
fsr-4154	20	29	stages	stage	NOUN
fsr-4154	20	30	of	of	ADP
fsr-4154	20	31	research	research	NOUN
fsr-4154	20	32	and	and	CCONJ
fsr-4154	20	33	development	development	NOUN
fsr-4154	20	34	(	(	PUNCT
fsr-4154	20	35	atlantic	atlantic	PROPN
fsr-4154	20	36	council	council	PROPN
fsr-4154	20	37	,	,	PUNCT
fsr-4154	20	38	2025	2025	NUM
fsr-4154	20	39	)	)	PUNCT
fsr-4154	20	40	.	.	PUNCT
fsr-4154	21	1	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	X
fsr-4154	21	2	https://creativecommons.org/licenses/by-nc/4.0/	https://creativecommons.org/licenses/by-nc/4.0/	PRON
fsr-4154	21	3	financial	financial	ADJ
fsr-4154	21	4	services	service	NOUN
fsr-4154	21	5	review	review	NOUN
fsr-4154	21	6	,	,	PUNCT
fsr-4154	21	7	33(3	33(3	NOUN
fsr-4154	21	8	)	)	PUNCT
fsr-4154	21	9	62	62	NUM
fsr-4154	21	10	this	this	DET
fsr-4154	21	11	growing	grow	VERB
fsr-4154	21	12	interest	interest	NOUN
fsr-4154	21	13	underscores	underscore	VERB
fsr-4154	21	14	the	the	DET
fsr-4154	21	15	recognition	recognition	NOUN
fsr-4154	21	16	of	of	ADP
fsr-4154	21	17	cbdcs	cbdc	NOUN
fsr-4154	21	18	'	'	PART
fsr-4154	21	19	potential	potential	NOUN
fsr-4154	21	20	to	to	PART
fsr-4154	21	21	enhance	enhance	VERB
fsr-4154	21	22	payment	payment	NOUN
fsr-4154	21	23	efficiency	efficiency	NOUN
fsr-4154	21	24	,	,	PUNCT
fsr-4154	21	25	while	while	SCONJ
fsr-4154	21	26	simultaneously	simultaneously	ADV
fsr-4154	21	27	providing	provide	VERB
fsr-4154	21	28	central	central	ADJ
fsr-4154	21	29	banks	bank	NOUN
fsr-4154	21	30	with	with	ADP
fsr-4154	21	31	innovative	innovative	ADJ
fsr-4154	21	32	tools	tool	NOUN
fsr-4154	21	33	for	for	ADP
fsr-4154	21	34	oversight	oversight	NOUN
fsr-4154	21	35	and	and	CCONJ
fsr-4154	21	36	policy	policy	NOUN
fsr-4154	21	37	implementation	implementation	NOUN
fsr-4154	21	38	.	.	PUNCT
fsr-4154	22	1	nevertheless	nevertheless	ADV
fsr-4154	22	2	,	,	PUNCT
fsr-4154	22	3	the	the	DET
fsr-4154	22	4	successful	successful	ADJ
fsr-4154	22	5	implementation	implementation	NOUN
fsr-4154	22	6	of	of	ADP
fsr-4154	22	7	cbdcs	cbdc	NOUN
fsr-4154	22	8	demands	demand	VERB
fsr-4154	22	9	careful	careful	ADJ
fsr-4154	22	10	consideration	consideration	NOUN
fsr-4154	22	11	of	of	ADP
fsr-4154	22	12	numerous	numerous	ADJ
fsr-4154	22	13	interconnected	interconnected	ADJ
fsr-4154	22	14	design	design	NOUN
fsr-4154	22	15	elements	element	NOUN
fsr-4154	22	16	,	,	PUNCT
fsr-4154	22	17	particularly	particularly	ADV
fsr-4154	22	18	within	within	ADP
fsr-4154	22	19	economies	economy	NOUN
fsr-4154	22	20	already	already	ADV
fsr-4154	22	21	possessing	possess	VERB
fsr-4154	22	22	sophisticated	sophisticated	ADJ
fsr-4154	22	23	digital	digital	ADJ
fsr-4154	22	24	payment	payment	NOUN
fsr-4154	22	25	infrastructures	infrastructure	NOUN
fsr-4154	22	26	(	(	PUNCT
fsr-4154	22	27	allen	allen	PROPN
fsr-4154	22	28	et	et	PROPN
fsr-4154	22	29	al	al	PROPN
fsr-4154	22	30	.	.	PROPN
fsr-4154	22	31	,	,	PUNCT
fsr-4154	22	32	2020	2020	NUM
fsr-4154	22	33	;	;	PUNCT
fsr-4154	22	34	bis	bis	X
fsr-4154	22	35	,	,	PUNCT
fsr-4154	22	36	2020	2020	NUM
fsr-4154	22	37	)	)	PUNCT
fsr-4154	22	38	.	.	PUNCT
fsr-4154	23	1	the	the	DET
fsr-4154	23	2	literature	literature	NOUN
fsr-4154	23	3	on	on	ADP
fsr-4154	23	4	cbdcs	cbdc	NOUN
fsr-4154	23	5	has	have	AUX
fsr-4154	23	6	predominantly	predominantly	ADV
fsr-4154	23	7	focused	focus	VERB
fsr-4154	23	8	on	on	ADP
fsr-4154	23	9	theoretical	theoretical	ADJ
fsr-4154	23	10	frameworks	framework	NOUN
fsr-4154	23	11	and	and	CCONJ
fsr-4154	23	12	technical	technical	ADJ
fsr-4154	23	13	aspects	aspect	NOUN
fsr-4154	23	14	of	of	ADP
fsr-4154	23	15	implementations	implementation	NOUN
fsr-4154	23	16	.	.	PUNCT
fsr-4154	24	1	previous	previous	ADJ
fsr-4154	24	2	studies	study	NOUN
fsr-4154	24	3	,	,	PUNCT
fsr-4154	24	4	such	such	ADJ
fsr-4154	24	5	as	as	ADP
fsr-4154	24	6	bis	bis	X
fsr-4154	24	7	(	(	PUNCT
fsr-4154	24	8	2020	2020	NUM
fsr-4154	24	9	)	)	PUNCT
fsr-4154	24	10	,	,	PUNCT
fsr-4154	24	11	herve	herve	VERB
fsr-4154	24	12	tourpe	tourpe	PROPN
fsr-4154	24	13	et	et	PROPN
fsr-4154	24	14	al	al	PROPN
fsr-4154	24	15	.	.	PROPN
fsr-4154	25	1	(	(	PUNCT
fsr-4154	25	2	2023	2023	NUM
fsr-4154	25	3	)	)	PUNCT
fsr-4154	25	4	and	and	CCONJ
fsr-4154	25	5	soderberg	soderberg	PROPN
fsr-4154	25	6	et	et	PROPN
fsr-4154	25	7	al	al	PROPN
fsr-4154	25	8	.	.	PROPN
fsr-4154	26	1	(	(	PUNCT
fsr-4154	26	2	2023	2023	NUM
fsr-4154	26	3	)	)	PUNCT
fsr-4154	26	4	have	have	AUX
fsr-4154	26	5	explored	explore	VERB
fsr-4154	26	6	cbdc	cbdc	NOUN
fsr-4154	26	7	design	design	NOUN
fsr-4154	26	8	processes	process	NOUN
fsr-4154	26	9	,	,	PUNCT
fsr-4154	26	10	noting	note	VERB
fsr-4154	26	11	that	that	SCONJ
fsr-4154	26	12	design	design	NOUN
fsr-4154	26	13	parameters	parameter	NOUN
fsr-4154	26	14	evolve	evolve	VERB
fsr-4154	26	15	alongside	alongside	ADP
fsr-4154	26	16	advancements	advancement	NOUN
fsr-4154	26	17	in	in	ADP
fsr-4154	26	18	technology	technology	NOUN
fsr-4154	26	19	and	and	CCONJ
fsr-4154	26	20	policy	policy	NOUN
fsr-4154	26	21	.	.	PUNCT
fsr-4154	27	1	however	however	ADV
fsr-4154	27	2	,	,	PUNCT
fsr-4154	27	3	a	a	DET
fsr-4154	27	4	research	research	NOUN
fsr-4154	27	5	gap	gap	NOUN
fsr-4154	27	6	persists	persist	VERB
fsr-4154	27	7	concerning	concern	VERB
fsr-4154	27	8	the	the	DET
fsr-4154	27	9	specific	specific	ADJ
fsr-4154	27	10	impacts	impact	NOUN
fsr-4154	27	11	that	that	PRON
fsr-4154	27	12	cbdc	cbdc	VERB
fsr-4154	27	13	design	design	NOUN
fsr-4154	27	14	choices	choice	NOUN
fsr-4154	27	15	have	have	VERB
fsr-4154	27	16	on	on	ADP
fsr-4154	27	17	payment	payment	NOUN
fsr-4154	27	18	systems	system	NOUN
fsr-4154	27	19	.	.	PUNCT
fsr-4154	28	1	this	this	DET
fsr-4154	28	2	gap	gap	NOUN
fsr-4154	28	3	is	be	AUX
fsr-4154	28	4	further	far	ADV
fsr-4154	28	5	relevant	relevant	ADJ
fsr-4154	28	6	for	for	SCONJ
fsr-4154	28	7	countries	country	NOUN
fsr-4154	28	8	already	already	ADV
fsr-4154	28	9	having	have	VERB
fsr-4154	28	10	robust	robust	ADJ
fsr-4154	28	11	and	and	CCONJ
fsr-4154	28	12	widely	widely	ADV
fsr-4154	28	13	adopted	adopt	VERB
fsr-4154	28	14	digital	digital	ADJ
fsr-4154	28	15	payment	payment	NOUN
fsr-4154	28	16	platforms	platform	NOUN
fsr-4154	28	17	serving	serve	VERB
fsr-4154	28	18	large	large	ADJ
fsr-4154	28	19	populations	population	NOUN
fsr-4154	28	20	efficiently	efficiently	ADV
fsr-4154	28	21	.	.	PUNCT
fsr-4154	29	1	india	india	PROPN
fsr-4154	29	2	presents	present	VERB
fsr-4154	29	3	an	an	DET
fsr-4154	29	4	ideal	ideal	ADJ
fsr-4154	29	5	reference	reference	NOUN
fsr-4154	29	6	case	case	NOUN
fsr-4154	29	7	for	for	ADP
fsr-4154	29	8	examining	examine	VERB
fsr-4154	29	9	these	these	DET
fsr-4154	29	10	dynamics	dynamic	NOUN
fsr-4154	29	11	,	,	PUNCT
fsr-4154	29	12	as	as	SCONJ
fsr-4154	29	13	it	it	PRON
fsr-4154	29	14	possesses	possess	VERB
fsr-4154	29	15	one	one	NUM
fsr-4154	29	16	of	of	ADP
fsr-4154	29	17	the	the	DET
fsr-4154	29	18	world	world	NOUN
fsr-4154	29	19	's	's	PART
fsr-4154	29	20	most	most	ADV
fsr-4154	29	21	successful	successful	ADJ
fsr-4154	29	22	digital	digital	ADJ
fsr-4154	29	23	payment	payment	NOUN
fsr-4154	29	24	ecosystems	ecosystem	NOUN
fsr-4154	29	25	through	through	ADP
fsr-4154	29	26	the	the	DET
fsr-4154	29	27	unified	unified	ADJ
fsr-4154	29	28	payments	payment	NOUN
fsr-4154	29	29	interface	interface	NOUN
fsr-4154	29	30	(	(	PUNCT
fsr-4154	29	31	upi	upi	PROPN
fsr-4154	29	32	)	)	PUNCT
fsr-4154	29	33	,	,	PUNCT
fsr-4154	29	34	while	while	SCONJ
fsr-4154	29	35	simultaneously	simultaneously	ADV
fsr-4154	29	36	piloting	pilot	VERB
fsr-4154	29	37	its	its	PRON
fsr-4154	29	38	e	e	ADJ
fsr-4154	29	39	-	-	ADJ
fsr-4154	29	40	rupee	rupee	ADJ
fsr-4154	29	41	cbdc	cbdc	NOUN
fsr-4154	29	42	,	,	PUNCT
fsr-4154	29	43	creating	create	VERB
fsr-4154	29	44	a	a	DET
fsr-4154	29	45	unique	unique	ADJ
fsr-4154	29	46	laboratory	laboratory	NOUN
fsr-4154	29	47	for	for	ADP
fsr-4154	29	48	understanding	understand	VERB
fsr-4154	29	49	cbdc	cbdc	VERB
fsr-4154	29	50	-	-	PUNCT
fsr-4154	29	51	existing	exist	VERB
fsr-4154	29	52	system	system	NOUN
fsr-4154	29	53	interactions	interaction	NOUN
fsr-4154	29	54	.	.	PUNCT
fsr-4154	30	1	to	to	PART
fsr-4154	30	2	address	address	VERB
fsr-4154	30	3	these	these	DET
fsr-4154	30	4	gaps	gap	NOUN
fsr-4154	30	5	,	,	PUNCT
fsr-4154	30	6	this	this	DET
fsr-4154	30	7	study	study	NOUN
fsr-4154	30	8	provides	provide	VERB
fsr-4154	30	9	a	a	DET
fsr-4154	30	10	structured	structured	ADJ
fsr-4154	30	11	examination	examination	NOUN
fsr-4154	30	12	of	of	ADP
fsr-4154	30	13	how	how	SCONJ
fsr-4154	30	14	cbdc	cbdc	VERB
fsr-4154	30	15	design	design	NOUN
fsr-4154	30	16	decisions	decision	NOUN
fsr-4154	30	17	influence	influence	VERB
fsr-4154	30	18	existing	exist	VERB
fsr-4154	30	19	financial	financial	ADJ
fsr-4154	30	20	infrastructures	infrastructure	NOUN
fsr-4154	30	21	,	,	PUNCT
fsr-4154	30	22	particularly	particularly	ADV
fsr-4154	30	23	within	within	ADP
fsr-4154	30	24	emerging	emerge	VERB
fsr-4154	30	25	economies	economy	NOUN
fsr-4154	30	26	like	like	ADP
fsr-4154	30	27	india	india	PROPN
fsr-4154	30	28	,	,	PUNCT
fsr-4154	30	29	featuring	feature	VERB
fsr-4154	30	30	mature	mature	ADJ
fsr-4154	30	31	digital	digital	ADJ
fsr-4154	30	32	payment	payment	NOUN
fsr-4154	30	33	systems	system	NOUN
fsr-4154	30	34	.	.	PUNCT
fsr-4154	31	1	our	our	PRON
fsr-4154	31	2	research	research	NOUN
fsr-4154	31	3	focuses	focus	VERB
fsr-4154	31	4	on	on	ADP
fsr-4154	31	5	three	three	NUM
fsr-4154	31	6	research	research	NOUN
fsr-4154	31	7	questions	question	NOUN
fsr-4154	31	8	:	:	PUNCT
fsr-4154	31	9	rq1	rq1	NOUN
fsr-4154	31	10	:	:	PUNCT
fsr-4154	31	11	what	what	PRON
fsr-4154	31	12	critical	critical	ADJ
fsr-4154	31	13	design	design	NOUN
fsr-4154	31	14	choices	choice	NOUN
fsr-4154	31	15	determine	determine	NOUN
fsr-4154	31	16	cbdc	cbdc	NOUN
fsr-4154	31	17	effectiveness	effectiveness	NOUN
fsr-4154	31	18	?	?	PUNCT
fsr-4154	32	1	rq2	rq2	NOUN
fsr-4154	32	2	:	:	PUNCT
fsr-4154	32	3	how	how	SCONJ
fsr-4154	32	4	do	do	AUX
fsr-4154	32	5	cbdc	cbdc	VERB
fsr-4154	32	6	design	design	NOUN
fsr-4154	32	7	choices	choice	NOUN
fsr-4154	32	8	impact	impact	NOUN
fsr-4154	32	9	existing	exist	VERB
fsr-4154	32	10	payment	payment	NOUN
fsr-4154	32	11	platforms	platform	NOUN
fsr-4154	32	12	and	and	CCONJ
fsr-4154	32	13	their	their	PRON
fsr-4154	32	14	evolution	evolution	NOUN
fsr-4154	32	15	?	?	PUNCT
fsr-4154	33	1	rq3	rq3	NOUN
fsr-4154	33	2	:	:	PUNCT
fsr-4154	33	3	what	what	DET
fsr-4154	33	4	considerations	consideration	NOUN
fsr-4154	33	5	should	should	AUX
fsr-4154	33	6	guide	guide	VERB
fsr-4154	33	7	cbdc	cbdc	VERB
fsr-4154	33	8	implementation	implementation	NOUN
fsr-4154	33	9	in	in	ADP
fsr-4154	33	10	emerging	emerge	VERB
fsr-4154	33	11	economies	economy	NOUN
fsr-4154	33	12	with	with	ADP
fsr-4154	33	13	established	establish	VERB
fsr-4154	33	14	digital	digital	ADJ
fsr-4154	33	15	payment	payment	NOUN
fsr-4154	33	16	infrastructure	infrastructure	NOUN
fsr-4154	33	17	,	,	PUNCT
fsr-4154	33	18	such	such	ADJ
fsr-4154	33	19	as	as	ADP
fsr-4154	33	20	india	india	PROPN
fsr-4154	33	21	?	?	PUNCT
fsr-4154	34	1	methodologically	methodologically	ADV
fsr-4154	34	2	,	,	PUNCT
fsr-4154	34	3	we	we	PRON
fsr-4154	34	4	adopt	adopt	VERB
fsr-4154	34	5	a	a	DET
fsr-4154	34	6	qualitative	qualitative	ADJ
fsr-4154	34	7	approach	approach	NOUN
fsr-4154	34	8	,	,	PUNCT
fsr-4154	34	9	conducting	conduct	VERB
fsr-4154	34	10	in	in	ADP
fsr-4154	34	11	-	-	PUNCT
fsr-4154	34	12	depth	depth	NOUN
fsr-4154	34	13	expert	expert	NOUN
fsr-4154	34	14	interviews	interview	NOUN
fsr-4154	34	15	to	to	PART
fsr-4154	34	16	examine	examine	VERB
fsr-4154	34	17	critical	critical	ADJ
fsr-4154	34	18	cbdc	cbdc	NOUN
fsr-4154	34	19	design	design	NOUN
fsr-4154	34	20	considerations	consideration	NOUN
fsr-4154	34	21	and	and	CCONJ
fsr-4154	34	22	their	their	PRON
fsr-4154	34	23	implications	implication	NOUN
fsr-4154	34	24	for	for	ADP
fsr-4154	34	25	existing	exist	VERB
fsr-4154	34	26	payment	payment	NOUN
fsr-4154	34	27	systems	system	NOUN
fsr-4154	34	28	.	.	PUNCT
fsr-4154	35	1	the	the	DET
fsr-4154	35	2	expert	expert	ADJ
fsr-4154	35	3	panel	panel	NOUN
fsr-4154	35	4	comprises	comprise	VERB
fsr-4154	35	5	22	22	NUM
fsr-4154	35	6	professionals	professional	NOUN
fsr-4154	35	7	from	from	ADP
fsr-4154	35	8	diverse	diverse	ADJ
fsr-4154	35	9	sectors	sector	NOUN
fsr-4154	35	10	,	,	PUNCT
fsr-4154	35	11	including	include	VERB
fsr-4154	35	12	fintech	fintech	NOUN
fsr-4154	35	13	,	,	PUNCT
fsr-4154	35	14	banking	banking	NOUN
fsr-4154	35	15	,	,	PUNCT
fsr-4154	35	16	payments	payment	NOUN
fsr-4154	35	17	,	,	PUNCT
fsr-4154	35	18	and	and	CCONJ
fsr-4154	35	19	academia	academia	NOUN
fsr-4154	35	20	,	,	PUNCT
fsr-4154	35	21	offering	offer	VERB
fsr-4154	35	22	insights	insight	NOUN
fsr-4154	35	23	into	into	ADP
fsr-4154	35	24	the	the	DET
fsr-4154	35	25	technical	technical	ADJ
fsr-4154	35	26	and	and	CCONJ
fsr-4154	35	27	operational	operational	ADJ
fsr-4154	35	28	dimensions	dimension	NOUN
fsr-4154	35	29	of	of	ADP
fsr-4154	35	30	cbdc	cbdc	NOUN
fsr-4154	35	31	implementation	implementation	NOUN
fsr-4154	35	32	.	.	PUNCT
fsr-4154	36	1	our	our	PRON
fsr-4154	36	2	findings	finding	NOUN
fsr-4154	36	3	indicate	indicate	VERB
fsr-4154	36	4	that	that	DET
fsr-4154	36	5	cbdc	cbdc	NOUN
fsr-4154	36	6	design	design	NOUN
fsr-4154	36	7	involves	involve	VERB
fsr-4154	36	8	multiple	multiple	ADJ
fsr-4154	36	9	integrated	integrate	VERB
fsr-4154	36	10	layers	layer	NOUN
fsr-4154	36	11	,	,	PUNCT
fsr-4154	36	12	each	each	PRON
fsr-4154	36	13	with	with	ADP
fsr-4154	36	14	distinct	distinct	ADJ
fsr-4154	36	15	implications	implication	NOUN
fsr-4154	36	16	for	for	ADP
fsr-4154	36	17	payment	payment	NOUN
fsr-4154	36	18	system	system	NOUN
fsr-4154	36	19	functionality	functionality	NOUN
fsr-4154	36	20	and	and	CCONJ
fsr-4154	36	21	evolution	evolution	NOUN
fsr-4154	36	22	.	.	PUNCT
fsr-4154	37	1	we	we	PRON
fsr-4154	37	2	highlight	highlight	VERB
fsr-4154	37	3	three	three	NUM
fsr-4154	37	4	key	key	ADJ
fsr-4154	37	5	insights	insight	NOUN
fsr-4154	37	6	.	.	PUNCT
fsr-4154	38	1	first	first	ADV
fsr-4154	38	2	,	,	PUNCT
fsr-4154	38	3	a	a	PRON
fsr-4154	38	4	two	two	NUM
fsr-4154	38	5	-	-	PUNCT
fsr-4154	38	6	tier	tier	NOUN
fsr-4154	38	7	,	,	PUNCT
fsr-4154	38	8	non	non	ADJ
fsr-4154	38	9	-	-	ADJ
fsr-4154	38	10	interestbearing	interestbearing	ADJ
fsr-4154	38	11	distribution	distribution	NOUN
fsr-4154	38	12	model	model	NOUN
fsr-4154	38	13	preserves	preserve	VERB
fsr-4154	38	14	banking	banking	NOUN
fsr-4154	38	15	stability	stability	NOUN
fsr-4154	38	16	while	while	SCONJ
fsr-4154	38	17	enabling	enable	VERB
fsr-4154	38	18	innovation	innovation	NOUN
fsr-4154	38	19	,	,	PUNCT
fsr-4154	38	20	with	with	ADP
fsr-4154	38	21	offline	offline	ADJ
fsr-4154	38	22	capabilities	capability	NOUN
fsr-4154	38	23	essential	essential	ADJ
fsr-4154	38	24	for	for	ADP
fsr-4154	38	25	broad	broad	ADJ
fsr-4154	38	26	accessibility	accessibility	NOUN
fsr-4154	38	27	.	.	PUNCT
fsr-4154	39	1	second	second	ADJ
fsr-4154	39	2	,	,	PUNCT
fsr-4154	39	3	cbdcs	cbdc	NOUN
fsr-4154	39	4	should	should	AUX
fsr-4154	39	5	complement	complement	VERB
fsr-4154	39	6	rather	rather	ADV
fsr-4154	39	7	than	than	ADP
fsr-4154	39	8	replace	replace	VERB
fsr-4154	39	9	existing	exist	VERB
fsr-4154	39	10	digital	digital	ADJ
fsr-4154	39	11	payment	payment	NOUN
fsr-4154	39	12	platforms	platform	NOUN
fsr-4154	39	13	,	,	PUNCT
fsr-4154	39	14	enhancing	enhance	VERB
fsr-4154	39	15	system	system	NOUN
fsr-4154	39	16	efficiency	efficiency	NOUN
fsr-4154	39	17	through	through	ADP
fsr-4154	39	18	immediate	immediate	ADJ
fsr-4154	39	19	settlement	settlement	NOUN
fsr-4154	39	20	finality	finality	NOUN
fsr-4154	39	21	and	and	CCONJ
fsr-4154	39	22	programmability	programmability	NOUN
fsr-4154	39	23	.	.	PUNCT
fsr-4154	40	1	third	third	ADJ
fsr-4154	40	2	,	,	PUNCT
fsr-4154	40	3	phased	phase	VERB
fsr-4154	40	4	implementation	implementation	NOUN
fsr-4154	40	5	guided	guide	VERB
fsr-4154	40	6	by	by	ADP
fsr-4154	40	7	clear	clear	ADJ
fsr-4154	40	8	metrics	metric	NOUN
fsr-4154	40	9	and	and	CCONJ
fsr-4154	40	10	strategic	strategic	ADJ
fsr-4154	40	11	partnerships	partnership	NOUN
fsr-4154	40	12	proves	prove	VERB
fsr-4154	40	13	essential	essential	ADJ
fsr-4154	40	14	for	for	ADP
fsr-4154	40	15	sustainable	sustainable	ADJ
fsr-4154	40	16	adoption	adoption	NOUN
fsr-4154	40	17	.	.	PUNCT
fsr-4154	41	1	the	the	DET
fsr-4154	41	2	remainder	remainder	NOUN
fsr-4154	41	3	of	of	ADP
fsr-4154	41	4	this	this	DET
fsr-4154	41	5	paper	paper	NOUN
fsr-4154	41	6	is	be	AUX
fsr-4154	41	7	structured	structure	VERB
fsr-4154	41	8	as	as	SCONJ
fsr-4154	41	9	follows	follow	VERB
fsr-4154	41	10	:	:	PUNCT
fsr-4154	41	11	section	section	NOUN
fsr-4154	41	12	2	2	NUM
fsr-4154	41	13	presents	present	NOUN
fsr-4154	41	14	literature	literature	NOUN
fsr-4154	41	15	review	review	NOUN
fsr-4154	41	16	on	on	ADP
fsr-4154	41	17	cbdc	cbdc	NOUN
fsr-4154	41	18	design	design	NOUN
fsr-4154	41	19	and	and	CCONJ
fsr-4154	41	20	implications	implication	NOUN
fsr-4154	41	21	.	.	PUNCT
fsr-4154	42	1	section	section	NOUN
fsr-4154	42	2	3	3	NUM
fsr-4154	42	3	outlines	outline	VERB
fsr-4154	42	4	the	the	DET
fsr-4154	42	5	research	research	NOUN
fsr-4154	42	6	methodology	methodology	NOUN
fsr-4154	42	7	,	,	PUNCT
fsr-4154	42	8	including	include	VERB
fsr-4154	42	9	details	detail	NOUN
fsr-4154	42	10	of	of	ADP
fsr-4154	42	11	the	the	DET
fsr-4154	42	12	qualitative	qualitative	ADJ
fsr-4154	42	13	approach	approach	NOUN
fsr-4154	42	14	and	and	CCONJ
fsr-4154	42	15	expert	expert	NOUN
fsr-4154	42	16	interviews	interview	NOUN
fsr-4154	42	17	.	.	PUNCT
fsr-4154	43	1	section	section	NOUN
fsr-4154	43	2	4	4	NUM
fsr-4154	43	3	discusses	discuss	VERB
fsr-4154	43	4	our	our	PRON
fsr-4154	43	5	key	key	ADJ
fsr-4154	43	6	findings	finding	NOUN
fsr-4154	43	7	and	and	CCONJ
fsr-4154	43	8	section	section	NOUN
fsr-4154	43	9	5	5	NUM
fsr-4154	43	10	concludes	conclude	VERB
fsr-4154	43	11	the	the	DET
fsr-4154	43	12	paper	paper	NOUN
fsr-4154	43	13	.	.	PUNCT
fsr-4154	44	1	literature	literature	NOUN
fsr-4154	44	2	review	review	VERB
fsr-4154	44	3	the	the	DET
fsr-4154	44	4	literature	literature	NOUN
fsr-4154	44	5	on	on	ADP
fsr-4154	44	6	cbdcs	cbdc	NOUN
fsr-4154	44	7	has	have	AUX
fsr-4154	44	8	evolved	evolve	VERB
fsr-4154	44	9	in	in	ADP
fsr-4154	44	10	response	response	NOUN
fsr-4154	44	11	to	to	ADP
fsr-4154	44	12	shifting	shift	VERB
fsr-4154	44	13	priorities	priority	NOUN
fsr-4154	44	14	in	in	ADP
fsr-4154	44	15	monetary	monetary	ADJ
fsr-4154	44	16	policy	policy	NOUN
fsr-4154	44	17	,	,	PUNCT
fsr-4154	44	18	technological	technological	ADJ
fsr-4154	44	19	innovation	innovation	NOUN
fsr-4154	44	20	,	,	PUNCT
fsr-4154	44	21	and	and	CCONJ
fsr-4154	44	22	payment	payment	NOUN
fsr-4154	44	23	system	system	NOUN
fsr-4154	44	24	modernization	modernization	NOUN
fsr-4154	44	25	.	.	PUNCT
fsr-4154	45	1	current	current	ADJ
fsr-4154	45	2	research	research	NOUN
fsr-4154	45	3	broadly	broadly	ADV
fsr-4154	45	4	focuses	focus	VERB
fsr-4154	45	5	on	on	ADP
fsr-4154	45	6	four	four	NUM
fsr-4154	45	7	interconnected	interconnected	ADJ
fsr-4154	45	8	themes	theme	NOUN
fsr-4154	45	9	(	(	PUNCT
fsr-4154	45	10	see	see	VERB
fsr-4154	45	11	sub	sub	NOUN
fsr-4154	45	12	-	-	NOUN
fsr-4154	45	13	sections	section	NOUN
fsr-4154	45	14	2.1–2.4	2.1–2.4	NOUN
fsr-4154	45	15	)	)	PUNCT
fsr-4154	45	16	.	.	PUNCT
fsr-4154	46	1	current	current	ADJ
fsr-4154	46	2	status	status	NOUN
fsr-4154	46	3	and	and	CCONJ
fsr-4154	46	4	implementation	implementation	NOUN
fsr-4154	46	5	of	of	ADP
fsr-4154	46	6	cbdcs	cbdcs	PROPN
fsr-4154	46	7	initial	initial	ADJ
fsr-4154	46	8	cbdc	cbdc	NOUN
fsr-4154	46	9	research	research	NOUN
fsr-4154	46	10	emerged	emerge	VERB
fsr-4154	46	11	from	from	ADP
fsr-4154	46	12	central	central	ADJ
fsr-4154	46	13	banks	bank	NOUN
fsr-4154	46	14	'	'	PART
fsr-4154	46	15	post-2008	post-2008	NOUN
fsr-4154	46	16	monetary	monetary	ADJ
fsr-4154	46	17	policy	policy	NOUN
fsr-4154	46	18	challenges	challenge	NOUN
fsr-4154	46	19	.	.	PUNCT
fsr-4154	47	1	early	early	ADJ
fsr-4154	47	2	theoretical	theoretical	ADJ
fsr-4154	47	3	contributions	contribution	NOUN
fsr-4154	47	4	by	by	ADP
fsr-4154	47	5	agarwal	agarwal	PROPN
fsr-4154	47	6	&	&	CCONJ
fsr-4154	47	7	kimball	kimball	PROPN
fsr-4154	47	8	(	(	PUNCT
fsr-4154	47	9	2015	2015	NUM
fsr-4154	47	10	)	)	PUNCT
fsr-4154	47	11	and	and	CCONJ
fsr-4154	47	12	rogoff	rogoff	NOUN
fsr-4154	47	13	(	(	PUNCT
fsr-4154	47	14	2015	2015	NUM
fsr-4154	47	15	)	)	PUNCT
fsr-4154	47	16	conceptualized	conceptualize	VERB
fsr-4154	47	17	cbdcs	cbdc	NOUN
fsr-4154	47	18	primarily	primarily	ADV
fsr-4154	47	19	as	as	ADP
fsr-4154	47	20	instruments	instrument	NOUN
fsr-4154	47	21	for	for	ADP
fsr-4154	47	22	implementing	implement	VERB
fsr-4154	47	23	negative	negative	ADJ
fsr-4154	47	24	interest	interest	NOUN
fsr-4154	47	25	rates	rate	NOUN
fsr-4154	47	26	and	and	CCONJ
fsr-4154	47	27	overcoming	overcome	VERB
fsr-4154	47	28	the	the	DET
fsr-4154	47	29	zero	zero	NUM
fsr-4154	47	30	lower	lower	ADV
fsr-4154	47	31	bound	bind	VERB
fsr-4154	47	32	constraints	constraint	NOUN
fsr-4154	47	33	.	.	PUNCT
fsr-4154	48	1	however	however	ADV
fsr-4154	48	2	,	,	PUNCT
fsr-4154	48	3	bindseil	bindseil	X
fsr-4154	48	4	(	(	PUNCT
fsr-4154	48	5	2019	2019	NUM
fsr-4154	48	6	)	)	PUNCT
fsr-4154	48	7	identifies	identify	VERB
fsr-4154	48	8	a	a	DET
fsr-4154	48	9	disconnect	disconnect	NOUN
fsr-4154	48	10	between	between	ADP
fsr-4154	48	11	these	these	DET
fsr-4154	48	12	theoretical	theoretical	ADJ
fsr-4154	48	13	models	model	NOUN
fsr-4154	48	14	and	and	CCONJ
fsr-4154	48	15	contemporary	contemporary	ADJ
fsr-4154	48	16	central	central	ADJ
fsr-4154	48	17	bank	bank	NOUN
fsr-4154	48	18	objectives	objective	NOUN
fsr-4154	48	19	,	,	PUNCT
fsr-4154	48	20	noting	note	VERB
fsr-4154	48	21	that	that	SCONJ
fsr-4154	48	22	most	most	ADJ
fsr-4154	48	23	central	central	ADJ
fsr-4154	48	24	banks	bank	NOUN
fsr-4154	48	25	currently	currently	ADV
fsr-4154	48	26	envision	envision	VERB
fsr-4154	48	27	non	non	ADJ
fsr-4154	48	28	-	-	ADJ
fsr-4154	48	29	interest	interest	NOUN
fsr-4154	48	30	-	-	PUNCT
fsr-4154	48	31	bearing	bear	VERB
fsr-4154	48	32	cbdcs	cbdc	NOUN
fsr-4154	48	33	subject	subject	ADJ
fsr-4154	48	34	to	to	ADP
fsr-4154	48	35	stringent	stringent	ADJ
fsr-4154	48	36	quantity	quantity	NOUN
fsr-4154	48	37	limits	limit	NOUN
fsr-4154	48	38	.	.	PUNCT
fsr-4154	49	1	shekhar	shekhar	PROPN
fsr-4154	49	2	&	&	CCONJ
fsr-4154	49	3	ramesh	ramesh	PROPN
fsr-4154	49	4	63	63	NUM
fsr-4154	49	5	subsequent	subsequent	ADJ
fsr-4154	49	6	research	research	NOUN
fsr-4154	49	7	shifted	shift	VERB
fsr-4154	49	8	its	its	PRON
fsr-4154	49	9	emphasis	emphasis	NOUN
fsr-4154	49	10	toward	toward	ADP
fsr-4154	49	11	technological	technological	ADJ
fsr-4154	49	12	innovations	innovation	NOUN
fsr-4154	49	13	and	and	CCONJ
fsr-4154	49	14	improving	improve	VERB
fsr-4154	49	15	payment	payment	NOUN
fsr-4154	49	16	system	system	NOUN
fsr-4154	49	17	efficiency	efficiency	NOUN
fsr-4154	49	18	.	.	PUNCT
fsr-4154	50	1	for	for	ADP
fsr-4154	50	2	instance	instance	NOUN
fsr-4154	50	3	,	,	PUNCT
fsr-4154	50	4	bech	bech	PROPN
fsr-4154	50	5	&	&	CCONJ
fsr-4154	50	6	garratt	garratt	PROPN
fsr-4154	50	7	,	,	PUNCT
fsr-4154	50	8	(	(	PUNCT
fsr-4154	50	9	2017	2017	NUM
fsr-4154	50	10	)	)	PUNCT
fsr-4154	50	11	developed	develop	VERB
fsr-4154	50	12	a	a	DET
fsr-4154	50	13	foundational	foundational	ADJ
fsr-4154	50	14	taxonomy	taxonomy	NOUN
fsr-4154	50	15	distinguishing	distinguish	VERB
fsr-4154	50	16	retail	retail	ADJ
fsr-4154	50	17	and	and	CCONJ
fsr-4154	50	18	wholesale	wholesale	ADJ
fsr-4154	50	19	cbdcs	cbdc	NOUN
fsr-4154	50	20	,	,	PUNCT
fsr-4154	50	21	demonstrating	demonstrate	VERB
fsr-4154	50	22	that	that	SCONJ
fsr-4154	50	23	blockchain	blockchain	PROPN
fsr-4154	50	24	technology	technology	PROPN
fsr-4154	50	25	could	could	AUX
fsr-4154	50	26	provide	provide	VERB
fsr-4154	50	27	digital	digital	ADJ
fsr-4154	50	28	cash	cash	NOUN
fsr-4154	50	29	with	with	ADP
fsr-4154	50	30	anonymity	anonymity	NOUN
fsr-4154	50	31	features	feature	NOUN
fsr-4154	50	32	while	while	SCONJ
fsr-4154	50	33	eliminating	eliminate	VERB
fsr-4154	50	34	cryptocurrency	cryptocurrency	NOUN
fsr-4154	50	35	volatility	volatility	NOUN
fsr-4154	50	36	,	,	PUNCT
fsr-4154	50	37	and	and	CCONJ
fsr-4154	50	38	proving	prove	VERB
fsr-4154	50	39	central	central	ADJ
fsr-4154	50	40	bank	bank	NOUN
fsr-4154	50	41	money	money	NOUN
fsr-4154	50	42	could	could	AUX
fsr-4154	50	43	transfer	transfer	VERB
fsr-4154	50	44	on	on	ADP
fsr-4154	50	45	distributed	distribute	VERB
fsr-4154	50	46	ledgers	ledger	NOUN
fsr-4154	50	47	in	in	ADP
fsr-4154	50	48	real	real	ADJ
fsr-4154	50	49	time	time	NOUN
fsr-4154	50	50	,	,	PUNCT
fsr-4154	50	51	though	though	SCONJ
fsr-4154	50	52	the	the	DET
fsr-4154	50	53	technology	technology	NOUN
fsr-4154	50	54	remained	remain	VERB
fsr-4154	50	55	immature	immature	ADJ
fsr-4154	50	56	.	.	PUNCT
fsr-4154	51	1	auer	auer	NOUN
fsr-4154	51	2	&	&	CCONJ
fsr-4154	51	3	böhme	böhme	PROPN
fsr-4154	51	4	(	(	PUNCT
fsr-4154	51	5	2021	2021	NUM
fsr-4154	51	6	)	)	PUNCT
fsr-4154	51	7	advance	advance	NOUN
fsr-4154	51	8	this	this	PRON
fsr-4154	51	9	by	by	ADP
fsr-4154	51	10	establishing	establish	VERB
fsr-4154	51	11	“	"	PUNCT
fsr-4154	51	12	minimally	minimally	ADV
fsr-4154	51	13	invasive	invasive	ADJ
fsr-4154	51	14	”	"	PUNCT
fsr-4154	51	15	cbdc	cbdc	NOUN
fsr-4154	51	16	design	design	NOUN
fsr-4154	51	17	requirements	requirement	NOUN
fsr-4154	51	18	,	,	PUNCT
fsr-4154	51	19	finding	find	VERB
fsr-4154	51	20	that	that	SCONJ
fsr-4154	51	21	cryptocurrency	cryptocurrency	NOUN
fsr-4154	51	22	-	-	PUNCT
fsr-4154	51	23	inspired	inspire	VERB
fsr-4154	51	24	approaches	approach	NOUN
fsr-4154	51	25	were	be	AUX
fsr-4154	51	26	unsuitable	unsuitable	ADJ
fsr-4154	51	27	and	and	CCONJ
fsr-4154	51	28	instead	instead	ADV
fsr-4154	51	29	identifying	identify	VERB
fsr-4154	51	30	hybrid	hybrid	NOUN
fsr-4154	51	31	/	/	SYM
fsr-4154	51	32	intermediated	intermediate	VERB
fsr-4154	51	33	architectures	architecture	NOUN
fsr-4154	51	34	as	as	ADP
fsr-4154	51	35	most	most	ADV
fsr-4154	51	36	promising	promising	ADJ
fsr-4154	51	37	,	,	PUNCT
fsr-4154	51	38	while	while	SCONJ
fsr-4154	51	39	discovering	discover	VERB
fsr-4154	51	40	a	a	DET
fsr-4154	51	41	novel	novel	ADJ
fsr-4154	51	42	trade	trade	NOUN
fsr-4154	51	43	-	-	PUNCT
fsr-4154	51	44	off	off	NOUN
fsr-4154	51	45	whereby	whereby	SCONJ
fsr-4154	51	46	central	central	ADJ
fsr-4154	51	47	banks	bank	NOUN
fsr-4154	51	48	must	must	AUX
fsr-4154	51	49	choose	choose	VERB
fsr-4154	51	50	between	between	ADP
fsr-4154	51	51	operating	operate	VERB
fsr-4154	51	52	complex	complex	ADJ
fsr-4154	51	53	technical	technical	ADJ
fsr-4154	51	54	infrastructure	infrastructure	NOUN
fsr-4154	51	55	or	or	CCONJ
fsr-4154	51	56	complex	complex	ADJ
fsr-4154	51	57	supervisory	supervisory	ADJ
fsr-4154	51	58	regimes	regime	NOUN
fsr-4154	51	59	.	.	PUNCT
fsr-4154	52	1	more	more	ADJ
fsr-4154	52	2	recent	recent	ADJ
fsr-4154	52	3	literature	literature	NOUN
fsr-4154	52	4	increasingly	increasingly	ADV
fsr-4154	52	5	examines	examine	VERB
fsr-4154	52	6	interactions	interaction	NOUN
fsr-4154	52	7	between	between	ADP
fsr-4154	52	8	cbdcs	cbdc	NOUN
fsr-4154	52	9	and	and	CCONJ
fsr-4154	52	10	established	establish	VERB
fsr-4154	52	11	digital	digital	ADJ
fsr-4154	52	12	payment	payment	NOUN
fsr-4154	52	13	infrastructures	infrastructure	NOUN
fsr-4154	52	14	.	.	PUNCT
fsr-4154	53	1	tercero	tercero	NOUN
fsr-4154	53	2	-	-	PUNCT
fsr-4154	53	3	lucas	lucas	PROPN
fsr-4154	53	4	(	(	PUNCT
fsr-4154	53	5	2023	2023	NUM
fsr-4154	53	6	)	)	PUNCT
fsr-4154	53	7	,	,	PUNCT
fsr-4154	53	8	employing	employ	VERB
fsr-4154	53	9	a	a	DET
fsr-4154	53	10	diamond	diamond	NOUN
fsr-4154	53	11	-	-	PUNCT
fsr-4154	53	12	dybvig	dybvig	NOUN
fsr-4154	53	13	framework	framework	NOUN
fsr-4154	53	14	,	,	PUNCT
fsr-4154	53	15	explores	explore	VERB
fsr-4154	53	16	financial	financial	ADJ
fsr-4154	53	17	stability	stability	NOUN
fsr-4154	53	18	implications	implication	NOUN
fsr-4154	53	19	,	,	PUNCT
fsr-4154	53	20	while	while	SCONJ
fsr-4154	53	21	bindseil	bindseil	NOUN
fsr-4154	53	22	&	&	CCONJ
fsr-4154	53	23	senner	senner	PROPN
fsr-4154	53	24	(	(	PUNCT
fsr-4154	53	25	2025	2025	NUM
fsr-4154	53	26	)	)	PUNCT
fsr-4154	53	27	model	model	NOUN
fsr-4154	53	28	impacts	impact	NOUN
fsr-4154	53	29	on	on	ADP
fsr-4154	53	30	monetary	monetary	ADJ
fsr-4154	53	31	policy	policy	NOUN
fsr-4154	53	32	transmission	transmission	NOUN
fsr-4154	53	33	and	and	CCONJ
fsr-4154	53	34	financial	financial	ADJ
fsr-4154	53	35	intermediation	intermediation	NOUN
fsr-4154	53	36	.	.	PUNCT
fsr-4154	54	1	they	they	PRON
fsr-4154	54	2	also	also	ADV
fsr-4154	54	3	highlight	highlight	VERB
fsr-4154	54	4	that	that	SCONJ
fsr-4154	54	5	many	many	ADJ
fsr-4154	54	6	proposed	propose	VERB
fsr-4154	54	7	technological	technological	ADJ
fsr-4154	54	8	benefits	benefit	NOUN
fsr-4154	54	9	face	face	VERB
fsr-4154	54	10	practical	practical	ADJ
fsr-4154	54	11	limitations	limitation	NOUN
fsr-4154	54	12	within	within	ADP
fsr-4154	54	13	central	central	ADJ
fsr-4154	54	14	banks	bank	NOUN
fsr-4154	54	15	'	'	PART
fsr-4154	54	16	conservative	conservative	ADJ
fsr-4154	54	17	design	design	NOUN
fsr-4154	54	18	parameters	parameter	NOUN
fsr-4154	54	19	,	,	PUNCT
fsr-4154	54	20	including	include	VERB
fsr-4154	54	21	non	non	ADJ
fsr-4154	54	22	-	-	ADJ
fsr-4154	54	23	interestbearing	interestbearing	ADJ
fsr-4154	54	24	structures	structure	NOUN
fsr-4154	54	25	,	,	PUNCT
fsr-4154	54	26	strict	strict	ADJ
fsr-4154	54	27	holding	holding	NOUN
fsr-4154	54	28	limits	limit	NOUN
fsr-4154	54	29	,	,	PUNCT
fsr-4154	54	30	and	and	CCONJ
fsr-4154	54	31	automated	automate	VERB
fsr-4154	54	32	links	link	NOUN
fsr-4154	54	33	to	to	ADP
fsr-4154	54	34	commercial	commercial	ADJ
fsr-4154	54	35	bank	bank	NOUN
fsr-4154	54	36	accounts	account	NOUN
fsr-4154	54	37	.	.	PUNCT
fsr-4154	55	1	design	design	NOUN
fsr-4154	55	2	considerations	consideration	NOUN
fsr-4154	55	3	technical	technical	ADJ
fsr-4154	55	4	architecture	architecture	NOUN
fsr-4154	55	5	and	and	CCONJ
fsr-4154	55	6	policy	policy	NOUN
fsr-4154	55	7	implications	implication	NOUN
fsr-4154	55	8	the	the	DET
fsr-4154	55	9	technical	technical	ADJ
fsr-4154	55	10	architecture	architecture	NOUN
fsr-4154	55	11	of	of	ADP
fsr-4154	55	12	cbdcs	cbdc	NOUN
fsr-4154	55	13	critically	critically	ADV
fsr-4154	55	14	shapes	shape	VERB
fsr-4154	55	15	their	their	PRON
fsr-4154	55	16	functionality	functionality	NOUN
fsr-4154	55	17	,	,	PUNCT
fsr-4154	55	18	security	security	NOUN
fsr-4154	55	19	,	,	PUNCT
fsr-4154	55	20	and	and	CCONJ
fsr-4154	55	21	economic	economic	ADJ
fsr-4154	55	22	viability	viability	NOUN
fsr-4154	55	23	.	.	PUNCT
fsr-4154	56	1	a	a	DET
fsr-4154	56	2	foundational	foundational	ADJ
fsr-4154	56	3	design	design	NOUN
fsr-4154	56	4	decision	decision	NOUN
fsr-4154	56	5	involves	involve	VERB
fsr-4154	56	6	selecting	select	VERB
fsr-4154	56	7	between	between	ADP
fsr-4154	56	8	a	a	DET
fsr-4154	56	9	centralized	centralized	ADJ
fsr-4154	56	10	or	or	CCONJ
fsr-4154	56	11	distributed	distribute	VERB
fsr-4154	56	12	ledger	ledger	NOUN
fsr-4154	56	13	architecture	architecture	NOUN
fsr-4154	56	14	.	.	PUNCT
fsr-4154	57	1	allen	allen	PROPN
fsr-4154	57	2	et	et	PROPN
fsr-4154	57	3	al	al	PROPN
fsr-4154	57	4	.	.	PROPN
fsr-4154	57	5	(	(	PUNCT
fsr-4154	57	6	2020	2020	NUM
fsr-4154	57	7	)	)	PUNCT
fsr-4154	57	8	extensively	extensively	ADV
fsr-4154	57	9	analyze	analyze	VERB
fsr-4154	57	10	this	this	DET
fsr-4154	57	11	choice	choice	NOUN
fsr-4154	57	12	,	,	PUNCT
fsr-4154	57	13	emphasizing	emphasize	VERB
fsr-4154	57	14	its	its	PRON
fsr-4154	57	15	implications	implication	NOUN
fsr-4154	57	16	for	for	ADP
fsr-4154	57	17	accessibility	accessibility	NOUN
fsr-4154	57	18	,	,	PUNCT
fsr-4154	57	19	privacy	privacy	NOUN
fsr-4154	57	20	,	,	PUNCT
fsr-4154	57	21	and	and	CCONJ
fsr-4154	57	22	systemic	systemic	ADJ
fsr-4154	57	23	resilience	resilience	NOUN
fsr-4154	57	24	,	,	PUNCT
fsr-4154	57	25	ultimately	ultimately	ADV
fsr-4154	57	26	recommending	recommend	VERB
fsr-4154	57	27	a	a	DET
fsr-4154	57	28	centralized	centralized	ADJ
fsr-4154	57	29	architecture	architecture	NOUN
fsr-4154	57	30	.	.	PUNCT
fsr-4154	58	1	another	another	DET
fsr-4154	58	2	important	important	ADJ
fsr-4154	58	3	debate	debate	NOUN
fsr-4154	58	4	centers	center	NOUN
fsr-4154	58	5	on	on	ADP
fsr-4154	58	6	whether	whether	SCONJ
fsr-4154	58	7	cbdc	cbdc	NOUN
fsr-4154	58	8	design	design	NOUN
fsr-4154	58	9	should	should	AUX
fsr-4154	58	10	complement	complement	VERB
fsr-4154	58	11	or	or	CCONJ
fsr-4154	58	12	disrupt	disrupt	VERB
fsr-4154	58	13	existing	exist	VERB
fsr-4154	58	14	payment	payment	NOUN
fsr-4154	58	15	systems	system	NOUN
fsr-4154	58	16	.	.	PUNCT
fsr-4154	59	1	agur	agur	PROPN
fsr-4154	59	2	et	et	PROPN
fsr-4154	59	3	al	al	PROPN
fsr-4154	59	4	.	.	PROPN
fsr-4154	60	1	(	(	PUNCT
fsr-4154	60	2	2022	2022	NUM
fsr-4154	60	3	)	)	PUNCT
fsr-4154	60	4	suggest	suggest	VERB
fsr-4154	60	5	that	that	SCONJ
fsr-4154	60	6	while	while	SCONJ
fsr-4154	60	7	cbdcs	cbdc	NOUN
fsr-4154	60	8	must	must	AUX
fsr-4154	60	9	be	be	AUX
fsr-4154	60	10	distinct	distinct	ADJ
fsr-4154	60	11	from	from	ADP
fsr-4154	60	12	conventional	conventional	ADJ
fsr-4154	60	13	payment	payment	NOUN
fsr-4154	60	14	platforms	platform	NOUN
fsr-4154	60	15	,	,	PUNCT
fsr-4154	60	16	their	their	PRON
fsr-4154	60	17	integration	integration	NOUN
fsr-4154	60	18	should	should	AUX
fsr-4154	60	19	minimize	minimize	VERB
fsr-4154	60	20	disruptions	disruption	NOUN
fsr-4154	60	21	to	to	ADP
fsr-4154	60	22	commercial	commercial	ADJ
fsr-4154	60	23	banks	bank	NOUN
fsr-4154	60	24	,	,	PUNCT
fsr-4154	60	25	especially	especially	ADV
fsr-4154	60	26	in	in	ADP
fsr-4154	60	27	economies	economy	NOUN
fsr-4154	60	28	with	with	ADP
fsr-4154	60	29	well	well	ADV
fsr-4154	60	30	-	-	PUNCT
fsr-4154	60	31	established	establish	VERB
fsr-4154	60	32	digital	digital	ADJ
fsr-4154	60	33	payment	payment	NOUN
fsr-4154	60	34	systems	system	NOUN
fsr-4154	60	35	.	.	PUNCT
fsr-4154	61	1	corbet	corbet	PROPN
fsr-4154	61	2	et	et	PROPN
fsr-4154	61	3	al	al	PROPN
fsr-4154	61	4	.	.	PROPN
fsr-4154	62	1	(	(	PUNCT
fsr-4154	62	2	2024	2024	NUM
fsr-4154	62	3	)	)	PUNCT
fsr-4154	62	4	challenge	challenge	NOUN
fsr-4154	62	5	this	this	DET
fsr-4154	62	6	viewpoint	viewpoint	NOUN
fsr-4154	62	7	by	by	ADP
fsr-4154	62	8	presenting	present	VERB
fsr-4154	62	9	empirical	empirical	ADJ
fsr-4154	62	10	evidence	evidence	NOUN
fsr-4154	62	11	suggesting	suggest	VERB
fsr-4154	62	12	that	that	SCONJ
fsr-4154	62	13	regulatory	regulatory	ADJ
fsr-4154	62	14	frameworks	framework	NOUN
fsr-4154	62	15	,	,	PUNCT
fsr-4154	62	16	rather	rather	ADV
fsr-4154	62	17	than	than	ADP
fsr-4154	62	18	technological	technological	ADJ
fsr-4154	62	19	readiness	readiness	NOUN
fsr-4154	62	20	,	,	PUNCT
fsr-4154	62	21	predominantly	predominantly	ADV
fsr-4154	62	22	drive	drive	VERB
fsr-4154	62	23	cbdc	cbdc	NOUN
fsr-4154	62	24	initiatives	initiative	NOUN
fsr-4154	62	25	in	in	ADP
fsr-4154	62	26	emerging	emerge	VERB
fsr-4154	62	27	markets	market	NOUN
fsr-4154	62	28	.	.	PUNCT
fsr-4154	63	1	the	the	DET
fsr-4154	63	2	pwc	pwc	PROPN
fsr-4154	63	3	india	india	PROPN
fsr-4154	63	4	report	report	PROPN
fsr-4154	63	5	(	(	PUNCT
fsr-4154	63	6	2021	2021	NUM
fsr-4154	63	7	)	)	PUNCT
fsr-4154	63	8	further	further	ADJ
fsr-4154	63	9	highlights	highlight	NOUN
fsr-4154	63	10	implementation	implementation	NOUN
fsr-4154	63	11	challenges	challenge	NOUN
fsr-4154	63	12	in	in	ADP
fsr-4154	63	13	emerging	emerge	VERB
fsr-4154	63	14	markets	market	NOUN
fsr-4154	63	15	,	,	PUNCT
fsr-4154	63	16	advocating	advocate	VERB
fsr-4154	63	17	for	for	ADP
fsr-4154	63	18	a	a	DET
fsr-4154	63	19	two	two	NUM
fsr-4154	63	20	-	-	PUNCT
fsr-4154	63	21	tier	tier	NOUN
fsr-4154	63	22	issuance	issuance	NOUN
fsr-4154	63	23	architecture	architecture	NOUN
fsr-4154	63	24	that	that	PRON
fsr-4154	63	25	preserves	preserve	VERB
fsr-4154	63	26	commercial	commercial	ADJ
fsr-4154	63	27	bank	bank	NOUN
fsr-4154	63	28	roles	role	NOUN
fsr-4154	63	29	while	while	SCONJ
fsr-4154	63	30	enabling	enable	VERB
fsr-4154	63	31	programmable	programmable	ADJ
fsr-4154	63	32	payments	payment	NOUN
fsr-4154	63	33	and	and	CCONJ
fsr-4154	63	34	financial	financial	ADJ
fsr-4154	63	35	inclusion	inclusion	NOUN
fsr-4154	63	36	for	for	ADP
fsr-4154	63	37	unbanked	unbanked	ADJ
fsr-4154	63	38	populations	population	NOUN
fsr-4154	63	39	.	.	PUNCT
fsr-4154	64	1	security	security	NOUN
fsr-4154	64	2	considerations	consideration	NOUN
fsr-4154	64	3	further	far	ADV
fsr-4154	64	4	complicate	complicate	VERB
fsr-4154	64	5	cbdc	cbdc	NOUN
fsr-4154	64	6	implementation	implementation	NOUN
fsr-4154	64	7	.	.	PUNCT
fsr-4154	65	1	tian	tian	PROPN
fsr-4154	65	2	et	et	PROPN
fsr-4154	65	3	al	al	PROPN
fsr-4154	65	4	.	.	PROPN
fsr-4154	66	1	(	(	PUNCT
fsr-4154	66	2	2023	2023	NUM
fsr-4154	66	3	)	)	PUNCT
fsr-4154	66	4	highlight	highlight	VERB
fsr-4154	66	5	cbdcs	cbdc	NOUN
fsr-4154	66	6	'	'	PART
fsr-4154	66	7	potential	potential	ADJ
fsr-4154	66	8	role	role	NOUN
fsr-4154	66	9	in	in	ADP
fsr-4154	66	10	mitigating	mitigate	VERB
fsr-4154	66	11	private	private	ADJ
fsr-4154	66	12	-	-	PUNCT
fsr-4154	66	13	sector	sector	NOUN
fsr-4154	66	14	cyber	cyber	NOUN
fsr-4154	66	15	risks	risk	NOUN
fsr-4154	66	16	but	but	CCONJ
fsr-4154	66	17	also	also	ADV
fsr-4154	66	18	caution	caution	VERB
fsr-4154	66	19	that	that	SCONJ
fsr-4154	66	20	systemic	systemic	ADJ
fsr-4154	66	21	cybersecurity	cybersecurity	NOUN
fsr-4154	66	22	vulnerabilities	vulnerability	NOUN
fsr-4154	66	23	could	could	AUX
fsr-4154	66	24	threaten	threaten	VERB
fsr-4154	66	25	financial	financial	ADJ
fsr-4154	66	26	stability	stability	NOUN
fsr-4154	66	27	if	if	SCONJ
fsr-4154	66	28	inadequately	inadequately	ADV
fsr-4154	66	29	addressed	address	VERB
fsr-4154	66	30	.	.	PUNCT
fsr-4154	67	1	beyond	beyond	ADP
fsr-4154	67	2	security	security	NOUN
fsr-4154	67	3	and	and	CCONJ
fsr-4154	67	4	integration	integration	NOUN
fsr-4154	67	5	challenges	challenge	NOUN
fsr-4154	67	6	,	,	PUNCT
fsr-4154	67	7	existing	exist	VERB
fsr-4154	67	8	literature	literature	NOUN
fsr-4154	67	9	also	also	ADV
fsr-4154	67	10	explores	explore	VERB
fsr-4154	67	11	theoretical	theoretical	ADJ
fsr-4154	67	12	frameworks	framework	NOUN
fsr-4154	67	13	for	for	ADP
fsr-4154	67	14	understanding	understand	VERB
fsr-4154	67	15	the	the	DET
fsr-4154	67	16	fundamental	fundamental	ADJ
fsr-4154	67	17	trade	trade	NOUN
fsr-4154	67	18	-	-	PUNCT
fsr-4154	67	19	offs	off	NOUN
fsr-4154	67	20	inherent	inherent	ADJ
fsr-4154	67	21	in	in	ADP
fsr-4154	67	22	cbdc	cbdc	NOUN
fsr-4154	67	23	design	design	NOUN
fsr-4154	67	24	.	.	PUNCT
fsr-4154	68	1	mishra	mishra	PROPN
fsr-4154	68	2	&	&	CCONJ
fsr-4154	68	3	prasad	prasad	PROPN
fsr-4154	68	4	(	(	PUNCT
fsr-4154	68	5	2024	2024	NUM
fsr-4154	68	6	)	)	PUNCT
fsr-4154	68	7	develop	develop	VERB
fsr-4154	68	8	a	a	DET
fsr-4154	68	9	general	general	ADJ
fsr-4154	68	10	equilibrium	equilibrium	NOUN
fsr-4154	68	11	model	model	NOUN
fsr-4154	68	12	that	that	PRON
fsr-4154	68	13	examines	examine	VERB
fsr-4154	68	14	the	the	DET
fsr-4154	68	15	coexistence	coexistence	NOUN
fsr-4154	68	16	of	of	ADP
fsr-4154	68	17	cash	cash	NOUN
fsr-4154	68	18	and	and	CCONJ
fsr-4154	68	19	cbdc	cbdc	VERB
fsr-4154	68	20	,	,	PUNCT
fsr-4154	68	21	demonstrating	demonstrate	VERB
fsr-4154	68	22	how	how	SCONJ
fsr-4154	68	23	design	design	NOUN
fsr-4154	68	24	choices	choice	NOUN
fsr-4154	68	25	affect	affect	VERB
fsr-4154	68	26	their	their	PRON
fsr-4154	68	27	relative	relative	ADJ
fsr-4154	68	28	holdings	holding	NOUN
fsr-4154	68	29	.	.	PUNCT
fsr-4154	69	1	their	their	PRON
fsr-4154	69	2	analysis	analysis	NOUN
fsr-4154	69	3	shows	show	VERB
fsr-4154	69	4	that	that	SCONJ
fsr-4154	69	5	cbdcs	cbdc	NOUN
fsr-4154	69	6	can	can	AUX
fsr-4154	69	7	expand	expand	VERB
fsr-4154	69	8	the	the	DET
fsr-4154	69	9	monetary	monetary	ADJ
fsr-4154	69	10	policy	policy	NOUN
fsr-4154	69	11	toolkit	toolkit	NOUN
fsr-4154	69	12	by	by	ADP
fsr-4154	69	13	enabling	enable	VERB
fsr-4154	69	14	negative	negative	ADJ
fsr-4154	69	15	nominal	nominal	ADJ
fsr-4154	69	16	interest	interest	NOUN
fsr-4154	69	17	rates	rate	NOUN
fsr-4154	69	18	and	and	CCONJ
fsr-4154	69	19	“	"	PUNCT
fsr-4154	69	20	helicopter	helicopter	NOUN
fsr-4154	69	21	drops	drop	NOUN
fsr-4154	69	22	”	"	PUNCT
fsr-4154	69	23	of	of	ADP
fsr-4154	69	24	money	money	NOUN
fsr-4154	69	25	.	.	PUNCT
fsr-4154	70	1	the	the	DET
fsr-4154	70	2	paper	paper	NOUN
fsr-4154	70	3	provides	provide	VERB
fsr-4154	70	4	insights	insight	NOUN
fsr-4154	70	5	on	on	ADP
fsr-4154	70	6	design	design	NOUN
fsr-4154	70	7	that	that	PRON
fsr-4154	70	8	can	can	AUX
fsr-4154	70	9	preserve	preserve	VERB
fsr-4154	70	10	elements	element	NOUN
fsr-4154	70	11	of	of	ADP
fsr-4154	70	12	a	a	DET
fsr-4154	70	13	cash	cash	NOUN
fsr-4154	70	14	-	-	PUNCT
fsr-4154	70	15	based	base	VERB
fsr-4154	70	16	economy	economy	NOUN
fsr-4154	70	17	while	while	SCONJ
fsr-4154	70	18	delivering	deliver	VERB
fsr-4154	70	19	digital	digital	ADJ
fsr-4154	70	20	currency	currency	NOUN
fsr-4154	70	21	benefits	benefit	NOUN
fsr-4154	70	22	.	.	PUNCT
fsr-4154	71	1	regarding	regard	VERB
fsr-4154	71	2	the	the	DET
fsr-4154	71	3	global	global	ADJ
fsr-4154	71	4	landscape	landscape	NOUN
fsr-4154	71	5	of	of	ADP
fsr-4154	71	6	cbdc	cbdc	NOUN
fsr-4154	71	7	,	,	PUNCT
fsr-4154	71	8	claessens	claessen	VERB
fsr-4154	71	9	et	et	PROPN
fsr-4154	71	10	al	al	PROPN
fsr-4154	71	11	.	.	PROPN
fsr-4154	72	1	(	(	PUNCT
fsr-4154	72	2	2024	2024	NUM
fsr-4154	72	3	)	)	PUNCT
fsr-4154	72	4	highlight	highlight	VERB
fsr-4154	72	5	that	that	SCONJ
fsr-4154	72	6	130	130	NUM
fsr-4154	72	7	countries	country	NOUN
fsr-4154	72	8	,	,	PUNCT
fsr-4154	72	9	representing	represent	VERB
fsr-4154	72	10	98	98	NUM
fsr-4154	72	11	%	%	NOUN
fsr-4154	72	12	of	of	ADP
fsr-4154	72	13	the	the	DET
fsr-4154	72	14	global	global	ADJ
fsr-4154	72	15	gross	gross	ADJ
fsr-4154	72	16	domestic	domestic	ADJ
fsr-4154	72	17	product	product	NOUN
fsr-4154	72	18	(	(	PUNCT
fsr-4154	72	19	gdp	gdp	NOUN
fsr-4154	72	20	)	)	PUNCT
fsr-4154	72	21	,	,	PUNCT
fsr-4154	72	22	are	be	AUX
fsr-4154	72	23	investigating	investigate	VERB
fsr-4154	72	24	cbdcs	cbdc	NOUN
fsr-4154	72	25	,	,	PUNCT
fsr-4154	72	26	with	with	ADP
fsr-4154	72	27	varying	vary	VERB
fsr-4154	72	28	degrees	degree	NOUN
fsr-4154	72	29	of	of	ADP
fsr-4154	72	30	implementation	implementation	NOUN
fsr-4154	72	31	.	.	PUNCT
fsr-4154	73	1	china	china	PROPN
fsr-4154	73	2	has	have	AUX
fsr-4154	73	3	already	already	ADV
fsr-4154	73	4	conducted	conduct	VERB
fsr-4154	73	5	1.8	1.8	NUM
fsr-4154	73	6	trillion	trillion	NUM
fsr-4154	73	7	-	-	PUNCT
fsr-4154	73	8	yuan	yuan	NOUN
fsr-4154	73	9	(	(	PUNCT
fsr-4154	73	10	approximately	approximately	ADV
fsr-4154	73	11	$	$	SYM
fsr-4154	73	12	249.9	249.9	NUM
fsr-4154	73	13	billion	billion	NUM
fsr-4154	73	14	)	)	PUNCT
fsr-4154	73	15	worth	worth	NOUN
fsr-4154	73	16	of	of	ADP
fsr-4154	73	17	cbdc	cbdc	NOUN
fsr-4154	73	18	transactions	transaction	NOUN
fsr-4154	73	19	in	in	ADP
fsr-4154	73	20	trials	trial	NOUN
fsr-4154	73	21	,	,	PUNCT
fsr-4154	73	22	while	while	SCONJ
fsr-4154	73	23	countries	country	NOUN
fsr-4154	73	24	like	like	ADP
fsr-4154	73	25	nigeria	nigeria	PROPN
fsr-4154	73	26	and	and	CCONJ
fsr-4154	73	27	the	the	DET
fsr-4154	73	28	bahamas	bahamas	PROPN
fsr-4154	73	29	have	have	AUX
fsr-4154	73	30	officially	officially	ADV
fsr-4154	73	31	launched	launch	VERB
fsr-4154	73	32	cbdcs	cbdc	NOUN
fsr-4154	73	33	with	with	ADP
fsr-4154	73	34	mixed	mixed	ADJ
fsr-4154	73	35	results	result	NOUN
fsr-4154	73	36	.	.	PUNCT
fsr-4154	74	1	these	these	DET
fsr-4154	74	2	international	international	ADJ
fsr-4154	74	3	experiences	experience	NOUN
fsr-4154	74	4	underscore	underscore	VERB
fsr-4154	74	5	the	the	DET
fsr-4154	74	6	critical	critical	ADJ
fsr-4154	74	7	importance	importance	NOUN
fsr-4154	74	8	of	of	ADP
fsr-4154	74	9	meticulous	meticulous	ADJ
fsr-4154	74	10	cbdc	cbdc	NOUN
fsr-4154	74	11	design	design	NOUN
fsr-4154	74	12	,	,	PUNCT
fsr-4154	74	13	illuminating	illuminate	VERB
fsr-4154	74	14	both	both	DET
fsr-4154	74	15	opportunities	opportunity	NOUN
fsr-4154	74	16	(	(	PUNCT
fsr-4154	74	17	financial	financial	ADJ
fsr-4154	74	18	inclusion	inclusion	NOUN
fsr-4154	74	19	,	,	PUNCT
fsr-4154	74	20	payment	payment	NOUN
fsr-4154	74	21	system	system	NOUN
fsr-4154	74	22	innovation	innovation	NOUN
fsr-4154	74	23	)	)	PUNCT
fsr-4154	74	24	and	and	CCONJ
fsr-4154	74	25	challenges	challenge	NOUN
fsr-4154	74	26	(	(	PUNCT
fsr-4154	74	27	regulatory	regulatory	ADJ
fsr-4154	74	28	complexities	complexity	NOUN
fsr-4154	74	29	,	,	PUNCT
fsr-4154	74	30	cybersecurity	cybersecurity	NOUN
fsr-4154	74	31	threats	threat	NOUN
fsr-4154	74	32	)	)	PUNCT
fsr-4154	74	33	.	.	PUNCT
fsr-4154	75	1	collectively	collectively	ADV
fsr-4154	75	2	,	,	PUNCT
fsr-4154	75	3	these	these	DET
fsr-4154	75	4	studies	study	NOUN
fsr-4154	75	5	underscore	underscore	VERB
fsr-4154	75	6	the	the	DET
fsr-4154	75	7	necessity	necessity	NOUN
fsr-4154	75	8	for	for	ADP
fsr-4154	75	9	cbdc	cbdc	NOUN
fsr-4154	75	10	designs	design	NOUN
fsr-4154	75	11	to	to	PART
fsr-4154	75	12	balance	balance	NOUN
fsr-4154	75	13	privacy	privacy	NOUN
fsr-4154	75	14	,	,	PUNCT
fsr-4154	75	15	financial	financial	ADJ
fsr-4154	75	16	services	service	NOUN
fsr-4154	75	17	review	review	NOUN
fsr-4154	75	18	,	,	PUNCT
fsr-4154	75	19	33(3	33(3	NOUN
fsr-4154	75	20	)	)	PUNCT
fsr-4154	75	21	64	64	NUM
fsr-4154	75	22	resilience	resilience	NOUN
fsr-4154	75	23	,	,	PUNCT
fsr-4154	75	24	and	and	CCONJ
fsr-4154	75	25	regulatory	regulatory	ADJ
fsr-4154	75	26	oversight	oversight	NOUN
fsr-4154	75	27	to	to	PART
fsr-4154	75	28	achieve	achieve	VERB
fsr-4154	75	29	widespread	widespread	ADJ
fsr-4154	75	30	adoption	adoption	NOUN
fsr-4154	75	31	and	and	CCONJ
fsr-4154	75	32	effectiveness	effectiveness	NOUN
fsr-4154	75	33	.	.	PUNCT
fsr-4154	76	1	cbdcs	cbdc	NOUN
fsr-4154	76	2	:	:	PUNCT
fsr-4154	76	3	banking	banking	NOUN
fsr-4154	76	4	disintermediation	disintermediation	NOUN
fsr-4154	76	5	,	,	PUNCT
fsr-4154	76	6	stability	stability	NOUN
fsr-4154	76	7	,	,	PUNCT
fsr-4154	76	8	and	and	CCONJ
fsr-4154	76	9	payment	payment	NOUN
fsr-4154	76	10	system	system	NOUN
fsr-4154	76	11	implications	implication	VERB
fsr-4154	76	12	the	the	DET
fsr-4154	76	13	potential	potential	ADJ
fsr-4154	76	14	impacts	impact	NOUN
fsr-4154	76	15	of	of	ADP
fsr-4154	76	16	cbdcs	cbdc	NOUN
fsr-4154	76	17	on	on	ADP
fsr-4154	76	18	banking	banking	NOUN
fsr-4154	76	19	systems	system	NOUN
fsr-4154	76	20	are	be	AUX
fsr-4154	76	21	widely	widely	ADV
fsr-4154	76	22	debated	debate	VERB
fsr-4154	76	23	,	,	PUNCT
fsr-4154	76	24	focusing	focus	VERB
fsr-4154	76	25	primarily	primarily	ADV
fsr-4154	76	26	on	on	ADP
fsr-4154	76	27	bank	bank	NOUN
fsr-4154	76	28	disintermediation	disintermediation	NOUN
fsr-4154	76	29	,	,	PUNCT
fsr-4154	76	30	financial	financial	ADJ
fsr-4154	76	31	stability	stability	NOUN
fsr-4154	76	32	,	,	PUNCT
fsr-4154	76	33	and	and	CCONJ
fsr-4154	76	34	interactions	interaction	NOUN
fsr-4154	76	35	with	with	ADP
fsr-4154	76	36	existing	exist	VERB
fsr-4154	76	37	payment	payment	NOUN
fsr-4154	76	38	infrastructures	infrastructure	NOUN
fsr-4154	76	39	.	.	PUNCT
fsr-4154	77	1	in	in	ADP
fsr-4154	77	2	relation	relation	NOUN
fsr-4154	77	3	to	to	ADP
fsr-4154	77	4	bank	bank	NOUN
fsr-4154	77	5	disintermediation	disintermediation	NOUN
fsr-4154	77	6	,	,	PUNCT
fsr-4154	77	7	the	the	DET
fsr-4154	77	8	degree	degree	NOUN
fsr-4154	77	9	to	to	PART
fsr-4154	77	10	which	which	DET
fsr-4154	77	11	cbdcs	cbdc	NOUN
fsr-4154	77	12	affect	affect	VERB
fsr-4154	77	13	bank	bank	NOUN
fsr-4154	77	14	deposits	deposit	NOUN
fsr-4154	77	15	depends	depend	VERB
fsr-4154	77	16	on	on	ADP
fsr-4154	77	17	whether	whether	SCONJ
fsr-4154	77	18	they	they	PRON
fsr-4154	77	19	are	be	AUX
fsr-4154	77	20	remunerative	remunerative	ADJ
fsr-4154	77	21	(	(	PUNCT
fsr-4154	77	22	interestbearing	interestbearing	NOUN
fsr-4154	77	23	)	)	PUNCT
fsr-4154	77	24	or	or	CCONJ
fsr-4154	77	25	non	non	ADJ
fsr-4154	77	26	-	-	ADJ
fsr-4154	77	27	remunerative	remunerative	ADJ
fsr-4154	77	28	.	.	PUNCT
fsr-4154	78	1	for	for	ADP
fsr-4154	78	2	instance	instance	NOUN
fsr-4154	78	3	,	,	PUNCT
fsr-4154	78	4	the	the	DET
fsr-4154	78	5	reserve	reserve	PROPN
fsr-4154	78	6	bank	bank	PROPN
fsr-4154	78	7	of	of	ADP
fsr-4154	78	8	india	india	PROPN
fsr-4154	78	9	(	(	PUNCT
fsr-4154	78	10	rbi	rbi	PROPN
fsr-4154	78	11	)	)	PUNCT
fsr-4154	78	12	has	have	AUX
fsr-4154	78	13	adopted	adopt	VERB
fsr-4154	78	14	a	a	DET
fsr-4154	78	15	noninterest	noninter	ADJ
fsr-4154	78	16	-	-	PUNCT
fsr-4154	78	17	bearing	bear	VERB
fsr-4154	78	18	model	model	NOUN
fsr-4154	78	19	for	for	ADP
fsr-4154	78	20	its	its	PRON
fsr-4154	78	21	e	e	NOUN
fsr-4154	78	22	-	-	NOUN
fsr-4154	78	23	rupee	rupee	ADJ
fsr-4154	78	24	to	to	PART
fsr-4154	78	25	mitigate	mitigate	VERB
fsr-4154	78	26	disintermediation	disintermediation	NOUN
fsr-4154	78	27	risks	risk	NOUN
fsr-4154	78	28	.	.	PUNCT
fsr-4154	79	1	empirical	empirical	ADJ
fsr-4154	79	2	research	research	NOUN
fsr-4154	79	3	by	by	ADP
fsr-4154	79	4	chiu	chiu	PROPN
fsr-4154	79	5	et	et	PROPN
fsr-4154	79	6	al	al	PROPN
fsr-4154	79	7	.	.	PROPN
fsr-4154	80	1	(	(	PUNCT
fsr-4154	80	2	2023	2023	NUM
fsr-4154	80	3	)	)	PUNCT
fsr-4154	80	4	suggests	suggest	VERB
fsr-4154	80	5	that	that	SCONJ
fsr-4154	80	6	interest	interest	NOUN
fsr-4154	80	7	rate	rate	NOUN
fsr-4154	80	8	calibration	calibration	NOUN
fsr-4154	80	9	between	between	ADP
fsr-4154	80	10	0.30	0.30	NUM
fsr-4154	80	11	%	%	NOUN
fsr-4154	80	12	and	and	CCONJ
fsr-4154	80	13	1.49	1.49	NUM
fsr-4154	80	14	%	%	NOUN
fsr-4154	80	15	could	could	AUX
fsr-4154	80	16	allow	allow	VERB
fsr-4154	80	17	cbdcs	cbdc	NOUN
fsr-4154	80	18	to	to	PART
fsr-4154	80	19	coexist	coexist	VERB
fsr-4154	80	20	with	with	ADP
fsr-4154	80	21	traditional	traditional	ADJ
fsr-4154	80	22	banking	banking	NOUN
fsr-4154	80	23	systems	system	NOUN
fsr-4154	80	24	without	without	ADP
fsr-4154	80	25	causing	cause	VERB
fsr-4154	80	26	severe	severe	ADJ
fsr-4154	80	27	disruptions	disruption	NOUN
fsr-4154	80	28	.	.	PUNCT
fsr-4154	81	1	son	son	NOUN
fsr-4154	81	2	et	et	PROPN
fsr-4154	81	3	al	al	PROPN
fsr-4154	81	4	.	.	PROPN
fsr-4154	82	1	(	(	PUNCT
fsr-4154	82	2	2023	2023	NUM
fsr-4154	82	3	)	)	PUNCT
fsr-4154	82	4	offer	offer	VERB
fsr-4154	82	5	a	a	DET
fsr-4154	82	6	contrasting	contrasting	ADJ
fsr-4154	82	7	perspective	perspective	NOUN
fsr-4154	82	8	and	and	CCONJ
fsr-4154	82	9	find	find	VERB
fsr-4154	82	10	that	that	SCONJ
fsr-4154	82	11	remunerative	remunerative	ADJ
fsr-4154	82	12	cbdcs	cbdc	NOUN
fsr-4154	82	13	may	may	AUX
fsr-4154	82	14	significantly	significantly	ADV
fsr-4154	82	15	impact	impact	VERB
fsr-4154	82	16	customer	customer	NOUN
fsr-4154	82	17	behavior	behavior	NOUN
fsr-4154	82	18	and	and	CCONJ
fsr-4154	82	19	financial	financial	ADJ
fsr-4154	82	20	intermediary	intermediary	NOUN
fsr-4154	82	21	profitability	profitability	NOUN
fsr-4154	82	22	,	,	PUNCT
fsr-4154	82	23	intensifying	intensify	VERB
fsr-4154	82	24	competition	competition	NOUN
fsr-4154	82	25	in	in	ADP
fsr-4154	82	26	the	the	DET
fsr-4154	82	27	deposit	deposit	NOUN
fsr-4154	82	28	market	market	NOUN
fsr-4154	82	29	.	.	PUNCT
fsr-4154	83	1	concerning	concern	VERB
fsr-4154	83	2	financial	financial	ADJ
fsr-4154	83	3	stability	stability	NOUN
fsr-4154	83	4	,	,	PUNCT
fsr-4154	83	5	corbet	corbet	PROPN
fsr-4154	83	6	et	et	PROPN
fsr-4154	83	7	al	al	PROPN
fsr-4154	83	8	.	.	PROPN
fsr-4154	84	1	(	(	PUNCT
fsr-4154	84	2	2024	2024	NUM
fsr-4154	84	3	)	)	PUNCT
fsr-4154	84	4	caution	caution	NOUN
fsr-4154	84	5	against	against	ADP
fsr-4154	84	6	rapid	rapid	ADJ
fsr-4154	84	7	cbdc	cbdc	NOUN
fsr-4154	84	8	deployment	deployment	NOUN
fsr-4154	84	9	,	,	PUNCT
fsr-4154	84	10	especially	especially	ADV
fsr-4154	84	11	in	in	ADP
fsr-4154	84	12	less	less	ADV
fsr-4154	84	13	-	-	PUNCT
fsr-4154	84	14	prepared	prepare	VERB
fsr-4154	84	15	economic	economic	ADJ
fsr-4154	84	16	environments	environment	NOUN
fsr-4154	84	17	.	.	PUNCT
fsr-4154	85	1	they	they	PRON
fsr-4154	85	2	warn	warn	VERB
fsr-4154	85	3	that	that	SCONJ
fsr-4154	85	4	abrupt	abrupt	ADJ
fsr-4154	85	5	shifts	shift	NOUN
fsr-4154	85	6	in	in	ADP
fsr-4154	85	7	deposit	deposit	NOUN
fsr-4154	85	8	structures	structure	NOUN
fsr-4154	85	9	and	and	CCONJ
fsr-4154	85	10	absent	absent	ADJ
fsr-4154	85	11	safeguards	safeguard	NOUN
fsr-4154	85	12	could	could	AUX
fsr-4154	85	13	significantly	significantly	ADV
fsr-4154	85	14	heighten	heighten	VERB
fsr-4154	85	15	financial	financial	ADJ
fsr-4154	85	16	instability	instability	NOUN
fsr-4154	85	17	risks	risk	NOUN
fsr-4154	85	18	.	.	PUNCT
fsr-4154	86	1	providing	provide	VERB
fsr-4154	86	2	an	an	DET
fsr-4154	86	3	alternative	alternative	ADJ
fsr-4154	86	4	perspective	perspective	NOUN
fsr-4154	86	5	,	,	PUNCT
fsr-4154	86	6	luu	luu	PROPN
fsr-4154	86	7	et	et	PROPN
fsr-4154	86	8	al	al	PROPN
fsr-4154	86	9	.	.	PROPN
fsr-4154	87	1	(	(	PUNCT
fsr-4154	87	2	2023	2023	NUM
fsr-4154	87	3	)	)	PUNCT
fsr-4154	87	4	offer	offer	VERB
fsr-4154	87	5	empirical	empirical	ADJ
fsr-4154	87	6	evidence	evidence	NOUN
fsr-4154	87	7	from	from	ADP
fsr-4154	87	8	a	a	DET
fsr-4154	87	9	large	large	ADJ
fsr-4154	87	10	sample	sample	NOUN
fsr-4154	87	11	of	of	ADP
fsr-4154	87	12	banks	bank	NOUN
fsr-4154	87	13	across	across	ADP
fsr-4154	87	14	86	86	NUM
fsr-4154	87	15	countries	country	NOUN
fsr-4154	87	16	,	,	PUNCT
fsr-4154	87	17	indicating	indicate	VERB
fsr-4154	87	18	that	that	SCONJ
fsr-4154	87	19	cbdc	cbdc	VERB
fsr-4154	87	20	adoption	adoption	NOUN
fsr-4154	87	21	contributes	contribute	VERB
fsr-4154	87	22	to	to	ADP
fsr-4154	87	23	financial	financial	ADJ
fsr-4154	87	24	stability	stability	NOUN
fsr-4154	87	25	by	by	ADP
fsr-4154	87	26	reducing	reduce	VERB
fsr-4154	87	27	leverage	leverage	NOUN
fsr-4154	87	28	and	and	CCONJ
fsr-4154	87	29	asset	asset	NOUN
fsr-4154	87	30	risks	risk	NOUN
fsr-4154	87	31	while	while	SCONJ
fsr-4154	87	32	expanding	expand	VERB
fsr-4154	87	33	lending	lending	NOUN
fsr-4154	87	34	.	.	PUNCT
fsr-4154	88	1	the	the	DET
fsr-4154	88	2	authors	author	NOUN
fsr-4154	88	3	contend	contend	VERB
fsr-4154	88	4	that	that	SCONJ
fsr-4154	88	5	retail	retail	ADJ
fsr-4154	88	6	cbdcs	cbdc	NOUN
fsr-4154	88	7	may	may	AUX
fsr-4154	88	8	promote	promote	VERB
fsr-4154	88	9	stability	stability	NOUN
fsr-4154	88	10	whereas	whereas	SCONJ
fsr-4154	88	11	wholesale	wholesale	ADJ
fsr-4154	88	12	cbdcs	cbdc	NOUN
fsr-4154	88	13	may	may	AUX
fsr-4154	88	14	hamper	hamper	VERB
fsr-4154	88	15	it	it	PRON
fsr-4154	88	16	.	.	PUNCT
fsr-4154	89	1	beyond	beyond	ADP
fsr-4154	89	2	stability	stability	NOUN
fsr-4154	89	3	concerns	concern	NOUN
fsr-4154	89	4	,	,	PUNCT
fsr-4154	89	5	the	the	DET
fsr-4154	89	6	interaction	interaction	NOUN
fsr-4154	89	7	between	between	ADP
fsr-4154	89	8	cbdcs	cbdc	NOUN
fsr-4154	89	9	and	and	CCONJ
fsr-4154	89	10	existing	exist	VERB
fsr-4154	89	11	payment	payment	NOUN
fsr-4154	89	12	systems	system	NOUN
fsr-4154	89	13	presents	present	VERB
fsr-4154	89	14	opportunities	opportunity	NOUN
fsr-4154	89	15	and	and	CCONJ
fsr-4154	89	16	challenges	challenge	NOUN
fsr-4154	89	17	.	.	PUNCT
fsr-4154	90	1	di	di	PROPN
fsr-4154	90	2	maggio	maggio	PROPN
fsr-4154	90	3	et	et	PROPN
fsr-4154	90	4	al	al	PROPN
fsr-4154	90	5	.	.	PROPN
fsr-4154	91	1	(	(	PUNCT
fsr-4154	91	2	2024	2024	NUM
fsr-4154	91	3	)	)	PUNCT
fsr-4154	91	4	argue	argue	VERB
fsr-4154	91	5	that	that	SCONJ
fsr-4154	91	6	cbdcs	cbdc	NOUN
fsr-4154	91	7	might	might	AUX
fsr-4154	91	8	reshape	reshape	VERB
fsr-4154	91	9	payment	payment	NOUN
fsr-4154	91	10	systems	system	NOUN
fsr-4154	91	11	in	in	ADP
fsr-4154	91	12	emerging	emerge	VERB
fsr-4154	91	13	economies	economy	NOUN
fsr-4154	91	14	,	,	PUNCT
fsr-4154	91	15	particularly	particularly	ADV
fsr-4154	91	16	by	by	ADP
fsr-4154	91	17	potentially	potentially	ADV
fsr-4154	91	18	displacing	displace	VERB
fsr-4154	91	19	private	private	ADJ
fsr-4154	91	20	-	-	PUNCT
fsr-4154	91	21	sector	sector	NOUN
fsr-4154	91	22	digital	digital	ADJ
fsr-4154	91	23	payment	payment	NOUN
fsr-4154	91	24	providers	provider	NOUN
fsr-4154	91	25	due	due	ADP
fsr-4154	91	26	to	to	ADP
fsr-4154	91	27	differential	differential	VERB
fsr-4154	91	28	taxation	taxation	NOUN
fsr-4154	91	29	policies	policy	NOUN
fsr-4154	91	30	and	and	CCONJ
fsr-4154	91	31	transaction	transaction	NOUN
fsr-4154	91	32	cost	cost	NOUN
fsr-4154	91	33	structures	structure	NOUN
fsr-4154	91	34	.	.	PUNCT
fsr-4154	92	1	in	in	ADP
fsr-4154	92	2	the	the	DET
fsr-4154	92	3	indian	indian	ADJ
fsr-4154	92	4	context	context	NOUN
fsr-4154	92	5	,	,	PUNCT
fsr-4154	92	6	banerjee	banerjee	PROPN
fsr-4154	92	7	&	&	CCONJ
fsr-4154	92	8	sinha	sinha	PROPN
fsr-4154	92	9	(	(	PUNCT
fsr-4154	92	10	2023	2023	NUM
fsr-4154	92	11	)	)	PUNCT
fsr-4154	92	12	emphasize	emphasize	VERB
fsr-4154	92	13	that	that	SCONJ
fsr-4154	92	14	adopting	adopt	VERB
fsr-4154	92	15	cbdc	cbdc	NOUN
fsr-4154	92	16	should	should	AUX
fsr-4154	92	17	be	be	AUX
fsr-4154	92	18	complementary	complementary	ADJ
fsr-4154	92	19	rather	rather	ADV
fsr-4154	92	20	than	than	ADP
fsr-4154	92	21	competitive	competitive	ADJ
fsr-4154	92	22	to	to	ADP
fsr-4154	92	23	existing	exist	VERB
fsr-4154	92	24	systems	system	NOUN
fsr-4154	92	25	like	like	ADP
fsr-4154	92	26	the	the	DET
fsr-4154	92	27	upi	upi	PROPN
fsr-4154	92	28	.	.	PUNCT
fsr-4154	93	1	additionally	additionally	ADV
fsr-4154	93	2	,	,	PUNCT
fsr-4154	93	3	privacy	privacy	NOUN
fsr-4154	93	4	and	and	CCONJ
fsr-4154	93	5	regulatory	regulatory	ADJ
fsr-4154	93	6	considerations	consideration	NOUN
fsr-4154	93	7	are	be	AUX
fsr-4154	93	8	crucial	crucial	ADJ
fsr-4154	93	9	factors	factor	NOUN
fsr-4154	93	10	influencing	influence	VERB
fsr-4154	93	11	cbdc	cbdc	VERB
fsr-4154	93	12	adoption	adoption	NOUN
fsr-4154	93	13	.	.	PUNCT
fsr-4154	94	1	wang	wang	PROPN
fsr-4154	94	2	&	&	CCONJ
fsr-4154	94	3	gao	gao	PROPN
fsr-4154	94	4	(	(	PUNCT
fsr-4154	94	5	2024	2024	NUM
fsr-4154	94	6	)	)	PUNCT
fsr-4154	94	7	stress	stress	VERB
fsr-4154	94	8	the	the	DET
fsr-4154	94	9	importance	importance	NOUN
fsr-4154	94	10	of	of	ADP
fsr-4154	94	11	balancing	balance	VERB
fsr-4154	94	12	security	security	NOUN
fsr-4154	94	13	with	with	ADP
fsr-4154	94	14	user	user	NOUN
fsr-4154	94	15	anonymity	anonymity	NOUN
fsr-4154	94	16	to	to	PART
fsr-4154	94	17	maintain	maintain	VERB
fsr-4154	94	18	customer	customer	NOUN
fsr-4154	94	19	trust	trust	NOUN
fsr-4154	94	20	while	while	SCONJ
fsr-4154	94	21	effectively	effectively	ADV
fsr-4154	94	22	mitigating	mitigate	VERB
fsr-4154	94	23	illicit	illicit	ADJ
fsr-4154	94	24	activities	activity	NOUN
fsr-4154	94	25	.	.	PUNCT
fsr-4154	95	1	ren	ren	NOUN
fsr-4154	95	2	et	et	PROPN
fsr-4154	95	3	al	al	PROPN
fsr-4154	95	4	.	.	PROPN
fsr-4154	96	1	(	(	PUNCT
fsr-4154	96	2	2024	2024	NUM
fsr-4154	96	3	)	)	PUNCT
fsr-4154	96	4	highlight	highlight	VERB
fsr-4154	96	5	that	that	SCONJ
fsr-4154	96	6	the	the	DET
fsr-4154	96	7	inherent	inherent	ADJ
fsr-4154	96	8	trade	trade	NOUN
fsr-4154	96	9	-	-	PUNCT
fsr-4154	96	10	off	off	NOUN
fsr-4154	96	11	between	between	ADP
fsr-4154	96	12	preserving	preserve	VERB
fsr-4154	96	13	user	user	NOUN
fsr-4154	96	14	privacy	privacy	NOUN
fsr-4154	96	15	and	and	CCONJ
fsr-4154	96	16	meeting	meet	VERB
fsr-4154	96	17	anti	anti	ADJ
fsr-4154	96	18	-	-	ADJ
fsr-4154	96	19	money	money	ADJ
fsr-4154	96	20	laundering	laundering	NOUN
fsr-4154	96	21	(	(	PUNCT
fsr-4154	96	22	aml	aml	PROPN
fsr-4154	96	23	)	)	PUNCT
fsr-4154	96	24	compliance	compliance	NOUN
fsr-4154	96	25	remains	remain	VERB
fsr-4154	96	26	unresolved	unresolved	ADJ
fsr-4154	96	27	.	.	PUNCT
fsr-4154	97	1	the	the	DET
fsr-4154	97	2	unresolved	unresolved	ADJ
fsr-4154	97	3	tensions	tension	NOUN
fsr-4154	97	4	across	across	ADP
fsr-4154	97	5	disintermediation	disintermediation	NOUN
fsr-4154	97	6	,	,	PUNCT
fsr-4154	97	7	stability	stability	NOUN
fsr-4154	97	8	,	,	PUNCT
fsr-4154	97	9	payment	payment	NOUN
fsr-4154	97	10	integration	integration	NOUN
fsr-4154	97	11	,	,	PUNCT
fsr-4154	97	12	and	and	CCONJ
fsr-4154	97	13	privacy	privacy	NOUN
fsr-4154	97	14	demonstrate	demonstrate	VERB
fsr-4154	97	15	the	the	DET
fsr-4154	97	16	interconnected	interconnected	ADJ
fsr-4154	97	17	nature	nature	NOUN
fsr-4154	97	18	of	of	ADP
fsr-4154	97	19	cbdc	cbdc	NOUN
fsr-4154	97	20	design	design	NOUN
fsr-4154	97	21	choices	choice	NOUN
fsr-4154	97	22	and	and	CCONJ
fsr-4154	97	23	their	their	PRON
fsr-4154	97	24	far	far	ADV
fsr-4154	97	25	-	-	PUNCT
fsr-4154	97	26	reaching	reach	VERB
fsr-4154	97	27	implications	implication	NOUN
fsr-4154	97	28	for	for	ADP
fsr-4154	97	29	financial	financial	ADJ
fsr-4154	97	30	systems	system	NOUN
fsr-4154	97	31	.	.	PUNCT
fsr-4154	98	1	financial	financial	ADJ
fsr-4154	98	2	inclusion	inclusion	NOUN
fsr-4154	98	3	,	,	PUNCT
fsr-4154	98	4	innovation	innovation	NOUN
fsr-4154	98	5	,	,	PUNCT
fsr-4154	98	6	and	and	CCONJ
fsr-4154	98	7	future	future	ADJ
fsr-4154	98	8	cbdc	cbdc	NOUN
fsr-4154	98	9	applications	application	NOUN
fsr-4154	98	10	one	one	NUM
fsr-4154	98	11	of	of	ADP
fsr-4154	98	12	the	the	DET
fsr-4154	98	13	most	most	ADV
fsr-4154	98	14	widely	widely	ADV
fsr-4154	98	15	cited	cite	VERB
fsr-4154	98	16	motivations	motivation	NOUN
fsr-4154	98	17	for	for	ADP
fsr-4154	98	18	cbdc	cbdc	NOUN
fsr-4154	98	19	adoption	adoption	NOUN
fsr-4154	98	20	is	be	AUX
fsr-4154	98	21	its	its	PRON
fsr-4154	98	22	potential	potential	NOUN
fsr-4154	98	23	to	to	PART
fsr-4154	98	24	enhance	enhance	VERB
fsr-4154	98	25	financial	financial	ADJ
fsr-4154	98	26	inclusion	inclusion	NOUN
fsr-4154	98	27	,	,	PUNCT
fsr-4154	98	28	particularly	particularly	ADV
fsr-4154	98	29	in	in	ADP
fsr-4154	98	30	economies	economy	NOUN
fsr-4154	98	31	with	with	ADP
fsr-4154	98	32	substantial	substantial	ADJ
fsr-4154	98	33	unbanked	unbanked	ADJ
fsr-4154	98	34	populations	population	NOUN
fsr-4154	98	35	.	.	PUNCT
fsr-4154	99	1	tan	tan	PROPN
fsr-4154	99	2	(	(	PUNCT
fsr-4154	99	3	2024	2024	NUM
fsr-4154	99	4	)	)	PUNCT
fsr-4154	99	5	models	model	NOUN
fsr-4154	99	6	a	a	DET
fsr-4154	99	7	two	two	NUM
fsr-4154	99	8	-	-	PUNCT
fsr-4154	99	9	tier	tier	NOUN
fsr-4154	99	10	cbdc	cbdc	NOUN
fsr-4154	99	11	system	system	NOUN
fsr-4154	99	12	in	in	ADP
fsr-4154	99	13	which	which	PRON
fsr-4154	99	14	commercial	commercial	ADJ
fsr-4154	99	15	banks	bank	NOUN
fsr-4154	99	16	function	function	VERB
fsr-4154	99	17	as	as	ADP
fsr-4154	99	18	distributors	distributor	NOUN
fsr-4154	99	19	,	,	PUNCT
fsr-4154	99	20	incentivizing	incentivize	VERB
fsr-4154	99	21	unbanked	unbanked	ADJ
fsr-4154	99	22	populations	population	NOUN
fsr-4154	99	23	to	to	PART
fsr-4154	99	24	engage	engage	VERB
fsr-4154	99	25	with	with	ADP
fsr-4154	99	26	formal	formal	ADJ
fsr-4154	99	27	financial	financial	ADJ
fsr-4154	99	28	systems	system	NOUN
fsr-4154	99	29	by	by	ADP
fsr-4154	99	30	opening	open	VERB
fsr-4154	99	31	digital	digital	ADJ
fsr-4154	99	32	accounts	account	NOUN
fsr-4154	99	33	.	.	PUNCT
fsr-4154	100	1	the	the	DET
fsr-4154	100	2	potential	potential	NOUN
fsr-4154	100	3	for	for	SCONJ
fsr-4154	100	4	cbdcs	cbdc	NOUN
fsr-4154	100	5	to	to	PART
fsr-4154	100	6	enhance	enhance	VERB
fsr-4154	100	7	financial	financial	ADJ
fsr-4154	100	8	inclusion	inclusion	NOUN
fsr-4154	100	9	has	have	AUX
fsr-4154	100	10	emerged	emerge	VERB
fsr-4154	100	11	as	as	ADP
fsr-4154	100	12	a	a	DET
fsr-4154	100	13	key	key	ADJ
fsr-4154	100	14	consideration	consideration	NOUN
fsr-4154	100	15	in	in	ADP
fsr-4154	100	16	their	their	PRON
fsr-4154	100	17	development	development	NOUN
fsr-4154	100	18	.	.	PUNCT
fsr-4154	101	1	traditional	traditional	ADJ
fsr-4154	101	2	banking	banking	NOUN
fsr-4154	101	3	systems	system	NOUN
fsr-4154	101	4	often	often	ADV
fsr-4154	101	5	exclude	exclude	VERB
fsr-4154	101	6	certain	certain	ADJ
fsr-4154	101	7	populations	population	NOUN
fsr-4154	101	8	due	due	ADP
fsr-4154	101	9	to	to	ADP
fsr-4154	101	10	geographic	geographic	ADJ
fsr-4154	101	11	,	,	PUNCT
fsr-4154	101	12	economic	economic	ADJ
fsr-4154	101	13	,	,	PUNCT
fsr-4154	101	14	or	or	CCONJ
fsr-4154	101	15	regulatory	regulatory	ADJ
fsr-4154	101	16	barriers	barrier	NOUN
fsr-4154	101	17	,	,	PUNCT
fsr-4154	101	18	creating	create	VERB
fsr-4154	101	19	demand	demand	NOUN
fsr-4154	101	20	for	for	ADP
fsr-4154	101	21	alternative	alternative	ADJ
fsr-4154	101	22	financial	financial	ADJ
fsr-4154	101	23	solutions	solution	NOUN
fsr-4154	101	24	.	.	PUNCT
fsr-4154	102	1	recent	recent	ADJ
fsr-4154	102	2	research	research	NOUN
fsr-4154	102	3	reveals	reveal	VERB
fsr-4154	102	4	that	that	SCONJ
fsr-4154	102	5	cryptocurrencies	cryptocurrencie	NOUN
fsr-4154	102	6	are	be	AUX
fsr-4154	102	7	increasingly	increasingly	ADV
fsr-4154	102	8	used	use	VERB
fsr-4154	102	9	as	as	ADP
fsr-4154	102	10	alternative	alternative	ADJ
fsr-4154	102	11	financial	financial	ADJ
fsr-4154	102	12	services	service	NOUN
fsr-4154	102	13	for	for	ADP
fsr-4154	102	14	payments	payment	NOUN
fsr-4154	102	15	and	and	CCONJ
fsr-4154	102	16	money	money	NOUN
fsr-4154	102	17	transfers	transfer	NOUN
fsr-4154	102	18	,	,	PUNCT
fsr-4154	102	19	particularly	particularly	ADV
fsr-4154	102	20	among	among	ADP
fsr-4154	102	21	populations	population	NOUN
fsr-4154	102	22	seeking	seek	VERB
fsr-4154	102	23	alternatives	alternative	NOUN
fsr-4154	102	24	to	to	ADP
fsr-4154	102	25	traditional	traditional	ADJ
fsr-4154	102	26	banking	banking	NOUN
fsr-4154	102	27	(	(	PUNCT
fsr-4154	102	28	curnutt	curnutt	PROPN
fsr-4154	102	29	&	&	CCONJ
fsr-4154	102	30	smith	smith	PROPN
fsr-4154	102	31	,	,	PUNCT
fsr-4154	102	32	2025	2025	NUM
fsr-4154	102	33	)	)	PUNCT
fsr-4154	102	34	.	.	PUNCT
fsr-4154	103	1	this	this	DET
fsr-4154	103	2	trend	trend	NOUN
fsr-4154	103	3	highlights	highlight	VERB
fsr-4154	103	4	the	the	DET
fsr-4154	103	5	potential	potential	ADJ
fsr-4154	103	6	role	role	NOUN
fsr-4154	103	7	cbdcs	cbdc	NOUN
fsr-4154	103	8	could	could	AUX
fsr-4154	103	9	play	play	VERB
fsr-4154	103	10	in	in	ADP
fsr-4154	103	11	providing	provide	VERB
fsr-4154	103	12	regulated	regulate	VERB
fsr-4154	103	13	digital	digital	ADJ
fsr-4154	103	14	payment	payment	NOUN
fsr-4154	103	15	alternatives	alternative	NOUN
fsr-4154	103	16	that	that	PRON
fsr-4154	103	17	address	address	VERB
fsr-4154	103	18	similar	similar	ADJ
fsr-4154	103	19	needs	need	NOUN
fsr-4154	103	20	while	while	SCONJ
fsr-4154	103	21	maintaining	maintain	VERB
fsr-4154	103	22	central	central	ADJ
fsr-4154	103	23	bank	bank	NOUN
fsr-4154	103	24	oversight	oversight	NOUN
fsr-4154	103	25	and	and	CCONJ
fsr-4154	103	26	financial	financial	ADJ
fsr-4154	103	27	stability	stability	NOUN
fsr-4154	103	28	.	.	PUNCT
fsr-4154	104	1	empirical	empirical	ADJ
fsr-4154	104	2	research	research	NOUN
fsr-4154	104	3	supports	support	VERB
fsr-4154	104	4	this	this	DET
fsr-4154	104	5	claim	claim	NOUN
fsr-4154	104	6	.	.	PUNCT
fsr-4154	105	1	dunbar	dunbar	PROPN
fsr-4154	105	2	&	&	CCONJ
fsr-4154	105	3	treku	treku	PROPN
fsr-4154	105	4	(	(	PUNCT
fsr-4154	105	5	2024	2024	NUM
fsr-4154	105	6	)	)	PUNCT
fsr-4154	105	7	find	find	VERB
fsr-4154	105	8	a	a	DET
fsr-4154	105	9	statistically	statistically	ADV
fsr-4154	105	10	significant	significant	ADJ
fsr-4154	105	11	relationship	relationship	NOUN
fsr-4154	105	12	between	between	ADP
fsr-4154	105	13	cbdc	cbdc	NOUN
fsr-4154	105	14	awareness	awareness	NOUN
fsr-4154	105	15	and	and	CCONJ
fsr-4154	105	16	reductions	reduction	NOUN
fsr-4154	105	17	in	in	ADP
fsr-4154	105	18	unbanked	unbanked	ADJ
fsr-4154	105	19	individuals	individual	NOUN
fsr-4154	105	20	in	in	ADP
fsr-4154	105	21	the	the	DET
fsr-4154	105	22	u.s	u.s	PROPN
fsr-4154	105	23	.	.	PROPN
fsr-4154	105	24	,	,	PUNCT
fsr-4154	105	25	notably	notably	ADV
fsr-4154	105	26	among	among	ADP
fsr-4154	105	27	middle	middle	ADJ
fsr-4154	105	28	-	-	PUNCT
fsr-4154	105	29	income	income	NOUN
fsr-4154	105	30	and	and	CCONJ
fsr-4154	105	31	shekhar	shekhar	PROPN
fsr-4154	105	32	&	&	CCONJ
fsr-4154	105	33	ramesh	ramesh	PROPN
fsr-4154	105	34	65	65	NUM
fsr-4154	105	35	underbanked	underbanked	ADJ
fsr-4154	105	36	groups	group	NOUN
fsr-4154	105	37	.	.	PUNCT
fsr-4154	106	1	however	however	ADV
fsr-4154	106	2	,	,	PUNCT
fsr-4154	106	3	their	their	PRON
fsr-4154	106	4	findings	finding	NOUN
fsr-4154	106	5	emphasize	emphasize	VERB
fsr-4154	106	6	that	that	PRON
fsr-4154	106	7	cbdc	cbdc	VERB
fsr-4154	106	8	adoption	adoption	NOUN
fsr-4154	106	9	alone	alone	ADV
fsr-4154	106	10	is	be	AUX
fsr-4154	106	11	insufficient	insufficient	ADJ
fsr-4154	106	12	for	for	ADP
fsr-4154	106	13	achieving	achieve	VERB
fsr-4154	106	14	sustained	sustain	VERB
fsr-4154	106	15	financial	financial	ADJ
fsr-4154	106	16	inclusion	inclusion	NOUN
fsr-4154	106	17	,	,	PUNCT
fsr-4154	106	18	suggesting	suggest	VERB
fsr-4154	106	19	that	that	SCONJ
fsr-4154	106	20	broader	broad	ADJ
fsr-4154	106	21	financial	financial	ADJ
fsr-4154	106	22	literacy	literacy	NOUN
fsr-4154	106	23	programs	program	NOUN
fsr-4154	106	24	and	and	CCONJ
fsr-4154	106	25	digital	digital	ADJ
fsr-4154	106	26	infrastructure	infrastructure	NOUN
fsr-4154	106	27	enhancements	enhancement	NOUN
fsr-4154	106	28	are	be	AUX
fsr-4154	106	29	necessary	necessary	ADJ
fsr-4154	106	30	to	to	PART
fsr-4154	106	31	ensure	ensure	VERB
fsr-4154	106	32	longterm	longterm	ADJ
fsr-4154	106	33	success	success	NOUN
fsr-4154	106	34	.	.	PUNCT
fsr-4154	107	1	beyond	beyond	ADP
fsr-4154	107	2	financial	financial	ADJ
fsr-4154	107	3	inclusion	inclusion	NOUN
fsr-4154	107	4	,	,	PUNCT
fsr-4154	107	5	cbdcs	cbdc	NOUN
fsr-4154	107	6	have	have	VERB
fsr-4154	107	7	the	the	DET
fsr-4154	107	8	potential	potential	NOUN
fsr-4154	107	9	to	to	PART
fsr-4154	107	10	stimulate	stimulate	VERB
fsr-4154	107	11	technological	technological	ADJ
fsr-4154	107	12	advancements	advancement	NOUN
fsr-4154	107	13	and	and	CCONJ
fsr-4154	107	14	innovation	innovation	NOUN
fsr-4154	107	15	in	in	ADP
fsr-4154	107	16	financial	financial	ADJ
fsr-4154	107	17	services	service	NOUN
fsr-4154	107	18	.	.	PUNCT
fsr-4154	108	1	ahnert	ahnert	PROPN
fsr-4154	108	2	et	et	PROPN
fsr-4154	108	3	al	al	PROPN
fsr-4154	108	4	.	.	PROPN
fsr-4154	109	1	(	(	PUNCT
fsr-4154	109	2	2022	2022	NUM
fsr-4154	109	3	)	)	PUNCT
fsr-4154	109	4	and	and	CCONJ
fsr-4154	109	5	chen	chen	PROPN
fsr-4154	109	6	et	et	PROPN
fsr-4154	109	7	al	al	PROPN
fsr-4154	109	8	.	.	PROPN
fsr-4154	110	1	(	(	PUNCT
fsr-4154	110	2	2022	2022	NUM
fsr-4154	110	3	)	)	PUNCT
fsr-4154	110	4	show	show	VERB
fsr-4154	110	5	that	that	SCONJ
fsr-4154	110	6	cbdcs	cbdc	NOUN
fsr-4154	110	7	can	can	AUX
fsr-4154	110	8	foster	foster	VERB
fsr-4154	110	9	increased	increase	VERB
fsr-4154	110	10	competition	competition	NOUN
fsr-4154	110	11	in	in	ADP
fsr-4154	110	12	digital	digital	ADJ
fsr-4154	110	13	payments	payment	NOUN
fsr-4154	110	14	,	,	PUNCT
fsr-4154	110	15	thereby	thereby	ADV
fsr-4154	110	16	encouraging	encourage	VERB
fsr-4154	110	17	the	the	DET
fsr-4154	110	18	development	development	NOUN
fsr-4154	110	19	of	of	ADP
fsr-4154	110	20	novel	novel	ADJ
fsr-4154	110	21	financial	financial	ADJ
fsr-4154	110	22	products	product	NOUN
fsr-4154	110	23	and	and	CCONJ
fsr-4154	110	24	business	business	NOUN
fsr-4154	110	25	models	model	NOUN
fsr-4154	110	26	.	.	PUNCT
fsr-4154	111	1	despite	despite	SCONJ
fsr-4154	111	2	these	these	DET
fsr-4154	111	3	promising	promising	ADJ
fsr-4154	111	4	developments	development	NOUN
fsr-4154	111	5	,	,	PUNCT
fsr-4154	111	6	current	current	ADJ
fsr-4154	111	7	literature	literature	NOUN
fsr-4154	111	8	on	on	ADP
fsr-4154	111	9	cbdc	cbdc	NOUN
fsr-4154	111	10	design	design	NOUN
fsr-4154	111	11	and	and	CCONJ
fsr-4154	111	12	implementation	implementation	NOUN
fsr-4154	111	13	highlights	highlight	NOUN
fsr-4154	111	14	critical	critical	ADJ
fsr-4154	111	15	gaps	gap	NOUN
fsr-4154	111	16	relevant	relevant	ADJ
fsr-4154	111	17	to	to	ADP
fsr-4154	111	18	the	the	DET
fsr-4154	111	19	objectives	objective	NOUN
fsr-4154	111	20	of	of	ADP
fsr-4154	111	21	this	this	DET
fsr-4154	111	22	study	study	NOUN
fsr-4154	111	23	.	.	PUNCT
fsr-4154	112	1	while	while	SCONJ
fsr-4154	112	2	theoretical	theoretical	ADJ
fsr-4154	112	3	frameworks	framework	NOUN
fsr-4154	112	4	on	on	ADP
fsr-4154	112	5	cbdc	cbdc	NOUN
fsr-4154	112	6	designs	design	NOUN
fsr-4154	112	7	exist	exist	VERB
fsr-4154	112	8	,	,	PUNCT
fsr-4154	112	9	there	there	PRON
fsr-4154	112	10	is	be	VERB
fsr-4154	112	11	limited	limited	ADJ
fsr-4154	112	12	practical	practical	ADJ
fsr-4154	112	13	guidance	guidance	NOUN
fsr-4154	112	14	regarding	regard	VERB
fsr-4154	112	15	methods	method	NOUN
fsr-4154	112	16	for	for	ADP
fsr-4154	112	17	integrating	integrate	VERB
fsr-4154	112	18	cbdcs	cbdc	NOUN
fsr-4154	112	19	within	within	ADP
fsr-4154	112	20	advanced	advanced	ADJ
fsr-4154	112	21	digital	digital	ADJ
fsr-4154	112	22	payment	payment	NOUN
fsr-4154	112	23	systems	system	NOUN
fsr-4154	112	24	.	.	PUNCT
fsr-4154	113	1	this	this	DET
fsr-4154	113	2	deficiency	deficiency	NOUN
fsr-4154	113	3	is	be	AUX
fsr-4154	113	4	particularly	particularly	ADV
fsr-4154	113	5	evident	evident	ADJ
fsr-4154	113	6	concerning	concern	VERB
fsr-4154	113	7	choices	choice	NOUN
fsr-4154	113	8	about	about	ADP
fsr-4154	113	9	technical	technical	ADJ
fsr-4154	113	10	architecture	architecture	NOUN
fsr-4154	113	11	,	,	PUNCT
fsr-4154	113	12	integration	integration	NOUN
fsr-4154	113	13	requirements	requirement	NOUN
fsr-4154	113	14	,	,	PUNCT
fsr-4154	113	15	and	and	CCONJ
fsr-4154	113	16	the	the	DET
fsr-4154	113	17	trade	trade	NOUN
fsr-4154	113	18	-	-	PUNCT
fsr-4154	113	19	offs	off	NOUN
fsr-4154	113	20	between	between	ADP
fsr-4154	113	21	innovation	innovation	NOUN
fsr-4154	113	22	and	and	CCONJ
fsr-4154	113	23	financial	financial	ADJ
fsr-4154	113	24	stability	stability	NOUN
fsr-4154	113	25	,	,	PUNCT
fsr-4154	113	26	issues	issue	NOUN
fsr-4154	113	27	central	central	ADJ
fsr-4154	113	28	to	to	PART
fsr-4154	113	29	rq1	rq1	VERB
fsr-4154	113	30	on	on	ADP
fsr-4154	113	31	critical	critical	ADJ
fsr-4154	113	32	cbdc	cbdc	NOUN
fsr-4154	113	33	design	design	NOUN
fsr-4154	113	34	choices	choice	NOUN
fsr-4154	113	35	.	.	PUNCT
fsr-4154	114	1	furthermore	furthermore	ADV
fsr-4154	114	2	,	,	PUNCT
fsr-4154	114	3	existing	exist	VERB
fsr-4154	114	4	studies	study	NOUN
fsr-4154	114	5	such	such	ADJ
fsr-4154	114	6	as	as	ADP
fsr-4154	114	7	di	di	PROPN
fsr-4154	114	8	maggio	maggio	PROPN
fsr-4154	114	9	et	et	PROPN
fsr-4154	114	10	al	al	PROPN
fsr-4154	114	11	.	.	PROPN
fsr-4154	115	1	(	(	PUNCT
fsr-4154	115	2	2024	2024	NUM
fsr-4154	115	3	)	)	PUNCT
fsr-4154	115	4	focus	focus	NOUN
fsr-4154	115	5	on	on	ADP
fsr-4154	115	6	the	the	DET
fsr-4154	115	7	potential	potential	ADJ
fsr-4154	115	8	displacement	displacement	NOUN
fsr-4154	115	9	of	of	ADP
fsr-4154	115	10	private	private	ADJ
fsr-4154	115	11	-	-	PUNCT
fsr-4154	115	12	sector	sector	NOUN
fsr-4154	115	13	providers	provider	NOUN
fsr-4154	115	14	rather	rather	ADV
fsr-4154	115	15	than	than	ADP
fsr-4154	115	16	system	system	NOUN
fsr-4154	115	17	evolution	evolution	NOUN
fsr-4154	115	18	,	,	PUNCT
fsr-4154	115	19	while	while	SCONJ
fsr-4154	115	20	banerjee	banerjee	PROPN
fsr-4154	115	21	&	&	CCONJ
fsr-4154	115	22	sinha	sinha	PROPN
fsr-4154	115	23	(	(	PUNCT
fsr-4154	115	24	2023	2023	NUM
fsr-4154	115	25	)	)	PUNCT
fsr-4154	115	26	emphasize	emphasize	VERB
fsr-4154	115	27	complementary	complementary	ADJ
fsr-4154	115	28	adoption	adoption	NOUN
fsr-4154	115	29	without	without	ADP
fsr-4154	115	30	detailed	detailed	ADJ
fsr-4154	115	31	analysis	analysis	NOUN
fsr-4154	115	32	of	of	ADP
fsr-4154	115	33	system	system	NOUN
fsr-4154	115	34	interactions	interaction	NOUN
fsr-4154	115	35	.	.	PUNCT
fsr-4154	116	1	analyses	analysis	NOUN
fsr-4154	116	2	focusing	focus	VERB
fsr-4154	116	3	on	on	ADP
fsr-4154	116	4	banking	banking	NOUN
fsr-4154	116	5	systems	system	NOUN
fsr-4154	116	6	and	and	CCONJ
fsr-4154	116	7	financial	financial	ADJ
fsr-4154	116	8	stability	stability	NOUN
fsr-4154	116	9	(	(	PUNCT
fsr-4154	116	10	chiu	chiu	PROPN
fsr-4154	116	11	et	et	PROPN
fsr-4154	116	12	al	al	PROPN
fsr-4154	116	13	.	.	PROPN
fsr-4154	116	14	,	,	PUNCT
fsr-4154	116	15	2023	2023	NUM
fsr-4154	116	16	;	;	PUNCT
fsr-4154	116	17	luu	luu	PROPN
fsr-4154	116	18	et	et	PROPN
fsr-4154	116	19	al	al	PROPN
fsr-4154	116	20	.	.	PROPN
fsr-4154	116	21	,	,	PUNCT
fsr-4154	116	22	2023	2023	NUM
fsr-4154	116	23	;	;	PUNCT
fsr-4154	116	24	son	son	NOUN
fsr-4154	116	25	et	et	PROPN
fsr-4154	116	26	al	al	PROPN
fsr-4154	116	27	.	.	PROPN
fsr-4154	116	28	,	,	PUNCT
fsr-4154	116	29	2023	2023	NUM
fsr-4154	116	30	)	)	PUNCT
fsr-4154	116	31	frequently	frequently	ADV
fsr-4154	116	32	neglect	neglect	VERB
fsr-4154	116	33	the	the	DET
fsr-4154	116	34	complex	complex	ADJ
fsr-4154	116	35	interactions	interaction	NOUN
fsr-4154	116	36	between	between	ADP
fsr-4154	116	37	existing	exist	VERB
fsr-4154	116	38	payment	payment	NOUN
fsr-4154	116	39	service	service	NOUN
fsr-4154	116	40	providers	provider	NOUN
fsr-4154	116	41	,	,	PUNCT
fsr-4154	116	42	fintech	fintech	NOUN
fsr-4154	116	43	innovations	innovation	NOUN
fsr-4154	116	44	,	,	PUNCT
fsr-4154	116	45	and	and	CCONJ
fsr-4154	116	46	established	establish	VERB
fsr-4154	116	47	market	market	NOUN
fsr-4154	116	48	structures	structure	NOUN
fsr-4154	116	49	.	.	PUNCT
fsr-4154	117	1	this	this	DET
fsr-4154	117	2	limitation	limitation	NOUN
fsr-4154	117	3	directly	directly	ADV
fsr-4154	117	4	informs	inform	VERB
fsr-4154	117	5	rq2	rq2	NOUN
fsr-4154	117	6	regarding	regard	VERB
fsr-4154	117	7	how	how	SCONJ
fsr-4154	117	8	cbdc	cbdc	NOUN
fsr-4154	117	9	design	design	NOUN
fsr-4154	117	10	choices	choice	NOUN
fsr-4154	117	11	affect	affect	VERB
fsr-4154	117	12	existing	exist	VERB
fsr-4154	117	13	payment	payment	NOUN
fsr-4154	117	14	platforms	platform	NOUN
fsr-4154	117	15	and	and	CCONJ
fsr-4154	117	16	their	their	PRON
fsr-4154	117	17	evolution	evolution	NOUN
fsr-4154	117	18	.	.	PUNCT
fsr-4154	118	1	finally	finally	ADV
fsr-4154	118	2	,	,	PUNCT
fsr-4154	118	3	how	how	SCONJ
fsr-4154	118	4	specific	specific	ADJ
fsr-4154	118	5	cbdc	cbdc	NOUN
fsr-4154	118	6	design	design	NOUN
fsr-4154	118	7	decisions	decision	NOUN
fsr-4154	118	8	impact	impact	VERB
fsr-4154	118	9	financial	financial	ADJ
fsr-4154	118	10	services	service	NOUN
fsr-4154	118	11	in	in	ADP
fsr-4154	118	12	emerging	emerge	VERB
fsr-4154	118	13	economies	economy	NOUN
fsr-4154	118	14	with	with	ADP
fsr-4154	118	15	advanced	advanced	ADJ
fsr-4154	118	16	digital	digital	ADJ
fsr-4154	118	17	financial	financial	ADJ
fsr-4154	118	18	infrastructures	infrastructure	NOUN
fsr-4154	118	19	,	,	PUNCT
fsr-4154	118	20	such	such	ADJ
fsr-4154	118	21	as	as	ADP
fsr-4154	118	22	india	india	PROPN
fsr-4154	118	23	,	,	PUNCT
fsr-4154	118	24	remains	remain	VERB
fsr-4154	118	25	underexplored	underexplored	ADJ
fsr-4154	118	26	.	.	PUNCT
fsr-4154	119	1	addressing	address	VERB
fsr-4154	119	2	this	this	DET
fsr-4154	119	3	research	research	NOUN
fsr-4154	119	4	gap	gap	NOUN
fsr-4154	119	5	aligns	align	VERB
fsr-4154	119	6	with	with	ADP
fsr-4154	119	7	rq3	rq3	NOUN
fsr-4154	119	8	,	,	PUNCT
fsr-4154	119	9	which	which	PRON
fsr-4154	119	10	focuses	focus	VERB
fsr-4154	119	11	on	on	ADP
fsr-4154	119	12	practical	practical	ADJ
fsr-4154	119	13	considerations	consideration	NOUN
fsr-4154	119	14	and	and	CCONJ
fsr-4154	119	15	guidance	guidance	NOUN
fsr-4154	119	16	for	for	ADP
fsr-4154	119	17	implementing	implement	VERB
fsr-4154	119	18	cbdcs	cbdc	NOUN
fsr-4154	119	19	in	in	ADP
fsr-4154	119	20	contexts	context	NOUN
fsr-4154	119	21	characterized	characterize	VERB
fsr-4154	119	22	by	by	ADP
fsr-4154	119	23	mature	mature	ADJ
fsr-4154	119	24	digital	digital	ADJ
fsr-4154	119	25	payment	payment	NOUN
fsr-4154	119	26	infrastructures	infrastructure	NOUN
fsr-4154	119	27	.	.	PUNCT
fsr-4154	120	1	research	research	NOUN
fsr-4154	120	2	methodology	methodology	NOUN
fsr-4154	120	3	research	research	NOUN
fsr-4154	120	4	design	design	NOUN
fsr-4154	120	5	and	and	CCONJ
fsr-4154	120	6	sample	sample	NOUN
fsr-4154	120	7	selection	selection	NOUN
fsr-4154	120	8	this	this	DET
fsr-4154	120	9	study	study	NOUN
fsr-4154	120	10	uses	use	VERB
fsr-4154	120	11	qualitative	qualitative	ADJ
fsr-4154	120	12	research	research	NOUN
fsr-4154	120	13	methods	method	NOUN
fsr-4154	120	14	to	to	PART
fsr-4154	120	15	understand	understand	VERB
fsr-4154	120	16	cbdc	cbdc	NOUN
fsr-4154	120	17	design	design	NOUN
fsr-4154	120	18	choices	choice	NOUN
fsr-4154	120	19	and	and	CCONJ
fsr-4154	120	20	their	their	PRON
fsr-4154	120	21	effects	effect	NOUN
fsr-4154	120	22	on	on	ADP
fsr-4154	120	23	payment	payment	NOUN
fsr-4154	120	24	systems	system	NOUN
fsr-4154	120	25	in	in	ADP
fsr-4154	120	26	emerging	emerge	VERB
fsr-4154	120	27	economies	economy	NOUN
fsr-4154	120	28	.	.	PUNCT
fsr-4154	121	1	a	a	DET
fsr-4154	121	2	qualitative	qualitative	ADJ
fsr-4154	121	3	approach	approach	NOUN
fsr-4154	121	4	was	be	AUX
fsr-4154	121	5	chosen	choose	VERB
fsr-4154	121	6	to	to	PART
fsr-4154	121	7	capture	capture	VERB
fsr-4154	121	8	in	in	ADP
fsr-4154	121	9	-	-	PUNCT
fsr-4154	121	10	depth	depth	NOUN
fsr-4154	121	11	expert	expert	NOUN
fsr-4154	121	12	insights	insight	NOUN
fsr-4154	121	13	into	into	ADP
fsr-4154	121	14	complex	complex	ADJ
fsr-4154	121	15	,	,	PUNCT
fsr-4154	121	16	interrelated	interrelated	ADJ
fsr-4154	121	17	design	design	NOUN
fsr-4154	121	18	considerations	consideration	NOUN
fsr-4154	121	19	and	and	CCONJ
fsr-4154	121	20	implementation	implementation	NOUN
fsr-4154	121	21	issues	issue	NOUN
fsr-4154	121	22	.	.	PUNCT
fsr-4154	122	1	the	the	DET
fsr-4154	122	2	study	study	NOUN
fsr-4154	122	3	employs	employ	VERB
fsr-4154	122	4	purposive	purposive	ADJ
fsr-4154	122	5	sampling	sampling	NOUN
fsr-4154	122	6	to	to	PART
fsr-4154	122	7	ensure	ensure	VERB
fsr-4154	122	8	comprehensive	comprehensive	ADJ
fsr-4154	122	9	representation	representation	NOUN
fsr-4154	122	10	of	of	ADP
fsr-4154	122	11	expert	expert	ADJ
fsr-4154	122	12	perspectives	perspective	NOUN
fsr-4154	122	13	on	on	ADP
fsr-4154	122	14	cbdc	cbdc	NOUN
fsr-4154	122	15	implementation	implementation	NOUN
fsr-4154	122	16	.	.	PUNCT
fsr-4154	123	1	our	our	PRON
fsr-4154	123	2	final	final	ADJ
fsr-4154	123	3	sample	sample	NOUN
fsr-4154	123	4	comprised	comprise	VERB
fsr-4154	123	5	22	22	NUM
fsr-4154	123	6	participants	participant	NOUN
fsr-4154	123	7	in	in	ADP
fsr-4154	123	8	india	india	PROPN
fsr-4154	123	9	across	across	ADP
fsr-4154	123	10	three	three	NUM
fsr-4154	123	11	main	main	ADJ
fsr-4154	123	12	professional	professional	ADJ
fsr-4154	123	13	groups	group	NOUN
fsr-4154	123	14	.	.	PUNCT
fsr-4154	124	1	the	the	DET
fsr-4154	124	2	first	first	ADJ
fsr-4154	124	3	group	group	NOUN
fsr-4154	124	4	comprised	comprise	VERB
fsr-4154	124	5	eight	eight	NUM
fsr-4154	124	6	fintech	fintech	NOUN
fsr-4154	124	7	and	and	CCONJ
fsr-4154	124	8	blockchain	blockchain	PROPN
fsr-4154	124	9	experts	expert	NOUN
fsr-4154	124	10	,	,	PUNCT
fsr-4154	124	11	including	include	VERB
fsr-4154	124	12	technology	technology	NOUN
fsr-4154	124	13	consultants	consultant	NOUN
fsr-4154	124	14	,	,	PUNCT
fsr-4154	124	15	blockchain	blockchain	PROPN
fsr-4154	124	16	specialists	specialist	NOUN
fsr-4154	124	17	,	,	PUNCT
fsr-4154	124	18	and	and	CCONJ
fsr-4154	124	19	digital	digital	ADJ
fsr-4154	124	20	currency	currency	NOUN
fsr-4154	124	21	experts	expert	NOUN
fsr-4154	124	22	who	who	PRON
fsr-4154	124	23	provided	provide	VERB
fsr-4154	124	24	technical	technical	ADJ
fsr-4154	124	25	insights	insight	NOUN
fsr-4154	124	26	into	into	ADP
fsr-4154	124	27	cbdc	cbdc	NOUN
fsr-4154	124	28	design	design	NOUN
fsr-4154	124	29	and	and	CCONJ
fsr-4154	124	30	architecture	architecture	NOUN
fsr-4154	124	31	(	(	PUNCT
fsr-4154	124	32	ft1	ft1	X
fsr-4154	124	33	-	-	PROPN
fsr-4154	124	34	8)	8)	NUM
fsr-4154	124	35	.	.	PUNCT
fsr-4154	125	1	the	the	DET
fsr-4154	125	2	second	second	ADJ
fsr-4154	125	3	group	group	NOUN
fsr-4154	125	4	consisted	consist	VERB
fsr-4154	125	5	of	of	ADP
fsr-4154	125	6	seven	seven	NUM
fsr-4154	125	7	banking	banking	NOUN
fsr-4154	125	8	and	and	CCONJ
fsr-4154	125	9	payment	payment	NOUN
fsr-4154	125	10	industry	industry	NOUN
fsr-4154	125	11	professionals	professional	NOUN
fsr-4154	125	12	who	who	PRON
fsr-4154	125	13	offered	offer	VERB
fsr-4154	125	14	practical	practical	ADJ
fsr-4154	125	15	implementation	implementation	NOUN
fsr-4154	125	16	perspectives	perspective	NOUN
fsr-4154	125	17	(	(	PUNCT
fsr-4154	125	18	bp1	bp1	PROPN
fsr-4154	125	19	-	-	PROPN
fsr-4154	125	20	7	7	NUM
fsr-4154	125	21	)	)	PUNCT
fsr-4154	125	22	.	.	PUNCT
fsr-4154	126	1	the	the	DET
fsr-4154	126	2	third	third	ADJ
fsr-4154	126	3	group	group	NOUN
fsr-4154	126	4	included	include	VERB
fsr-4154	126	5	seven	seven	NUM
fsr-4154	126	6	academic	academic	ADJ
fsr-4154	126	7	and	and	CCONJ
fsr-4154	126	8	policy	policy	NOUN
fsr-4154	126	9	experts	expert	NOUN
fsr-4154	126	10	who	who	PRON
fsr-4154	126	11	contributed	contribute	VERB
fsr-4154	126	12	with	with	ADP
fsr-4154	126	13	policyrelated	policyrelated	ADJ
fsr-4154	126	14	insights	insight	NOUN
fsr-4154	126	15	(	(	PUNCT
fsr-4154	126	16	ab1	ab1	X
fsr-4154	126	17	-	-	PUNCT
fsr-4154	126	18	7	7	NUM
fsr-4154	126	19	)	)	PUNCT
fsr-4154	126	20	.	.	PUNCT
fsr-4154	127	1	detailed	detailed	ADJ
fsr-4154	127	2	participant	participant	ADJ
fsr-4154	127	3	demographics	demographic	NOUN
fsr-4154	127	4	,	,	PUNCT
fsr-4154	127	5	professional	professional	ADJ
fsr-4154	127	6	affiliations	affiliation	NOUN
fsr-4154	127	7	,	,	PUNCT
fsr-4154	127	8	and	and	CCONJ
fsr-4154	127	9	experience	experience	NOUN
fsr-4154	127	10	levels	level	NOUN
fsr-4154	127	11	are	be	AUX
fsr-4154	127	12	summarized	summarize	VERB
fsr-4154	127	13	in	in	ADP
fsr-4154	127	14	appendix	appendix	ADJ
fsr-4154	127	15	a.	a.	NOUN
fsr-4154	127	16	we	we	PRON
fsr-4154	127	17	determined	determine	VERB
fsr-4154	127	18	sample	sample	NOUN
fsr-4154	127	19	size	size	NOUN
fsr-4154	127	20	based	base	VERB
fsr-4154	127	21	on	on	ADP
fsr-4154	127	22	the	the	DET
fsr-4154	127	23	principle	principle	NOUN
fsr-4154	127	24	of	of	ADP
fsr-4154	127	25	data	datum	NOUN
fsr-4154	127	26	saturation	saturation	NOUN
fsr-4154	127	27	,	,	PUNCT
fsr-4154	127	28	conducting	conduct	VERB
fsr-4154	127	29	interviews	interview	NOUN
fsr-4154	127	30	until	until	SCONJ
fsr-4154	127	31	subsequent	subsequent	ADJ
fsr-4154	127	32	discussions	discussion	NOUN
fsr-4154	127	33	no	no	ADV
fsr-4154	127	34	longer	long	ADV
fsr-4154	127	35	yielded	yield	VERB
fsr-4154	127	36	new	new	ADJ
fsr-4154	127	37	thematic	thematic	ADJ
fsr-4154	127	38	insights	insight	NOUN
fsr-4154	127	39	.	.	PUNCT
fsr-4154	128	1	the	the	DET
fsr-4154	128	2	chosen	choose	VERB
fsr-4154	128	3	sample	sample	NOUN
fsr-4154	128	4	size	size	NOUN
fsr-4154	128	5	was	be	AUX
fsr-4154	128	6	sufficient	sufficient	ADJ
fsr-4154	128	7	to	to	PART
fsr-4154	128	8	achieve	achieve	VERB
fsr-4154	128	9	saturation	saturation	NOUN
fsr-4154	128	10	,	,	PUNCT
fsr-4154	128	11	with	with	ADP
fsr-4154	128	12	later	late	ADJ
fsr-4154	128	13	interviews	interview	NOUN
fsr-4154	128	14	confirming	confirm	VERB
fsr-4154	128	15	thematic	thematic	ADJ
fsr-4154	128	16	patterns	pattern	NOUN
fsr-4154	128	17	initially	initially	ADV
fsr-4154	128	18	identified	identify	VERB
fsr-4154	128	19	.	.	PUNCT
fsr-4154	129	1	data	datum	NOUN
fsr-4154	129	2	collection	collection	NOUN
fsr-4154	129	3	each	each	DET
fsr-4154	129	4	interview	interview	NOUN
fsr-4154	129	5	,	,	PUNCT
fsr-4154	129	6	conducted	conduct	VERB
fsr-4154	129	7	between	between	ADP
fsr-4154	129	8	april	april	PROPN
fsr-4154	129	9	and	and	CCONJ
fsr-4154	129	10	november	november	PROPN
fsr-4154	129	11	2024	2024	NUM
fsr-4154	129	12	,	,	PUNCT
fsr-4154	129	13	lasted	last	VERB
fsr-4154	129	14	approximately	approximately	ADV
fsr-4154	129	15	40	40	NUM
fsr-4154	129	16	to	to	PART
fsr-4154	129	17	60	60	NUM
fsr-4154	129	18	minutes	minute	NOUN
fsr-4154	129	19	and	and	CCONJ
fsr-4154	129	20	was	be	AUX
fsr-4154	129	21	audio	audio	NOUN
fsr-4154	129	22	-	-	PUNCT
fsr-4154	129	23	recorded	record	VERB
fsr-4154	129	24	with	with	ADP
fsr-4154	129	25	participant	participant	ADJ
fsr-4154	129	26	consent	consent	NOUN
fsr-4154	129	27	.	.	PUNCT
fsr-4154	130	1	the	the	DET
fsr-4154	130	2	interviews	interview	NOUN
fsr-4154	130	3	were	be	AUX
fsr-4154	130	4	carried	carry	VERB
fsr-4154	130	5	out	out	ADP
fsr-4154	130	6	using	use	VERB
fsr-4154	130	7	a	a	DET
fsr-4154	130	8	semi	semi	ADJ
fsr-4154	130	9	-	-	ADJ
fsr-4154	130	10	structured	structured	ADJ
fsr-4154	130	11	format	format	NOUN
fsr-4154	130	12	.	.	PUNCT
fsr-4154	131	1	we	we	PRON
fsr-4154	131	2	used	use	VERB
fsr-4154	131	3	a	a	DET
fsr-4154	131	4	set	set	NOUN
fsr-4154	131	5	of	of	ADP
fsr-4154	131	6	prepared	prepared	ADJ
fsr-4154	131	7	questions	question	NOUN
fsr-4154	131	8	but	but	CCONJ
fsr-4154	131	9	allowed	allow	VERB
fsr-4154	131	10	for	for	ADP
fsr-4154	131	11	open	open	ADJ
fsr-4154	131	12	discussion	discussion	NOUN
fsr-4154	131	13	to	to	PART
fsr-4154	131	14	gain	gain	VERB
fsr-4154	131	15	additional	additional	ADJ
fsr-4154	131	16	insights	insight	NOUN
fsr-4154	131	17	on	on	ADP
fsr-4154	131	18	emergent	emergent	ADJ
fsr-4154	131	19	themes	theme	NOUN
fsr-4154	131	20	.	.	PUNCT
fsr-4154	132	1	all	all	DET
fsr-4154	132	2	interviews	interview	NOUN
fsr-4154	132	3	were	be	AUX
fsr-4154	132	4	conducted	conduct	VERB
fsr-4154	132	5	in	in	ADP
fsr-4154	132	6	english	english	PROPN
fsr-4154	132	7	.	.	PUNCT
fsr-4154	133	1	our	our	PRON
fsr-4154	133	2	data	data	NOUN
fsr-4154	133	3	collection	collection	NOUN
fsr-4154	133	4	process	process	NOUN
fsr-4154	133	5	followed	follow	VERB
fsr-4154	133	6	a	a	DET
fsr-4154	133	7	consistent	consistent	ADJ
fsr-4154	133	8	pattern	pattern	NOUN
fsr-4154	133	9	throughout	throughout	ADP
fsr-4154	133	10	all	all	DET
fsr-4154	133	11	interviews	interview	NOUN
fsr-4154	133	12	.	.	PUNCT
fsr-4154	134	1	each	each	DET
fsr-4154	134	2	session	session	NOUN
fsr-4154	134	3	began	begin	VERB
fsr-4154	134	4	with	with	ADP
fsr-4154	134	5	an	an	DET
fsr-4154	134	6	introduction	introduction	NOUN
fsr-4154	134	7	to	to	ADP
fsr-4154	134	8	the	the	DET
fsr-4154	134	9	study	study	NOUN
fsr-4154	134	10	and	and	CCONJ
fsr-4154	134	11	confirmation	confirmation	NOUN
fsr-4154	134	12	of	of	ADP
fsr-4154	134	13	informed	informed	ADJ
fsr-4154	134	14	consent	consent	NOUN
fsr-4154	134	15	.	.	PUNCT
fsr-4154	135	1	the	the	DET
fsr-4154	135	2	main	main	ADJ
fsr-4154	135	3	interview	interview	NOUN
fsr-4154	135	4	portion	portion	NOUN
fsr-4154	135	5	explored	explore	VERB
fsr-4154	135	6	participants	participant	NOUN
fsr-4154	135	7	'	'	PART
fsr-4154	135	8	views	view	NOUN
fsr-4154	135	9	on	on	ADP
fsr-4154	135	10	cbdc	cbdc	NOUN
fsr-4154	135	11	design	design	NOUN
fsr-4154	135	12	choices	choice	NOUN
fsr-4154	135	13	,	,	PUNCT
fsr-4154	135	14	financial	financial	ADJ
fsr-4154	135	15	services	service	NOUN
fsr-4154	135	16	review	review	NOUN
fsr-4154	135	17	,	,	PUNCT
fsr-4154	135	18	33(3	33(3	NOUN
fsr-4154	135	19	)	)	PUNCT
fsr-4154	135	20	66	66	NUM
fsr-4154	135	21	effects	effect	NOUN
fsr-4154	135	22	on	on	ADP
fsr-4154	135	23	existing	exist	VERB
fsr-4154	135	24	payment	payment	NOUN
fsr-4154	135	25	systems	system	NOUN
fsr-4154	135	26	,	,	PUNCT
fsr-4154	135	27	and	and	CCONJ
fsr-4154	135	28	implementation	implementation	NOUN
fsr-4154	135	29	considerations	consideration	NOUN
fsr-4154	135	30	.	.	PUNCT
fsr-4154	136	1	we	we	PRON
fsr-4154	136	2	encouraged	encourage	VERB
fsr-4154	136	3	participants	participant	NOUN
fsr-4154	136	4	to	to	PART
fsr-4154	136	5	provide	provide	VERB
fsr-4154	136	6	specific	specific	ADJ
fsr-4154	136	7	examples	example	NOUN
fsr-4154	136	8	and	and	CCONJ
fsr-4154	136	9	elaborate	elaborate	VERB
fsr-4154	136	10	on	on	ADP
fsr-4154	136	11	their	their	PRON
fsr-4154	136	12	experiences	experience	NOUN
fsr-4154	136	13	.	.	PUNCT
fsr-4154	137	1	this	this	PRON
fsr-4154	137	2	structured	structure	VERB
fsr-4154	137	3	,	,	PUNCT
fsr-4154	137	4	yet	yet	CCONJ
fsr-4154	137	5	flexible	flexible	ADJ
fsr-4154	137	6	,	,	PUNCT
fsr-4154	137	7	approach	approach	NOUN
fsr-4154	137	8	helped	help	VERB
fsr-4154	137	9	ensure	ensure	VERB
fsr-4154	137	10	overall	overall	ADJ
fsr-4154	137	11	coverage	coverage	NOUN
fsr-4154	137	12	of	of	ADP
fsr-4154	137	13	key	key	ADJ
fsr-4154	137	14	topics	topic	NOUN
fsr-4154	137	15	while	while	SCONJ
fsr-4154	137	16	allowing	allow	VERB
fsr-4154	137	17	for	for	ADP
fsr-4154	137	18	the	the	DET
fsr-4154	137	19	exploration	exploration	NOUN
fsr-4154	137	20	of	of	ADP
fsr-4154	137	21	unexpected	unexpected	ADJ
fsr-4154	137	22	but	but	CCONJ
fsr-4154	137	23	relevant	relevant	ADJ
fsr-4154	137	24	themes	theme	NOUN
fsr-4154	137	25	that	that	PRON
fsr-4154	137	26	emerged	emerge	VERB
fsr-4154	137	27	during	during	ADP
fsr-4154	137	28	the	the	DET
fsr-4154	137	29	discussions	discussion	NOUN
fsr-4154	137	30	.	.	PUNCT
fsr-4154	138	1	the	the	DET
fsr-4154	138	2	study	study	NOUN
fsr-4154	138	3	adhered	adhere	VERB
fsr-4154	138	4	strictly	strictly	ADV
fsr-4154	138	5	to	to	ADP
fsr-4154	138	6	ethical	ethical	ADJ
fsr-4154	138	7	research	research	NOUN
fsr-4154	138	8	standards	standard	NOUN
fsr-4154	138	9	.	.	PUNCT
fsr-4154	139	1	all	all	DET
fsr-4154	139	2	participants	participant	NOUN
fsr-4154	139	3	received	receive	VERB
fsr-4154	139	4	comprehensive	comprehensive	ADJ
fsr-4154	139	5	information	information	NOUN
fsr-4154	139	6	on	on	ADP
fsr-4154	139	7	study	study	NOUN
fsr-4154	139	8	objectives	objective	NOUN
fsr-4154	139	9	,	,	PUNCT
fsr-4154	139	10	procedures	procedure	NOUN
fsr-4154	139	11	,	,	PUNCT
fsr-4154	139	12	and	and	CCONJ
fsr-4154	139	13	confidentiality	confidentiality	NOUN
fsr-4154	139	14	measures	measure	NOUN
fsr-4154	139	15	prior	prior	ADV
fsr-4154	139	16	to	to	ADP
fsr-4154	139	17	providing	provide	VERB
fsr-4154	139	18	informed	informed	ADJ
fsr-4154	139	19	consent	consent	NOUN
fsr-4154	139	20	.	.	PUNCT
fsr-4154	140	1	the	the	DET
fsr-4154	140	2	participants	participant	NOUN
fsr-4154	140	3	were	be	AUX
fsr-4154	140	4	informed	inform	VERB
fsr-4154	140	5	of	of	ADP
fsr-4154	140	6	their	their	PRON
fsr-4154	140	7	right	right	NOUN
fsr-4154	140	8	to	to	PART
fsr-4154	140	9	withdraw	withdraw	VERB
fsr-4154	140	10	at	at	ADP
fsr-4154	140	11	any	any	DET
fsr-4154	140	12	point	point	NOUN
fsr-4154	140	13	,	,	PUNCT
fsr-4154	140	14	though	though	SCONJ
fsr-4154	140	15	none	none	NOUN
fsr-4154	140	16	chose	choose	VERB
fsr-4154	140	17	to	to	PART
fsr-4154	140	18	exercise	exercise	VERB
fsr-4154	140	19	this	this	DET
fsr-4154	140	20	option	option	NOUN
fsr-4154	140	21	.	.	PUNCT
fsr-4154	141	1	data	datum	NOUN
fsr-4154	141	2	analysis	analysis	VERB
fsr-4154	141	3	the	the	DET
fsr-4154	141	4	analysis	analysis	NOUN
fsr-4154	141	5	of	of	ADP
fsr-4154	141	6	interview	interview	NOUN
fsr-4154	141	7	data	datum	NOUN
fsr-4154	141	8	followed	follow	VERB
fsr-4154	141	9	the	the	DET
fsr-4154	141	10	thematic	thematic	ADJ
fsr-4154	141	11	analysis	analysis	NOUN
fsr-4154	141	12	methodology	methodology	NOUN
fsr-4154	141	13	established	establish	VERB
fsr-4154	141	14	by	by	ADP
fsr-4154	141	15	braun	braun	PROPN
fsr-4154	141	16	&	&	CCONJ
fsr-4154	141	17	clarke	clarke	PROPN
fsr-4154	141	18	(	(	PUNCT
fsr-4154	141	19	2006	2006	NUM
fsr-4154	141	20	)	)	PUNCT
fsr-4154	141	21	.	.	PUNCT
fsr-4154	142	1	we	we	PRON
fsr-4154	142	2	began	begin	VERB
fsr-4154	142	3	by	by	ADP
fsr-4154	142	4	creating	create	VERB
fsr-4154	142	5	detailed	detailed	ADJ
fsr-4154	142	6	transcripts	transcript	NOUN
fsr-4154	142	7	of	of	ADP
fsr-4154	142	8	all	all	DET
fsr-4154	142	9	recorded	record	VERB
fsr-4154	142	10	interviews	interview	NOUN
fsr-4154	142	11	,	,	PUNCT
fsr-4154	142	12	with	with	SCONJ
fsr-4154	142	13	each	each	DET
fsr-4154	142	14	transcript	transcript	NOUN
fsr-4154	142	15	checked	check	VERB
fsr-4154	142	16	multiple	multiple	ADJ
fsr-4154	142	17	times	time	NOUN
fsr-4154	142	18	for	for	ADP
fsr-4154	142	19	accuracy	accuracy	NOUN
fsr-4154	142	20	.	.	PUNCT
fsr-4154	143	1	initial	initial	ADJ
fsr-4154	143	2	analysis	analysis	NOUN
fsr-4154	143	3	involved	involve	VERB
fsr-4154	143	4	careful	careful	ADJ
fsr-4154	143	5	reading	reading	NOUN
fsr-4154	143	6	of	of	ADP
fsr-4154	143	7	all	all	DET
fsr-4154	143	8	transcripts	transcript	NOUN
fsr-4154	143	9	to	to	PART
fsr-4154	143	10	identify	identify	VERB
fsr-4154	143	11	key	key	ADJ
fsr-4154	143	12	themes	theme	NOUN
fsr-4154	143	13	and	and	CCONJ
fsr-4154	143	14	patterns	pattern	NOUN
fsr-4154	143	15	in	in	ADP
fsr-4154	143	16	the	the	DET
fsr-4154	143	17	responses	response	NOUN
fsr-4154	143	18	.	.	PUNCT
fsr-4154	144	1	we	we	PRON
fsr-4154	144	2	then	then	ADV
fsr-4154	144	3	developed	develop	VERB
fsr-4154	144	4	a	a	DET
fsr-4154	144	5	coding	code	VERB
fsr-4154	144	6	framework	framework	NOUN
fsr-4154	144	7	to	to	PART
fsr-4154	144	8	organize	organize	VERB
fsr-4154	144	9	the	the	DET
fsr-4154	144	10	data	datum	NOUN
fsr-4154	144	11	into	into	ADP
fsr-4154	144	12	meaningful	meaningful	ADJ
fsr-4154	144	13	categories	category	NOUN
fsr-4154	144	14	aligned	align	VERB
fsr-4154	144	15	with	with	ADP
fsr-4154	144	16	our	our	PRON
fsr-4154	144	17	three	three	NUM
fsr-4154	144	18	research	research	NOUN
fsr-4154	144	19	questions	question	NOUN
fsr-4154	144	20	.	.	PUNCT
fsr-4154	145	1	the	the	DET
fsr-4154	145	2	coding	code	VERB
fsr-4154	145	3	process	process	NOUN
fsr-4154	145	4	involved	involve	VERB
fsr-4154	145	5	the	the	DET
fsr-4154	145	6	two	two	NUM
fsr-4154	145	7	researchers	researcher	NOUN
fsr-4154	145	8	working	work	VERB
fsr-4154	145	9	independently	independently	ADV
fsr-4154	145	10	to	to	PART
fsr-4154	145	11	ensure	ensure	VERB
fsr-4154	145	12	the	the	DET
fsr-4154	145	13	reliability	reliability	NOUN
fsr-4154	145	14	of	of	ADP
fsr-4154	145	15	the	the	DET
fsr-4154	145	16	interpretation	interpretation	NOUN
fsr-4154	145	17	.	.	PUNCT
fsr-4154	146	1	regular	regular	ADJ
fsr-4154	146	2	meetings	meeting	NOUN
fsr-4154	146	3	allowed	allow	VERB
fsr-4154	146	4	us	we	PRON
fsr-4154	146	5	to	to	PART
fsr-4154	146	6	discuss	discuss	VERB
fsr-4154	146	7	and	and	CCONJ
fsr-4154	146	8	resolve	resolve	VERB
fsr-4154	146	9	any	any	DET
fsr-4154	146	10	differences	difference	NOUN
fsr-4154	146	11	in	in	ADP
fsr-4154	146	12	coding	code	VERB
fsr-4154	146	13	decisions	decision	NOUN
fsr-4154	146	14	until	until	SCONJ
fsr-4154	146	15	we	we	PRON
fsr-4154	146	16	reached	reach	VERB
fsr-4154	146	17	an	an	DET
fsr-4154	146	18	agreement	agreement	NOUN
fsr-4154	146	19	.	.	PUNCT
fsr-4154	147	1	we	we	PRON
fsr-4154	147	2	paid	pay	VERB
fsr-4154	147	3	particular	particular	ADJ
fsr-4154	147	4	attention	attention	NOUN
fsr-4154	147	5	to	to	ADP
fsr-4154	147	6	emerging	emerge	VERB
fsr-4154	147	7	patterns	pattern	NOUN
fsr-4154	147	8	related	relate	VERB
fsr-4154	147	9	to	to	PART
fsr-4154	147	10	cbdc	cbdc	VERB
fsr-4154	147	11	design	design	NOUN
fsr-4154	147	12	choices	choice	NOUN
fsr-4154	147	13	and	and	CCONJ
fsr-4154	147	14	their	their	PRON
fsr-4154	147	15	implications	implication	NOUN
fsr-4154	147	16	for	for	ADP
fsr-4154	147	17	payment	payment	NOUN
fsr-4154	147	18	systems	system	NOUN
fsr-4154	147	19	.	.	PUNCT
fsr-4154	148	1	this	this	DET
fsr-4154	148	2	collaborative	collaborative	ADJ
fsr-4154	148	3	approach	approach	NOUN
fsr-4154	148	4	helped	help	VERB
fsr-4154	148	5	us	we	PRON
fsr-4154	148	6	minimize	minimize	VERB
fsr-4154	148	7	individual	individual	ADJ
fsr-4154	148	8	researcher	researcher	NOUN
fsr-4154	148	9	bias	bias	NOUN
fsr-4154	148	10	.	.	PUNCT
fsr-4154	149	1	several	several	ADJ
fsr-4154	149	2	limitations	limitation	NOUN
fsr-4154	149	3	of	of	ADP
fsr-4154	149	4	our	our	PRON
fsr-4154	149	5	research	research	NOUN
fsr-4154	149	6	methodology	methodology	NOUN
fsr-4154	149	7	must	must	AUX
fsr-4154	149	8	be	be	AUX
fsr-4154	149	9	acknowledged	acknowledge	VERB
fsr-4154	149	10	.	.	PUNCT
fsr-4154	150	1	firstly	firstly	ADV
fsr-4154	150	2	,	,	PUNCT
fsr-4154	150	3	our	our	PRON
fsr-4154	150	4	expert	expert	NOUN
fsr-4154	150	5	sample	sample	NOUN
fsr-4154	150	6	predominantly	predominantly	ADV
fsr-4154	150	7	comprised	comprise	VERB
fsr-4154	150	8	individuals	individual	NOUN
fsr-4154	150	9	from	from	ADP
fsr-4154	150	10	major	major	ADJ
fsr-4154	150	11	financial	financial	ADJ
fsr-4154	150	12	centers	center	NOUN
fsr-4154	150	13	,	,	PUNCT
fsr-4154	150	14	potentially	potentially	ADV
fsr-4154	150	15	limiting	limit	VERB
fsr-4154	150	16	insights	insight	NOUN
fsr-4154	150	17	from	from	ADP
fsr-4154	150	18	other	other	ADJ
fsr-4154	150	19	regions	region	NOUN
fsr-4154	150	20	.	.	PUNCT
fsr-4154	151	1	secondly	secondly	ADV
fsr-4154	151	2	,	,	PUNCT
fsr-4154	151	3	the	the	DET
fsr-4154	151	4	timing	timing	NOUN
fsr-4154	151	5	of	of	ADP
fsr-4154	151	6	data	datum	NOUN
fsr-4154	151	7	collection	collection	NOUN
fsr-4154	151	8	coincided	coincide	VERB
fsr-4154	151	9	with	with	ADP
fsr-4154	151	10	the	the	DET
fsr-4154	151	11	early	early	ADJ
fsr-4154	151	12	stages	stage	NOUN
fsr-4154	151	13	of	of	ADP
fsr-4154	151	14	cbdc	cbdc	NOUN
fsr-4154	151	15	implementation	implementation	NOUN
fsr-4154	151	16	,	,	PUNCT
fsr-4154	151	17	suggesting	suggest	VERB
fsr-4154	151	18	that	that	SCONJ
fsr-4154	151	19	certain	certain	ADJ
fsr-4154	151	20	findings	finding	NOUN
fsr-4154	151	21	may	may	AUX
fsr-4154	151	22	require	require	VERB
fsr-4154	151	23	revisiting	revisiting	ADJ
fsr-4154	151	24	as	as	SCONJ
fsr-4154	151	25	implementations	implementation	NOUN
fsr-4154	151	26	progress	progress	NOUN
fsr-4154	151	27	.	.	PUNCT
fsr-4154	152	1	thirdly	thirdly	ADV
fsr-4154	152	2	,	,	PUNCT
fsr-4154	152	3	due	due	ADP
fsr-4154	152	4	to	to	ADP
fsr-4154	152	5	the	the	DET
fsr-4154	152	6	rapidly	rapidly	ADV
fsr-4154	152	7	evolving	evolve	VERB
fsr-4154	152	8	nature	nature	NOUN
fsr-4154	152	9	of	of	ADP
fsr-4154	152	10	cbdc	cbdc	NOUN
fsr-4154	152	11	technologies	technology	NOUN
fsr-4154	152	12	and	and	CCONJ
fsr-4154	152	13	associated	associate	VERB
fsr-4154	152	14	regulatory	regulatory	ADJ
fsr-4154	152	15	landscapes	landscape	NOUN
fsr-4154	152	16	,	,	PUNCT
fsr-4154	152	17	some	some	DET
fsr-4154	152	18	technical	technical	ADJ
fsr-4154	152	19	insights	insight	NOUN
fsr-4154	152	20	reported	report	VERB
fsr-4154	152	21	here	here	ADV
fsr-4154	152	22	may	may	AUX
fsr-4154	152	23	need	need	VERB
fsr-4154	152	24	periodic	periodic	ADJ
fsr-4154	152	25	updating	updating	NOUN
fsr-4154	152	26	.	.	PUNCT
fsr-4154	153	1	findings	finding	VERB
fsr-4154	153	2	our	our	PRON
fsr-4154	153	3	thematic	thematic	ADJ
fsr-4154	153	4	analysis	analysis	NOUN
fsr-4154	153	5	identified	identify	VERB
fsr-4154	153	6	four	four	NUM
fsr-4154	153	7	central	central	ADJ
fsr-4154	153	8	themes	theme	NOUN
fsr-4154	153	9	regarding	regard	VERB
fsr-4154	153	10	cbdc	cbdc	NOUN
fsr-4154	153	11	implementation	implementation	NOUN
fsr-4154	153	12	and	and	CCONJ
fsr-4154	153	13	design	design	NOUN
fsr-4154	153	14	:	:	PUNCT
fsr-4154	153	15	(	(	PUNCT
fsr-4154	153	16	1	1	X
fsr-4154	153	17	)	)	PUNCT
fsr-4154	153	18	need	need	NOUN
fsr-4154	153	19	and	and	CCONJ
fsr-4154	153	20	status	status	NOUN
fsr-4154	153	21	of	of	ADP
fsr-4154	153	22	cbdc	cbdc	NOUN
fsr-4154	153	23	implementation	implementation	NOUN
fsr-4154	153	24	,	,	PUNCT
fsr-4154	153	25	(	(	PUNCT
fsr-4154	153	26	2	2	X
fsr-4154	153	27	)	)	PUNCT
fsr-4154	153	28	critical	critical	ADJ
fsr-4154	153	29	design	design	NOUN
fsr-4154	153	30	elements	element	NOUN
fsr-4154	153	31	,	,	PUNCT
fsr-4154	153	32	(	(	PUNCT
fsr-4154	153	33	3	3	X
fsr-4154	153	34	)	)	PUNCT
fsr-4154	153	35	implications	implication	NOUN
fsr-4154	153	36	for	for	ADP
fsr-4154	153	37	financial	financial	ADJ
fsr-4154	153	38	systems	system	NOUN
fsr-4154	153	39	,	,	PUNCT
fsr-4154	153	40	and	and	CCONJ
fsr-4154	153	41	(	(	PUNCT
fsr-4154	153	42	4	4	X
fsr-4154	153	43	)	)	PUNCT
fsr-4154	153	44	future	future	ADJ
fsr-4154	153	45	cbdc	cbdc	NOUN
fsr-4154	153	46	use	use	NOUN
fsr-4154	153	47	cases	case	NOUN
fsr-4154	153	48	in	in	ADP
fsr-4154	153	49	financial	financial	ADJ
fsr-4154	153	50	services	service	NOUN
fsr-4154	153	51	.	.	PUNCT
fsr-4154	154	1	these	these	DET
fsr-4154	154	2	themes	theme	NOUN
fsr-4154	154	3	provide	provide	VERB
fsr-4154	154	4	detailed	detailed	ADJ
fsr-4154	154	5	insights	insight	NOUN
fsr-4154	154	6	into	into	ADP
fsr-4154	154	7	how	how	SCONJ
fsr-4154	154	8	cbdc	cbdc	NOUN
fsr-4154	154	9	design	design	NOUN
fsr-4154	154	10	choices	choice	NOUN
fsr-4154	154	11	influence	influence	NOUN
fsr-4154	154	12	payment	payment	NOUN
fsr-4154	154	13	systems	system	NOUN
fsr-4154	154	14	and	and	CCONJ
fsr-4154	154	15	financial	financial	ADJ
fsr-4154	154	16	infrastructure	infrastructure	NOUN
fsr-4154	154	17	in	in	ADP
fsr-4154	154	18	emerging	emerge	VERB
fsr-4154	154	19	economies	economy	NOUN
fsr-4154	154	20	(	(	PUNCT
fsr-4154	154	21	see	see	VERB
fsr-4154	154	22	appendix	appendix	NOUN
fsr-4154	154	23	b	b	NOUN
fsr-4154	154	24	)	)	PUNCT
fsr-4154	154	25	need	need	NOUN
fsr-4154	154	26	and	and	CCONJ
fsr-4154	154	27	status	status	NOUN
fsr-4154	154	28	of	of	ADP
fsr-4154	154	29	cbdc	cbdc	NOUN
fsr-4154	154	30	implementation	implementation	NOUN
fsr-4154	154	31	the	the	DET
fsr-4154	154	32	emergence	emergence	NOUN
fsr-4154	154	33	of	of	ADP
fsr-4154	154	34	cbdcs	cbdc	NOUN
fsr-4154	154	35	represents	represent	VERB
fsr-4154	154	36	a	a	DET
fsr-4154	154	37	strategic	strategic	ADJ
fsr-4154	154	38	response	response	NOUN
fsr-4154	154	39	to	to	ADP
fsr-4154	154	40	evolving	evolve	VERB
fsr-4154	154	41	financial	financial	ADJ
fsr-4154	154	42	landscapes	landscape	NOUN
fsr-4154	154	43	.	.	PUNCT
fsr-4154	155	1	our	our	PRON
fsr-4154	155	2	expert	expert	ADJ
fsr-4154	155	3	interviews	interview	NOUN
fsr-4154	155	4	revealed	reveal	VERB
fsr-4154	155	5	diverse	diverse	ADJ
fsr-4154	155	6	perspectives	perspective	NOUN
fsr-4154	155	7	on	on	ADP
fsr-4154	155	8	the	the	DET
fsr-4154	155	9	primary	primary	ADJ
fsr-4154	155	10	drivers	driver	NOUN
fsr-4154	155	11	of	of	ADP
fsr-4154	155	12	cbdc	cbdc	NOUN
fsr-4154	155	13	adoption	adoption	NOUN
fsr-4154	155	14	,	,	PUNCT
fsr-4154	155	15	with	with	ADP
fsr-4154	155	16	notable	notable	ADJ
fsr-4154	155	17	differences	difference	NOUN
fsr-4154	155	18	between	between	ADP
fsr-4154	155	19	technology	technology	NOUN
fsr-4154	155	20	and	and	CCONJ
fsr-4154	155	21	banking	banking	NOUN
fsr-4154	155	22	professionals	professional	NOUN
fsr-4154	155	23	.	.	PUNCT
fsr-4154	156	1	fintech	fintech	NOUN
fsr-4154	156	2	experts	expert	NOUN
fsr-4154	156	3	highlighted	highlight	VERB
fsr-4154	156	4	technological	technological	ADJ
fsr-4154	156	5	innovation	innovation	NOUN
fsr-4154	156	6	and	and	CCONJ
fsr-4154	156	7	efficiency	efficiency	NOUN
fsr-4154	156	8	.	.	PUNCT
fsr-4154	157	1	as	as	SCONJ
fsr-4154	157	2	noted	note	VERB
fsr-4154	157	3	by	by	ADP
fsr-4154	157	4	a	a	DET
fsr-4154	157	5	blockchain	blockchain	PROPN
fsr-4154	157	6	specialist	specialist	NOUN
fsr-4154	157	7	(	(	PUNCT
fsr-4154	157	8	ft1	ft1	PROPN
fsr-4154	157	9	):	):	PUNCT
fsr-4154	157	10	“	"	PUNCT
fsr-4154	157	11	cbdcs	cbdc	NOUN
fsr-4154	157	12	can	can	AUX
fsr-4154	157	13	be	be	AUX
fsr-4154	157	14	introduced	introduce	VERB
fsr-4154	157	15	in	in	ADP
fsr-4154	157	16	the	the	DET
fsr-4154	157	17	economy	economy	NOUN
fsr-4154	157	18	when	when	SCONJ
fsr-4154	157	19	there	there	PRON
fsr-4154	157	20	is	be	VERB
fsr-4154	157	21	a	a	DET
fsr-4154	157	22	decline	decline	NOUN
fsr-4154	157	23	in	in	ADP
fsr-4154	157	24	cash	cash	NOUN
fsr-4154	157	25	usage	usage	NOUN
fsr-4154	157	26	.	.	PUNCT
fsr-4154	158	1	central	central	ADJ
fsr-4154	158	2	banks	bank	NOUN
fsr-4154	158	3	must	must	AUX
fsr-4154	158	4	evaluate	evaluate	VERB
fsr-4154	158	5	if	if	SCONJ
fsr-4154	158	6	there	there	PRON
fsr-4154	158	7	is	be	VERB
fsr-4154	158	8	a	a	DET
fsr-4154	158	9	need	need	NOUN
fsr-4154	158	10	to	to	PART
fsr-4154	158	11	modernize	modernize	VERB
fsr-4154	158	12	public	public	ADJ
fsr-4154	158	13	payment	payment	NOUN
fsr-4154	158	14	infrastructure	infrastructure	NOUN
fsr-4154	158	15	.	.	PUNCT
fsr-4154	158	16	”	"	PUNCT
fsr-4154	159	1	conversely	conversely	ADV
fsr-4154	159	2	,	,	PUNCT
fsr-4154	159	3	banking	banking	NOUN
fsr-4154	159	4	professionals	professional	NOUN
fsr-4154	159	5	emphasized	emphasize	VERB
fsr-4154	159	6	regulatory	regulatory	ADJ
fsr-4154	159	7	considerations	consideration	NOUN
fsr-4154	159	8	and	and	CCONJ
fsr-4154	159	9	financial	financial	ADJ
fsr-4154	159	10	stability	stability	NOUN
fsr-4154	159	11	.	.	PUNCT
fsr-4154	160	1	a	a	DET
fsr-4154	160	2	banking	banking	NOUN
fsr-4154	160	3	executive	executive	NOUN
fsr-4154	160	4	(	(	PUNCT
fsr-4154	160	5	bp5	bp5	PROPN
fsr-4154	160	6	)	)	PUNCT
fsr-4154	160	7	explained	explain	VERB
fsr-4154	160	8	:	:	PUNCT
fsr-4154	160	9	“	"	PUNCT
fsr-4154	160	10	the	the	DET
fsr-4154	160	11	primary	primary	ADJ
fsr-4154	160	12	motivation	motivation	NOUN
fsr-4154	160	13	should	should	AUX
fsr-4154	160	14	be	be	AUX
fsr-4154	160	15	ensuring	ensure	VERB
fsr-4154	160	16	monetary	monetary	ADJ
fsr-4154	160	17	sovereignty	sovereignty	NOUN
fsr-4154	160	18	in	in	ADP
fsr-4154	160	19	an	an	DET
fsr-4154	160	20	increasingly	increasingly	ADV
fsr-4154	160	21	digital	digital	ADJ
fsr-4154	160	22	world	world	NOUN
fsr-4154	160	23	,	,	PUNCT
fsr-4154	160	24	rather	rather	ADV
fsr-4154	160	25	than	than	ADP
fsr-4154	160	26	simply	simply	ADV
fsr-4154	160	27	following	follow	VERB
fsr-4154	160	28	technological	technological	ADJ
fsr-4154	160	29	trends	trend	NOUN
fsr-4154	160	30	.	.	PUNCT
fsr-4154	160	31	”	"	PUNCT
fsr-4154	161	1	india	india	PROPN
fsr-4154	161	2	's	's	PART
fsr-4154	161	3	e	e	NOUN
fsr-4154	161	4	-	-	ADJ
fsr-4154	161	5	rupee	rupee	ADJ
fsr-4154	161	6	implementation	implementation	NOUN
fsr-4154	161	7	represents	represent	VERB
fsr-4154	161	8	a	a	DET
fsr-4154	161	9	carefully	carefully	ADV
fsr-4154	161	10	considered	consider	VERB
fsr-4154	161	11	approach	approach	NOUN
fsr-4154	161	12	to	to	ADP
fsr-4154	161	13	digital	digital	ADJ
fsr-4154	161	14	currency	currency	NOUN
fsr-4154	161	15	deployment	deployment	NOUN
fsr-4154	161	16	.	.	PUNCT
fsr-4154	162	1	per	per	ADP
fsr-4154	162	2	the	the	DET
fsr-4154	162	3	reserve	reserve	PROPN
fsr-4154	162	4	bank	bank	PROPN
fsr-4154	162	5	of	of	ADP
fsr-4154	162	6	india	india	PROPN
fsr-4154	162	7	(	(	PUNCT
fsr-4154	162	8	2022	2022	NUM
fsr-4154	162	9	)	)	PUNCT
fsr-4154	162	10	report	report	NOUN
fsr-4154	162	11	,	,	PUNCT
fsr-4154	162	12	e	e	NOUN
fsr-4154	162	13	-	-	ADJ
fsr-4154	162	14	rupee	rupee	ADJ
fsr-4154	162	15	pilot	pilot	NOUN
fsr-4154	162	16	was	be	AUX
fsr-4154	162	17	launched	launch	VERB
fsr-4154	162	18	in	in	ADP
fsr-4154	162	19	december	december	PROPN
fsr-4154	162	20	2022	2022	NUM
fsr-4154	162	21	,	,	PUNCT
fsr-4154	162	22	adopting	adopt	VERB
fsr-4154	162	23	a	a	DET
fsr-4154	162	24	two	two	NUM
fsr-4154	162	25	-	-	PUNCT
fsr-4154	162	26	tier	tier	NOUN
fsr-4154	162	27	distribution	distribution	NOUN
fsr-4154	162	28	model	model	NOUN
fsr-4154	162	29	that	that	PRON
fsr-4154	162	30	maintains	maintain	VERB
fsr-4154	162	31	the	the	DET
fsr-4154	162	32	role	role	NOUN
fsr-4154	162	33	of	of	ADP
fsr-4154	162	34	traditional	traditional	ADJ
fsr-4154	162	35	banking	banking	NOUN
fsr-4154	162	36	intermediaries	intermediary	NOUN
fsr-4154	162	37	while	while	SCONJ
fsr-4154	162	38	introducing	introduce	VERB
fsr-4154	162	39	innovative	innovative	ADJ
fsr-4154	162	40	digital	digital	ADJ
fsr-4154	162	41	currency	currency	NOUN
fsr-4154	162	42	features	feature	NOUN
fsr-4154	162	43	.	.	PUNCT
fsr-4154	163	1	an	an	DET
fsr-4154	163	2	industry	industry	NOUN
fsr-4154	163	3	expert	expert	NOUN
fsr-4154	163	4	(	(	PUNCT
fsr-4154	163	5	bp1	bp1	PROPN
fsr-4154	163	6	)	)	PUNCT
fsr-4154	163	7	highlighted	highlight	VERB
fsr-4154	163	8	the	the	DET
fsr-4154	163	9	following	follow	VERB
fsr-4154	163	10	key	key	ADJ
fsr-4154	163	11	advantage	advantage	NOUN
fsr-4154	163	12	:	:	PUNCT
fsr-4154	163	13	“	"	PUNCT
fsr-4154	163	14	the	the	DET
fsr-4154	163	15	technology	technology	NOUN
fsr-4154	163	16	used	use	VERB
fsr-4154	163	17	in	in	ADP
fsr-4154	163	18	e	e	NOUN
fsr-4154	163	19	-	-	NOUN
fsr-4154	163	20	rupee	rupee	ADJ
fsr-4154	163	21	is	be	AUX
fsr-4154	163	22	blockchain	blockchain	NOUN
fsr-4154	163	23	,	,	PUNCT
fsr-4154	163	24	which	which	PRON
fsr-4154	163	25	is	be	AUX
fsr-4154	163	26	very	very	ADV
fsr-4154	163	27	difficult	difficult	ADJ
fsr-4154	163	28	to	to	PART
fsr-4154	163	29	break	break	VERB
fsr-4154	163	30	through	through	ADV
fsr-4154	163	31	;	;	PUNCT
fsr-4154	163	32	if	if	SCONJ
fsr-4154	163	33	there	there	PRON
fsr-4154	163	34	is	be	VERB
fsr-4154	163	35	any	any	DET
fsr-4154	163	36	suspicious	suspicious	ADJ
fsr-4154	163	37	activity	activity	NOUN
fsr-4154	163	38	,	,	PUNCT
fsr-4154	163	39	information	information	NOUN
fsr-4154	163	40	will	will	AUX
fsr-4154	163	41	be	be	AUX
fsr-4154	163	42	broadcasted	broadcast	VERB
fsr-4154	163	43	and	and	CCONJ
fsr-4154	163	44	traced	trace	VERB
fsr-4154	163	45	immediately	immediately	ADV
fsr-4154	163	46	.	.	PUNCT
fsr-4154	163	47	”	"	PUNCT
fsr-4154	164	1	a	a	DET
fsr-4154	164	2	notable	notable	ADJ
fsr-4154	164	3	aspect	aspect	NOUN
fsr-4154	164	4	of	of	ADP
fsr-4154	164	5	india	india	PROPN
fsr-4154	164	6	's	's	PART
fsr-4154	164	7	approach	approach	NOUN
fsr-4154	164	8	is	be	AUX
fsr-4154	164	9	the	the	DET
fsr-4154	164	10	nonremunerative	nonremunerative	ADJ
fsr-4154	164	11	design	design	NOUN
fsr-4154	164	12	of	of	ADP
fsr-4154	164	13	the	the	DET
fsr-4154	164	14	e	e	NOUN
fsr-4154	164	15	-	-	NOUN
fsr-4154	164	16	rupee	rupee	ADJ
fsr-4154	164	17	,	,	PUNCT
fsr-4154	164	18	which	which	PRON
fsr-4154	164	19	was	be	AUX
fsr-4154	164	20	chosen	choose	VERB
fsr-4154	164	21	to	to	PART
fsr-4154	164	22	minimize	minimize	VERB
fsr-4154	164	23	disruption	disruption	NOUN
fsr-4154	164	24	to	to	ADP
fsr-4154	164	25	the	the	DET
fsr-4154	164	26	banking	banking	NOUN
fsr-4154	164	27	sector	sector	NOUN
fsr-4154	164	28	.	.	PUNCT
fsr-4154	165	1	as	as	ADP
fsr-4154	165	2	a	a	DET
fsr-4154	165	3	banking	banking	NOUN
fsr-4154	165	4	expert	expert	NOUN
fsr-4154	165	5	(	(	PUNCT
fsr-4154	165	6	bp5	bp5	ADJ
fsr-4154	165	7	)	)	PUNCT
fsr-4154	165	8	explained	explain	VERB
fsr-4154	165	9	:	:	PUNCT
fsr-4154	165	10	“	"	PUNCT
fsr-4154	165	11	banks	bank	NOUN
fsr-4154	165	12	will	will	AUX
fsr-4154	165	13	play	play	VERB
fsr-4154	165	14	a	a	DET
fsr-4154	165	15	crucial	crucial	ADJ
fsr-4154	165	16	role	role	NOUN
fsr-4154	165	17	in	in	ADP
fsr-4154	165	18	cbdc	cbdc	PROPN
fsr-4154	165	19	shekhar	shekhar	PROPN
fsr-4154	165	20	&	&	CCONJ
fsr-4154	165	21	ramesh	ramesh	PROPN
fsr-4154	165	22	67	67	NUM
fsr-4154	165	23	implementation	implementation	NOUN
fsr-4154	165	24	,	,	PUNCT
fsr-4154	165	25	providing	provide	VERB
fsr-4154	165	26	payment	payment	NOUN
fsr-4154	165	27	and	and	CCONJ
fsr-4154	165	28	transaction	transaction	NOUN
fsr-4154	165	29	settlement	settlement	NOUN
fsr-4154	165	30	services	service	NOUN
fsr-4154	165	31	.	.	PUNCT
fsr-4154	165	32	”	"	PUNCT
fsr-4154	166	1	this	this	DET
fsr-4154	166	2	design	design	NOUN
fsr-4154	166	3	choice	choice	NOUN
fsr-4154	166	4	reflects	reflect	VERB
fsr-4154	166	5	careful	careful	ADJ
fsr-4154	166	6	consideration	consideration	NOUN
fsr-4154	166	7	of	of	ADP
fsr-4154	166	8	financial	financial	ADJ
fsr-4154	166	9	stability	stability	NOUN
fsr-4154	166	10	while	while	SCONJ
fsr-4154	166	11	enabling	enable	VERB
fsr-4154	166	12	innovation	innovation	NOUN
fsr-4154	166	13	in	in	ADP
fsr-4154	166	14	payment	payment	NOUN
fsr-4154	166	15	services	service	NOUN
fsr-4154	166	16	.	.	PUNCT
fsr-4154	167	1	the	the	DET
fsr-4154	167	2	pilot	pilot	NOUN
fsr-4154	167	3	phase	phase	NOUN
fsr-4154	167	4	has	have	AUX
fsr-4154	167	5	revealed	reveal	VERB
fsr-4154	167	6	several	several	ADJ
fsr-4154	167	7	promising	promising	ADJ
fsr-4154	167	8	developments	development	NOUN
fsr-4154	167	9	.	.	PUNCT
fsr-4154	168	1	in	in	ADP
fsr-4154	168	2	the	the	DET
fsr-4154	168	3	retail	retail	ADJ
fsr-4154	168	4	segment	segment	NOUN
fsr-4154	168	5	,	,	PUNCT
fsr-4154	168	6	the	the	DET
fsr-4154	168	7	erupee	erupee	NOUN
fsr-4154	168	8	demonstrates	demonstrate	VERB
fsr-4154	168	9	capabilities	capability	NOUN
fsr-4154	168	10	for	for	ADP
fsr-4154	168	11	instant	instant	ADJ
fsr-4154	168	12	settlement	settlement	NOUN
fsr-4154	168	13	,	,	PUNCT
fsr-4154	168	14	offline	offline	ADJ
fsr-4154	168	15	transactions	transaction	NOUN
fsr-4154	168	16	,	,	PUNCT
fsr-4154	168	17	and	and	CCONJ
fsr-4154	168	18	enhanced	enhance	VERB
fsr-4154	168	19	privacy	privacy	NOUN
fsr-4154	168	20	features	feature	NOUN
fsr-4154	168	21	.	.	PUNCT
fsr-4154	169	1	the	the	DET
fsr-4154	169	2	wholesale	wholesale	ADJ
fsr-4154	169	3	segment	segment	NOUN
fsr-4154	169	4	shows	show	VERB
fsr-4154	169	5	potential	potential	ADJ
fsr-4154	169	6	for	for	ADP
fsr-4154	169	7	improving	improve	VERB
fsr-4154	169	8	interbank	interbank	NOUN
fsr-4154	169	9	settlement	settlement	NOUN
fsr-4154	169	10	efficiency	efficiency	NOUN
fsr-4154	169	11	and	and	CCONJ
fsr-4154	169	12	reducing	reduce	VERB
fsr-4154	169	13	operational	operational	ADJ
fsr-4154	169	14	costs	cost	NOUN
fsr-4154	169	15	.	.	PUNCT
fsr-4154	170	1	a	a	DET
fsr-4154	170	2	fintech	fintech	NOUN
fsr-4154	170	3	research	research	NOUN
fsr-4154	170	4	expert	expert	NOUN
fsr-4154	170	5	(	(	PUNCT
fsr-4154	170	6	bp6	bp6	PROPN
fsr-4154	170	7	)	)	PUNCT
fsr-4154	170	8	noted	note	VERB
fsr-4154	170	9	:	:	PUNCT
fsr-4154	170	10	“	"	PUNCT
fsr-4154	170	11	cbdc	cbdc	NOUN
fsr-4154	170	12	settlements	settlement	NOUN
fsr-4154	170	13	are	be	AUX
fsr-4154	170	14	instantaneous	instantaneous	ADJ
fsr-4154	170	15	and	and	CCONJ
fsr-4154	170	16	final	final	ADJ
fsr-4154	170	17	,	,	PUNCT
fsr-4154	170	18	reducing	reduce	VERB
fsr-4154	170	19	operational	operational	ADJ
fsr-4154	170	20	risks	risk	NOUN
fsr-4154	170	21	and	and	CCONJ
fsr-4154	170	22	settlement	settlement	NOUN
fsr-4154	170	23	time	time	NOUN
fsr-4154	170	24	significantly	significantly	ADV
fsr-4154	170	25	.	.	PUNCT
fsr-4154	170	26	”	"	PUNCT
fsr-4154	171	1	critical	critical	ADJ
fsr-4154	171	2	design	design	NOUN
fsr-4154	171	3	elements	element	NOUN
fsr-4154	171	4	of	of	ADP
fsr-4154	171	5	cbdc	cbdc	NOUN
fsr-4154	171	6	figure	figure	NOUN
fsr-4154	171	7	1	1	NUM
fsr-4154	171	8	illustrates	illustrate	VERB
fsr-4154	171	9	the	the	DET
fsr-4154	171	10	layered	layered	ADJ
fsr-4154	171	11	conceptual	conceptual	ADJ
fsr-4154	171	12	framework	framework	NOUN
fsr-4154	171	13	of	of	ADP
fsr-4154	171	14	cbdc	cbdc	NOUN
fsr-4154	171	15	design	design	NOUN
fsr-4154	171	16	,	,	PUNCT
fsr-4154	171	17	as	as	SCONJ
fsr-4154	171	18	derived	derive	VERB
fsr-4154	171	19	from	from	ADP
fsr-4154	171	20	expert	expert	NOUN
fsr-4154	171	21	interviews	interview	NOUN
fsr-4154	171	22	and	and	CCONJ
fsr-4154	171	23	thematic	thematic	ADJ
fsr-4154	171	24	analysis	analysis	NOUN
fsr-4154	171	25	.	.	PUNCT
fsr-4154	172	1	this	this	DET
fsr-4154	172	2	structure	structure	NOUN
fsr-4154	172	3	comprises	comprise	VERB
fsr-4154	172	4	four	four	NUM
fsr-4154	172	5	interconnected	interconnected	ADJ
fsr-4154	172	6	layers	layer	NOUN
fsr-4154	172	7	:	:	PUNCT
fsr-4154	172	8	technology	technology	NOUN
fsr-4154	172	9	,	,	PUNCT
fsr-4154	172	10	security	security	NOUN
fsr-4154	172	11	,	,	PUNCT
fsr-4154	172	12	financial	financial	ADJ
fsr-4154	172	13	functions	function	NOUN
fsr-4154	172	14	,	,	PUNCT
fsr-4154	172	15	and	and	CCONJ
fsr-4154	172	16	user	user	NOUN
fsr-4154	172	17	experience	experience	NOUN
fsr-4154	172	18	,	,	PUNCT
fsr-4154	172	19	each	each	PRON
fsr-4154	172	20	representing	represent	VERB
fsr-4154	172	21	critical	critical	ADJ
fsr-4154	172	22	areas	area	NOUN
fsr-4154	172	23	of	of	ADP
fsr-4154	172	24	decision	decision	NOUN
fsr-4154	172	25	-	-	PUNCT
fsr-4154	172	26	making	making	NOUN
fsr-4154	172	27	in	in	ADP
fsr-4154	172	28	cbdc	cbdc	NOUN
fsr-4154	172	29	implementation	implementation	NOUN
fsr-4154	172	30	.	.	PUNCT
fsr-4154	173	1	these	these	DET
fsr-4154	173	2	design	design	NOUN
fsr-4154	173	3	layers	layer	NOUN
fsr-4154	173	4	collectively	collectively	ADV
fsr-4154	173	5	influence	influence	VERB
fsr-4154	173	6	the	the	DET
fsr-4154	173	7	effectiveness	effectiveness	NOUN
fsr-4154	173	8	,	,	PUNCT
fsr-4154	173	9	adoption	adoption	NOUN
fsr-4154	173	10	,	,	PUNCT
fsr-4154	173	11	and	and	CCONJ
fsr-4154	173	12	integration	integration	NOUN
fsr-4154	173	13	of	of	ADP
fsr-4154	173	14	cbdcs	cbdc	NOUN
fsr-4154	173	15	within	within	ADP
fsr-4154	173	16	existing	exist	VERB
fsr-4154	173	17	financial	financial	ADJ
fsr-4154	173	18	infrastructures	infrastructure	NOUN
fsr-4154	173	19	,	,	PUNCT
fsr-4154	173	20	highlighting	highlight	VERB
fsr-4154	173	21	the	the	DET
fsr-4154	173	22	multifaceted	multifaceted	ADJ
fsr-4154	173	23	considerations	consideration	NOUN
fsr-4154	173	24	central	central	ADJ
fsr-4154	173	25	banks	bank	NOUN
fsr-4154	173	26	and	and	CCONJ
fsr-4154	173	27	stakeholders	stakeholder	NOUN
fsr-4154	173	28	must	must	AUX
fsr-4154	173	29	navigate	navigate	VERB
fsr-4154	173	30	.	.	PUNCT
fsr-4154	174	1	the	the	DET
fsr-4154	174	2	interconnected	interconnected	ADJ
fsr-4154	174	3	nature	nature	NOUN
fsr-4154	174	4	of	of	ADP
fsr-4154	174	5	these	these	DET
fsr-4154	174	6	layers	layer	NOUN
fsr-4154	174	7	directly	directly	ADV
fsr-4154	174	8	impacts	impact	VERB
fsr-4154	174	9	how	how	SCONJ
fsr-4154	174	10	cbdcs	cbdc	NOUN
fsr-4154	174	11	integrate	integrate	VERB
fsr-4154	174	12	with	with	ADP
fsr-4154	174	13	existing	exist	VERB
fsr-4154	174	14	payment	payment	NOUN
fsr-4154	174	15	systems	system	NOUN
fsr-4154	174	16	(	(	PUNCT
fsr-4154	174	17	rq2	rq2	NOUN
fsr-4154	174	18	)	)	PUNCT
fsr-4154	174	19	and	and	CCONJ
fsr-4154	174	20	shapes	shape	VERB
fsr-4154	174	21	implementation	implementation	NOUN
fsr-4154	174	22	strategies	strategy	NOUN
fsr-4154	174	23	for	for	ADP
fsr-4154	174	24	emerging	emerge	VERB
fsr-4154	174	25	economies	economy	NOUN
fsr-4154	174	26	(	(	PUNCT
fsr-4154	174	27	rq3	rq3	PROPN
fsr-4154	174	28	)	)	PUNCT
fsr-4154	174	29	.	.	PUNCT
fsr-4154	175	1	expert	expert	NOUN
fsr-4154	175	2	interviews	interview	NOUN
fsr-4154	175	3	revealed	reveal	VERB
fsr-4154	175	4	differences	difference	NOUN
fsr-4154	175	5	between	between	ADP
fsr-4154	175	6	different	different	ADJ
fsr-4154	175	7	stakeholder	stakeholder	NOUN
fsr-4154	175	8	groups	group	NOUN
fsr-4154	175	9	regarding	regard	VERB
fsr-4154	175	10	optimal	optimal	ADJ
fsr-4154	175	11	cbdc	cbdc	NOUN
fsr-4154	175	12	design	design	NOUN
fsr-4154	175	13	choices	choice	NOUN
fsr-4154	175	14	.	.	PUNCT
fsr-4154	176	1	while	while	SCONJ
fsr-4154	176	2	banking	banking	NOUN
fsr-4154	176	3	experts	expert	NOUN
fsr-4154	176	4	emphasized	emphasize	VERB
fsr-4154	176	5	the	the	DET
fsr-4154	176	6	importance	importance	NOUN
fsr-4154	176	7	of	of	ADP
fsr-4154	176	8	financial	financial	ADJ
fsr-4154	176	9	layer	layer	NOUN
fsr-4154	176	10	and	and	CCONJ
fsr-4154	176	11	a	a	DET
fsr-4154	176	12	two	two	NUM
fsr-4154	176	13	-	-	PUNCT
fsr-4154	176	14	tier	tier	NOUN
fsr-4154	176	15	distribution	distribution	NOUN
fsr-4154	176	16	model	model	NOUN
fsr-4154	176	17	to	to	PART
fsr-4154	176	18	maintain	maintain	VERB
fsr-4154	176	19	financial	financial	ADJ
fsr-4154	176	20	stability	stability	NOUN
fsr-4154	176	21	,	,	PUNCT
fsr-4154	176	22	technical	technical	ADJ
fsr-4154	176	23	experts	expert	NOUN
fsr-4154	176	24	highlighted	highlight	VERB
fsr-4154	176	25	the	the	DET
fsr-4154	176	26	need	need	NOUN
fsr-4154	176	27	for	for	ADP
fsr-4154	176	28	robust	robust	ADJ
fsr-4154	176	29	security	security	NOUN
fsr-4154	176	30	frameworks	framework	NOUN
fsr-4154	176	31	and	and	CCONJ
fsr-4154	176	32	offline	offline	ADJ
fsr-4154	176	33	functionality	functionality	NOUN
fsr-4154	176	34	in	in	ADP
fsr-4154	176	35	the	the	DET
fsr-4154	176	36	technology	technology	NOUN
fsr-4154	176	37	layer	layer	NOUN
fsr-4154	176	38	.	.	PUNCT
fsr-4154	177	1	figure	figure	NOUN
fsr-4154	177	2	1	1	NUM
fsr-4154	177	3	.	.	NUM
fsr-4154	177	4	cbdc	cbdc	VERB
fsr-4154	177	5	design	design	NOUN
fsr-4154	177	6	layers	layer	NOUN
fsr-4154	177	7	source	source	NOUN
fsr-4154	177	8	:	:	PUNCT
fsr-4154	177	9	authors	author	NOUN
fsr-4154	177	10	’	'	PUNCT
fsr-4154	177	11	illustrations	illustration	NOUN
fsr-4154	177	12	technology	technology	NOUN
fsr-4154	177	13	layer	layer	NOUN
fsr-4154	177	14	the	the	DET
fsr-4154	177	15	technological	technological	ADJ
fsr-4154	177	16	framework	framework	NOUN
fsr-4154	177	17	has	have	VERB
fsr-4154	177	18	strong	strong	ADJ
fsr-4154	177	19	implications	implication	NOUN
fsr-4154	177	20	for	for	ADP
fsr-4154	177	21	financial	financial	ADJ
fsr-4154	177	22	markets	market	NOUN
fsr-4154	177	23	and	and	CCONJ
fsr-4154	177	24	services	service	NOUN
fsr-4154	177	25	.	.	PUNCT
fsr-4154	178	1	the	the	DET
fsr-4154	178	2	success	success	NOUN
fsr-4154	178	3	of	of	ADP
fsr-4154	178	4	cbdc	cbdc	NOUN
fsr-4154	178	5	implementation	implementation	NOUN
fsr-4154	178	6	depends	depend	VERB
fsr-4154	178	7	on	on	ADP
fsr-4154	178	8	aligning	align	VERB
fsr-4154	178	9	technological	technological	ADJ
fsr-4154	178	10	choices	choice	NOUN
fsr-4154	178	11	with	with	ADP
fsr-4154	178	12	policy	policy	NOUN
fsr-4154	178	13	objectives	objective	NOUN
fsr-4154	178	14	while	while	SCONJ
fsr-4154	178	15	addressing	address	VERB
fsr-4154	178	16	practical	practical	ADJ
fsr-4154	178	17	requirements	requirement	NOUN
fsr-4154	178	18	.	.	PUNCT
fsr-4154	179	1	interviews	interview	NOUN
fsr-4154	179	2	revealed	reveal	VERB
fsr-4154	179	3	divergent	divergent	ADJ
fsr-4154	179	4	priorities	priority	NOUN
fsr-4154	179	5	:	:	PUNCT
fsr-4154	179	6	fintech	fintech	NOUN
fsr-4154	179	7	experts	expert	NOUN
fsr-4154	179	8	emphasized	emphasize	VERB
fsr-4154	179	9	innovation	innovation	NOUN
fsr-4154	179	10	,	,	PUNCT
fsr-4154	179	11	with	with	ADP
fsr-4154	179	12	a	a	DET
fsr-4154	179	13	consultant	consultant	NOUN
fsr-4154	179	14	(	(	PUNCT
fsr-4154	179	15	ft4	ft4	NOUN
fsr-4154	179	16	)	)	PUNCT
fsr-4154	179	17	noting	note	VERB
fsr-4154	179	18	:	:	PUNCT
fsr-4154	179	19	“	"	PUNCT
fsr-4154	179	20	the	the	DET
fsr-4154	179	21	choice	choice	NOUN
fsr-4154	179	22	of	of	ADP
fsr-4154	179	23	architecture	architecture	NOUN
fsr-4154	179	24	must	must	AUX
fsr-4154	179	25	balance	balance	VERB
fsr-4154	179	26	innovation	innovation	NOUN
fsr-4154	179	27	potential	potential	NOUN
fsr-4154	179	28	with	with	ADP
fsr-4154	179	29	practical	practical	ADJ
fsr-4154	179	30	implementation	implementation	NOUN
fsr-4154	179	31	constraints	constraint	NOUN
fsr-4154	179	32	.	.	PUNCT
fsr-4154	179	33	”	"	PUNCT
fsr-4154	180	1	on	on	ADP
fsr-4154	180	2	the	the	DET
fsr-4154	180	3	other	other	ADJ
fsr-4154	180	4	hand	hand	NOUN
fsr-4154	180	5	,	,	PUNCT
fsr-4154	180	6	banking	banking	NOUN
fsr-4154	180	7	professionals	professional	NOUN
fsr-4154	180	8	prioritized	prioritize	VERB
fsr-4154	180	9	integration	integration	NOUN
fsr-4154	180	10	with	with	ADP
fsr-4154	180	11	existing	exist	VERB
fsr-4154	180	12	financial	financial	ADJ
fsr-4154	180	13	systems	system	NOUN
fsr-4154	180	14	.	.	PUNCT
fsr-4154	181	1	as	as	SCONJ
fsr-4154	181	2	shown	show	VERB
fsr-4154	181	3	in	in	ADP
fsr-4154	181	4	figure	figure	NOUN
fsr-4154	181	5	2	2	NUM
fsr-4154	181	6	,	,	PUNCT
fsr-4154	181	7	cbdc	cbdc	NOUN
fsr-4154	181	8	is	be	AUX
fsr-4154	181	9	of	of	ADP
fsr-4154	181	10	two	two	NUM
fsr-4154	181	11	types	type	NOUN
fsr-4154	181	12	:	:	PUNCT
fsr-4154	181	13	wholesale	wholesale	ADJ
fsr-4154	181	14	cbdc	cbdc	NOUN
fsr-4154	181	15	for	for	ADP
fsr-4154	181	16	interbank	interbank	NOUN
fsr-4154	181	17	settlements	settlement	NOUN
fsr-4154	181	18	and	and	CCONJ
fsr-4154	181	19	retail	retail	ADJ
fsr-4154	181	20	cbdc	cbdc	NOUN
fsr-4154	181	21	for	for	ADP
fsr-4154	181	22	customer	customer	NOUN
fsr-4154	181	23	usage	usage	NOUN
fsr-4154	181	24	.	.	PUNCT
fsr-4154	182	1	cbdc	cbdc	NOUN
fsr-4154	182	2	can	can	AUX
fsr-4154	182	3	be	be	AUX
fsr-4154	182	4	deployed	deploy	VERB
fsr-4154	182	5	using	use	VERB
fsr-4154	182	6	a	a	DET
fsr-4154	182	7	one	one	NUM
fsr-4154	182	8	-	-	PUNCT
fsr-4154	182	9	tier	tier	NOUN
fsr-4154	182	10	(	(	PUNCT
fsr-4154	182	11	central	central	ADJ
fsr-4154	182	12	bank	bank	NOUN
fsr-4154	182	13	direct	direct	ADJ
fsr-4154	182	14	)	)	PUNCT
fsr-4154	182	15	,	,	PUNCT
fsr-4154	182	16	two	two	NUM
fsr-4154	182	17	-	-	PUNCT
fsr-4154	182	18	tier	tier	NOUN
fsr-4154	182	19	(	(	PUNCT
fsr-4154	182	20	with	with	ADP
fsr-4154	182	21	intermediaries	intermediary	NOUN
fsr-4154	182	22	)	)	PUNCT
fsr-4154	182	23	,	,	PUNCT
fsr-4154	182	24	or	or	CCONJ
fsr-4154	182	25	a	a	DET
fsr-4154	182	26	hybrid	hybrid	ADJ
fsr-4154	182	27	model	model	NOUN
fsr-4154	182	28	.	.	PUNCT
fsr-4154	183	1	india	india	PROPN
fsr-4154	183	2	's	's	PART
fsr-4154	183	3	two	two	NUM
fsr-4154	183	4	-	-	PUNCT
fsr-4154	183	5	tier	tier	NOUN
fsr-4154	183	6	approach	approach	NOUN
fsr-4154	183	7	contrasts	contrast	VERB
fsr-4154	183	8	with	with	ADP
fsr-4154	183	9	china	china	PROPN
fsr-4154	183	10	's	's	PART
fsr-4154	183	11	digital	digital	PROPN
fsr-4154	183	12	yuan	yuan	NOUN
fsr-4154	183	13	implementation	implementation	NOUN
fsr-4154	183	14	,	,	PUNCT
fsr-4154	183	15	which	which	PRON
fsr-4154	183	16	employs	employ	VERB
fsr-4154	183	17	a	a	DET
fsr-4154	183	18	centralized	centralized	ADJ
fsr-4154	183	19	management	management	NOUN
fsr-4154	183	20	model	model	NOUN
fsr-4154	183	21	within	within	ADP
fsr-4154	183	22	a	a	DET
fsr-4154	183	23	twotier	twoti	ADJ
fsr-4154	183	24	operational	operational	ADJ
fsr-4154	183	25	model	model	NOUN
fsr-4154	183	26	,	,	PUNCT
fsr-4154	183	27	with	with	ADP
fsr-4154	183	28	direct	direct	ADJ
fsr-4154	183	29	central	central	ADJ
fsr-4154	183	30	bank	bank	NOUN
fsr-4154	183	31	oversight	oversight	NOUN
fsr-4154	183	32	.	.	PUNCT
fsr-4154	184	1	while	while	SCONJ
fsr-4154	184	2	china	china	PROPN
fsr-4154	184	3	prioritizes	prioritize	VERB
fsr-4154	184	4	monetary	monetary	ADJ
fsr-4154	184	5	control	control	NOUN
fsr-4154	184	6	and	and	CCONJ
fsr-4154	184	7	surveillance	surveillance	NOUN
fsr-4154	184	8	capabilities	capability	NOUN
fsr-4154	184	9	,	,	PUNCT
fsr-4154	184	10	india	india	PROPN
fsr-4154	184	11	's	's	PART
fsr-4154	184	12	model	model	NOUN
fsr-4154	184	13	preserves	preserve	VERB
fsr-4154	184	14	banking	banking	NOUN
fsr-4154	184	15	sector	sector	NOUN
fsr-4154	184	16	roles	role	NOUN
fsr-4154	184	17	.	.	PUNCT
fsr-4154	185	1	nigeria	nigeria	PROPN
fsr-4154	185	2	's	's	PART
fsr-4154	185	3	enaira	enaira	NOUN
fsr-4154	185	4	represents	represent	VERB
fsr-4154	185	5	a	a	DET
fsr-4154	185	6	third	third	ADJ
fsr-4154	185	7	approach	approach	NOUN
fsr-4154	185	8	,	,	PUNCT
fsr-4154	185	9	utilizing	utilize	VERB
fsr-4154	185	10	a	a	DET
fsr-4154	185	11	hybrid	hybrid	ADJ
fsr-4154	185	12	model	model	NOUN
fsr-4154	185	13	that	that	PRON
fsr-4154	185	14	faced	face	VERB
fsr-4154	185	15	adoption	adoption	NOUN
fsr-4154	185	16	challenges	challenge	NOUN
fsr-4154	185	17	due	due	ADJ
fsr-4154	185	18	to	to	ADP
fsr-4154	185	19	limited	limited	ADJ
fsr-4154	185	20	integration	integration	NOUN
fsr-4154	185	21	with	with	ADP
fsr-4154	185	22	existing	exist	VERB
fsr-4154	185	23	mobile	mobile	ADJ
fsr-4154	185	24	money	money	NOUN
fsr-4154	185	25	systems	system	NOUN
fsr-4154	185	26	.	.	PUNCT
fsr-4154	186	1	as	as	SCONJ
fsr-4154	186	2	one	one	NUM
fsr-4154	186	3	academic	academic	ADJ
fsr-4154	186	4	expert	expert	NOUN
fsr-4154	186	5	(	(	PUNCT
fsr-4154	186	6	ap3	ap3	NOUN
fsr-4154	186	7	)	)	PUNCT
fsr-4154	186	8	noted	note	VERB
fsr-4154	186	9	:	:	PUNCT
fsr-4154	186	10	“	"	PUNCT
fsr-4154	186	11	each	each	DET
fsr-4154	186	12	country	country	NOUN
fsr-4154	186	13	's	's	PART
fsr-4154	186	14	existing	exist	VERB
fsr-4154	186	15	payment	payment	NOUN
fsr-4154	186	16	infrastructure	infrastructure	NOUN
fsr-4154	186	17	shapes	shape	VERB
fsr-4154	186	18	viable	viable	ADJ
fsr-4154	186	19	cbdc	cbdc	NOUN
fsr-4154	186	20	architectures	architecture	NOUN
fsr-4154	186	21	.	.	PUNCT
fsr-4154	186	22	”	"	PUNCT
fsr-4154	187	1	technology	technology	NOUN
fsr-4154	187	2	layer	layer	NOUN
fsr-4154	187	3	security	security	NOUN
fsr-4154	187	4	layer	layer	NOUN
fsr-4154	187	5	financial	financial	ADJ
fsr-4154	187	6	function	function	NOUN
fsr-4154	187	7	layer	layer	NOUN
fsr-4154	187	8	user	user	NOUN
fsr-4154	187	9	experience	experience	NOUN
fsr-4154	187	10	layer	layer	NOUN
fsr-4154	187	11	financial	financial	PROPN
fsr-4154	187	12	services	service	NOUN
fsr-4154	187	13	review	review	NOUN
fsr-4154	187	14	,	,	PUNCT
fsr-4154	187	15	33(3	33(3	NOUN
fsr-4154	187	16	)	)	PUNCT
fsr-4154	187	17	68	68	NUM
fsr-4154	187	18	figure	figure	NOUN
fsr-4154	187	19	2	2	NUM
fsr-4154	187	20	.	.	PUNCT
fsr-4154	187	21	technology	technology	NOUN
fsr-4154	187	22	architecture	architecture	NOUN
fsr-4154	187	23	of	of	ADP
fsr-4154	187	24	cbdc	cbdc	NOUN
fsr-4154	187	25	source	source	NOUN
fsr-4154	187	26	:	:	PUNCT
fsr-4154	187	27	authors	author	NOUN
fsr-4154	187	28	'	'	PART
fsr-4154	187	29	illustrations	illustration	NOUN
fsr-4154	187	30	as	as	SCONJ
fsr-4154	187	31	shown	show	VERB
fsr-4154	187	32	in	in	ADP
fsr-4154	187	33	figure	figure	NOUN
fsr-4154	187	34	2	2	NUM
fsr-4154	187	35	,	,	PUNCT
fsr-4154	187	36	cbdc	cbdc	NOUN
fsr-4154	187	37	platforms	platform	NOUN
fsr-4154	187	38	can	can	AUX
fsr-4154	187	39	be	be	AUX
fsr-4154	187	40	digital	digital	ADJ
fsr-4154	187	41	ledger	ledger	NOUN
fsr-4154	187	42	technology	technology	NOUN
fsr-4154	187	43	(	(	PUNCT
fsr-4154	187	44	dlt)-based	dlt)-base	VERB
fsr-4154	187	45	,	,	PUNCT
fsr-4154	187	46	blockchain	blockchain	PROPN
fsr-4154	187	47	-	-	PUNCT
fsr-4154	187	48	based	base	VERB
fsr-4154	187	49	,	,	PUNCT
fsr-4154	187	50	or	or	CCONJ
fsr-4154	187	51	application	application	NOUN
fsr-4154	187	52	programming	programming	NOUN
fsr-4154	187	53	interface	interface	NOUN
fsr-4154	187	54	(	(	PUNCT
fsr-4154	187	55	api)-based	api)-base	VERB
fsr-4154	187	56	,	,	PUNCT
fsr-4154	187	57	each	each	PRON
fsr-4154	187	58	with	with	ADP
fsr-4154	187	59	distinct	distinct	ADJ
fsr-4154	187	60	characteristics	characteristic	NOUN
fsr-4154	187	61	.	.	PUNCT
fsr-4154	188	1	dlt	dlt	PROPN
fsr-4154	188	2	refers	refer	VERB
fsr-4154	188	3	to	to	ADP
fsr-4154	188	4	a	a	DET
fsr-4154	188	5	digital	digital	ADJ
fsr-4154	188	6	system	system	NOUN
fsr-4154	188	7	for	for	ADP
fsr-4154	188	8	recording	recording	NOUN
fsr-4154	188	9	transactions	transaction	NOUN
fsr-4154	188	10	where	where	SCONJ
fsr-4154	188	11	records	record	NOUN
fsr-4154	188	12	are	be	AUX
fsr-4154	188	13	maintained	maintain	VERB
fsr-4154	188	14	simultaneously	simultaneously	ADV
fsr-4154	188	15	across	across	ADP
fsr-4154	188	16	multiple	multiple	ADJ
fsr-4154	188	17	locations	location	NOUN
fsr-4154	188	18	,	,	PUNCT
fsr-4154	188	19	providing	provide	VERB
fsr-4154	188	20	greater	great	ADJ
fsr-4154	188	21	security	security	NOUN
fsr-4154	188	22	and	and	CCONJ
fsr-4154	188	23	transparency	transparency	NOUN
fsr-4154	188	24	than	than	ADP
fsr-4154	188	25	traditional	traditional	ADJ
fsr-4154	188	26	databases	database	NOUN
fsr-4154	188	27	.	.	PUNCT
fsr-4154	189	1	blockchain	blockchain	PROPN
fsr-4154	189	2	is	be	AUX
fsr-4154	189	3	a	a	DET
fsr-4154	189	4	type	type	NOUN
fsr-4154	189	5	of	of	ADP
fsr-4154	189	6	dlt	dlt	PROPN
fsr-4154	189	7	designed	design	VERB
fsr-4154	189	8	to	to	PART
fsr-4154	189	9	be	be	AUX
fsr-4154	189	10	cryptographically	cryptographically	ADV
fsr-4154	189	11	connected	connect	VERB
fsr-4154	189	12	in	in	ADP
fsr-4154	189	13	a	a	DET
fsr-4154	189	14	sequential	sequential	ADJ
fsr-4154	189	15	order	order	NOUN
fsr-4154	189	16	(	(	PUNCT
fsr-4154	189	17	bureau	bureau	NOUN
fsr-4154	189	18	of	of	ADP
fsr-4154	189	19	engraving	engraving	NOUN
fsr-4154	189	20	and	and	CCONJ
fsr-4154	189	21	printing	printing	NOUN
fsr-4154	189	22	,	,	PUNCT
fsr-4154	189	23	2025	2025	NUM
fsr-4154	189	24	)	)	PUNCT
fsr-4154	189	25	.	.	PUNCT
fsr-4154	190	1	apis	apis	PROPN
fsr-4154	190	2	are	be	AUX
fsr-4154	190	3	sets	set	NOUN
fsr-4154	190	4	of	of	ADP
fsr-4154	190	5	protocols	protocol	NOUN
fsr-4154	190	6	and	and	CCONJ
fsr-4154	190	7	tools	tool	NOUN
fsr-4154	190	8	that	that	PRON
fsr-4154	190	9	allow	allow	VERB
fsr-4154	190	10	different	different	ADJ
fsr-4154	190	11	software	software	NOUN
fsr-4154	190	12	applications	application	NOUN
fsr-4154	190	13	to	to	PART
fsr-4154	190	14	communicate	communicate	VERB
fsr-4154	190	15	with	with	ADP
fsr-4154	190	16	each	each	DET
fsr-4154	190	17	other	other	ADJ
fsr-4154	190	18	,	,	PUNCT
fsr-4154	190	19	enabling	enable	VERB
fsr-4154	190	20	seamless	seamless	ADJ
fsr-4154	190	21	integration	integration	NOUN
fsr-4154	190	22	between	between	ADP
fsr-4154	190	23	systems	system	NOUN
fsr-4154	190	24	.	.	PUNCT
fsr-4154	191	1	dlt	dlt	PROPN
fsr-4154	191	2	platforms	platform	NOUN
fsr-4154	191	3	offer	offer	VERB
fsr-4154	191	4	flexibility	flexibility	NOUN
fsr-4154	191	5	and	and	CCONJ
fsr-4154	191	6	privacy	privacy	NOUN
fsr-4154	191	7	controls	control	NOUN
fsr-4154	191	8	,	,	PUNCT
fsr-4154	191	9	suitable	suitable	ADJ
fsr-4154	191	10	for	for	ADP
fsr-4154	191	11	both	both	CCONJ
fsr-4154	191	12	wholesale	wholesale	ADJ
fsr-4154	191	13	and	and	CCONJ
fsr-4154	191	14	retail	retail	ADJ
fsr-4154	191	15	applications	application	NOUN
fsr-4154	191	16	.	.	PUNCT
fsr-4154	192	1	blockchain	blockchain	PROPN
fsr-4154	192	2	platforms	platform	NOUN
fsr-4154	192	3	provide	provide	VERB
fsr-4154	192	4	enhanced	enhanced	ADJ
fsr-4154	192	5	security	security	NOUN
fsr-4154	192	6	but	but	CCONJ
fsr-4154	192	7	may	may	AUX
fsr-4154	192	8	face	face	VERB
fsr-4154	192	9	scalability	scalability	NOUN
fsr-4154	192	10	issues	issue	NOUN
fsr-4154	192	11	.	.	PUNCT
fsr-4154	193	1	api	api	NOUN
fsr-4154	193	2	-	-	PUNCT
fsr-4154	193	3	based	base	VERB
fsr-4154	193	4	platforms	platform	NOUN
fsr-4154	193	5	allow	allow	VERB
fsr-4154	193	6	integration	integration	NOUN
fsr-4154	193	7	with	with	ADP
fsr-4154	193	8	existing	exist	VERB
fsr-4154	193	9	banking	banking	NOUN
fsr-4154	193	10	systems	system	NOUN
fsr-4154	193	11	and	and	CCONJ
fsr-4154	193	12	high	high	ADJ
fsr-4154	193	13	scalability	scalability	NOUN
fsr-4154	193	14	.	.	PUNCT
fsr-4154	194	1	financial	financial	ADJ
fsr-4154	194	2	experts	expert	NOUN
fsr-4154	194	3	(	(	PUNCT
fsr-4154	194	4	bp5	bp5	PROPN
fsr-4154	194	5	,	,	PUNCT
fsr-4154	194	6	bp6	bp6	NOUN
fsr-4154	194	7	)	)	PUNCT
fsr-4154	194	8	favored	favor	VERB
fsr-4154	194	9	approaches	approach	NOUN
fsr-4154	194	10	that	that	PRON
fsr-4154	194	11	maintain	maintain	VERB
fsr-4154	194	12	compatibility	compatibility	NOUN
fsr-4154	194	13	with	with	ADP
fsr-4154	194	14	existing	exist	VERB
fsr-4154	194	15	infrastructure	infrastructure	NOUN
fsr-4154	194	16	,	,	PUNCT
fsr-4154	194	17	while	while	SCONJ
fsr-4154	194	18	technology	technology	NOUN
fsr-4154	194	19	specialists	specialist	NOUN
fsr-4154	194	20	(	(	PUNCT
fsr-4154	194	21	ft1	ft1	PROPN
fsr-4154	194	22	,	,	PUNCT
fsr-4154	194	23	ft3	ft3	PROPN
fsr-4154	194	24	)	)	PUNCT
fsr-4154	194	25	emphasized	emphasize	VERB
fsr-4154	194	26	the	the	DET
fsr-4154	194	27	distributed	distribute	VERB
fsr-4154	194	28	ledger	ledger	NOUN
fsr-4154	194	29	technologies	technology	NOUN
fsr-4154	194	30	'	'	PART
fsr-4154	194	31	transformative	transformative	ADJ
fsr-4154	194	32	potential	potential	NOUN
fsr-4154	194	33	.	.	PUNCT
fsr-4154	195	1	platform	platform	NOUN
fsr-4154	195	2	selection	selection	NOUN
fsr-4154	195	3	creates	create	VERB
fsr-4154	195	4	critical	critical	ADJ
fsr-4154	195	5	trade	trade	NOUN
fsr-4154	195	6	-	-	PUNCT
fsr-4154	195	7	offs	off	NOUN
fsr-4154	195	8	that	that	PRON
fsr-4154	195	9	directly	directly	ADV
fsr-4154	195	10	impact	impact	VERB
fsr-4154	195	11	payment	payment	NOUN
fsr-4154	195	12	system	system	NOUN
fsr-4154	195	13	integration	integration	NOUN
fsr-4154	195	14	(	(	PUNCT
fsr-4154	195	15	rq2	rq2	NOUN
fsr-4154	195	16	)	)	PUNCT
fsr-4154	195	17	.	.	PUNCT
fsr-4154	196	1	wholesale	wholesale	ADJ
fsr-4154	196	2	cbdcs	cbdc	NOUN
fsr-4154	196	3	prioritizing	prioritize	VERB
fsr-4154	196	4	security	security	NOUN
fsr-4154	196	5	and	and	CCONJ
fsr-4154	196	6	settlement	settlement	NOUN
fsr-4154	196	7	finality	finality	NOUN
fsr-4154	196	8	favor	favor	VERB
fsr-4154	196	9	dlt	dlt	PROPN
fsr-4154	196	10	or	or	CCONJ
fsr-4154	196	11	blockchain	blockchain	PROPN
fsr-4154	196	12	architectures	architecture	NOUN
fsr-4154	196	13	,	,	PUNCT
fsr-4154	196	14	but	but	CCONJ
fsr-4154	196	15	this	this	DET
fsr-4154	196	16	choice	choice	NOUN
fsr-4154	196	17	may	may	AUX
fsr-4154	196	18	limit	limit	VERB
fsr-4154	196	19	interoperability	interoperability	NOUN
fsr-4154	196	20	with	with	ADP
fsr-4154	196	21	existing	exist	VERB
fsr-4154	196	22	banking	banking	NOUN
fsr-4154	196	23	apis	apis	ADJ
fsr-4154	196	24	.	.	PUNCT
fsr-4154	197	1	retail	retail	ADJ
fsr-4154	197	2	cbdcs	cbdc	NOUN
fsr-4154	197	3	requiring	require	VERB
fsr-4154	197	4	high	high	ADJ
fsr-4154	197	5	transaction	transaction	NOUN
fsr-4154	197	6	throughput	throughput	NOUN
fsr-4154	197	7	often	often	ADV
fsr-4154	197	8	employ	employ	VERB
fsr-4154	197	9	api	api	NOUN
fsr-4154	197	10	-	-	PUNCT
fsr-4154	197	11	based	base	VERB
fsr-4154	197	12	approaches	approach	NOUN
fsr-4154	197	13	for	for	ADP
fsr-4154	197	14	seamless	seamless	ADJ
fsr-4154	197	15	integration	integration	NOUN
fsr-4154	197	16	with	with	ADP
fsr-4154	197	17	current	current	ADJ
fsr-4154	197	18	payment	payment	NOUN
fsr-4154	197	19	rails	rail	NOUN
fsr-4154	197	20	yet	yet	ADV
fsr-4154	197	21	sacrifice	sacrifice	VERB
fsr-4154	197	22	some	some	PRON
fsr-4154	197	23	of	of	ADP
fsr-4154	197	24	the	the	DET
fsr-4154	197	25	programmability	programmability	NOUN
fsr-4154	197	26	benefits	benefit	NOUN
fsr-4154	197	27	that	that	PRON
fsr-4154	197	28	dlt	dlt	PROPN
fsr-4154	197	29	platforms	platform	NOUN
fsr-4154	197	30	offer	offer	VERB
fsr-4154	197	31	.	.	PUNCT
fsr-4154	198	1	cross	cross	ADJ
fsr-4154	198	2	-	-	ADJ
fsr-4154	198	3	border	border	ADJ
fsr-4154	198	4	applications	application	NOUN
fsr-4154	198	5	demand	demand	VERB
fsr-4154	198	6	strong	strong	ADJ
fsr-4154	198	7	interoperability	interoperability	NOUN
fsr-4154	198	8	,	,	PUNCT
fsr-4154	198	9	typically	typically	ADV
fsr-4154	198	10	requiring	require	VERB
fsr-4154	198	11	dlt	dlt	PROPN
fsr-4154	198	12	or	or	CCONJ
fsr-4154	198	13	hybrid	hybrid	ADJ
fsr-4154	198	14	solutions	solution	NOUN
fsr-4154	198	15	that	that	PRON
fsr-4154	198	16	can	can	AUX
fsr-4154	198	17	bridge	bridge	VERB
fsr-4154	198	18	different	different	ADJ
fsr-4154	198	19	national	national	ADJ
fsr-4154	198	20	payment	payment	NOUN
fsr-4154	198	21	systems	system	NOUN
fsr-4154	198	22	while	while	SCONJ
fsr-4154	198	23	maintaining	maintain	VERB
fsr-4154	198	24	regulatory	regulatory	ADJ
fsr-4154	198	25	compliance	compliance	NOUN
fsr-4154	198	26	.	.	PUNCT
fsr-4154	199	1	a	a	DET
fsr-4154	199	2	centralized	centralized	ADJ
fsr-4154	199	3	architecture	architecture	NOUN
fsr-4154	199	4	prioritizes	prioritize	VERB
fsr-4154	199	5	efficiency	efficiency	NOUN
fsr-4154	199	6	and	and	CCONJ
fsr-4154	199	7	oversight	oversight	NOUN
fsr-4154	199	8	but	but	CCONJ
fsr-4154	199	9	introduces	introduce	VERB
fsr-4154	199	10	potential	potential	ADJ
fsr-4154	199	11	vulnerabilities	vulnerability	NOUN
fsr-4154	199	12	.	.	PUNCT
fsr-4154	200	1	decentralized	decentralize	VERB
fsr-4154	200	2	architectures	architecture	NOUN
fsr-4154	200	3	enhance	enhance	VERB
fsr-4154	200	4	resilience	resilience	NOUN
fsr-4154	200	5	and	and	CCONJ
fsr-4154	200	6	market	market	NOUN
fsr-4154	200	7	participation	participation	NOUN
fsr-4154	200	8	,	,	PUNCT
fsr-4154	200	9	while	while	SCONJ
fsr-4154	200	10	hybrid	hybrid	ADJ
fsr-4154	200	11	approaches	approach	NOUN
fsr-4154	200	12	balance	balance	VERB
fsr-4154	200	13	innovation	innovation	NOUN
fsr-4154	200	14	with	with	ADP
fsr-4154	200	15	regulatory	regulatory	ADJ
fsr-4154	200	16	control	control	NOUN
fsr-4154	200	17	.	.	PUNCT
fsr-4154	201	1	as	as	SCONJ
fsr-4154	201	2	one	one	NUM
fsr-4154	201	3	banking	banking	NOUN
fsr-4154	201	4	professional	professional	NOUN
fsr-4154	201	5	(	(	PUNCT
fsr-4154	201	6	bp1	bp1	PROPN
fsr-4154	201	7	)	)	PUNCT
fsr-4154	201	8	noted	note	VERB
fsr-4154	201	9	:	:	PUNCT
fsr-4154	201	10	“	"	PUNCT
fsr-4154	201	11	settlement	settlement	NOUN
fsr-4154	201	12	efficiency	efficiency	NOUN
fsr-4154	201	13	gains	gain	NOUN
fsr-4154	201	14	in	in	ADP
fsr-4154	201	15	wholesale	wholesale	ADJ
fsr-4154	201	16	applications	application	NOUN
fsr-4154	201	17	could	could	AUX
fsr-4154	201	18	transform	transform	VERB
fsr-4154	201	19	liquidity	liquidity	NOUN
fsr-4154	201	20	management	management	NOUN
fsr-4154	201	21	for	for	ADP
fsr-4154	201	22	financial	financial	ADJ
fsr-4154	201	23	institutions	institution	NOUN
fsr-4154	201	24	.	.	PUNCT
fsr-4154	201	25	”	"	PUNCT
fsr-4154	202	1	academic	academic	ADJ
fsr-4154	202	2	experts	expert	NOUN
fsr-4154	202	3	(	(	PUNCT
fsr-4154	202	4	ap3	ap3	NOUN
fsr-4154	202	5	,	,	PUNCT
fsr-4154	202	6	ap7	ap7	PROPN
fsr-4154	202	7	)	)	PUNCT
fsr-4154	202	8	emphasized	emphasize	VERB
fsr-4154	202	9	balancing	balance	VERB
fsr-4154	202	10	innovation	innovation	NOUN
fsr-4154	202	11	with	with	ADP
fsr-4154	202	12	stability	stability	NOUN
fsr-4154	202	13	,	,	PUNCT
fsr-4154	202	14	suggesting	suggest	VERB
fsr-4154	202	15	hybrid	hybrid	ADJ
fsr-4154	202	16	approaches	approach	NOUN
fsr-4154	202	17	might	might	AUX
fsr-4154	202	18	offer	offer	VERB
fsr-4154	202	19	the	the	DET
fsr-4154	202	20	best	good	ADJ
fsr-4154	202	21	compromise	compromise	NOUN
fsr-4154	202	22	.	.	PUNCT
fsr-4154	203	1	these	these	DET
fsr-4154	203	2	technological	technological	ADJ
fsr-4154	203	3	choices	choice	NOUN
fsr-4154	203	4	collectively	collectively	ADV
fsr-4154	203	5	determine	determine	VERB
fsr-4154	203	6	both	both	DET
fsr-4154	203	7	operational	operational	ADJ
fsr-4154	203	8	characteristics	characteristic	NOUN
fsr-4154	203	9	and	and	CCONJ
fsr-4154	203	10	the	the	DET
fsr-4154	203	11	cbdc	cbdc	NOUN
fsr-4154	203	12	's	's	PART
fsr-4154	203	13	potential	potential	NOUN
fsr-4154	203	14	to	to	PART
fsr-4154	203	15	transform	transform	VERB
fsr-4154	203	16	financial	financial	ADJ
fsr-4154	203	17	market	market	NOUN
fsr-4154	203	18	structures	structure	NOUN
fsr-4154	203	19	.	.	PUNCT
fsr-4154	204	1	technology	technology	NOUN
fsr-4154	204	2	architechture	architechture	NOUN
fsr-4154	204	3	of	of	ADP
fsr-4154	204	4	cbdc	cbdc	NOUN
fsr-4154	204	5	type	type	NOUN
fsr-4154	204	6	wholesale	wholesale	ADJ
fsr-4154	204	7	cbdc	cbdc	NOUN
fsr-4154	204	8	,	,	PUNCT
fsr-4154	204	9	retail	retail	ADJ
fsr-4154	204	10	cbdc	cbdc	VERB
fsr-4154	204	11	platform/	platform/	NOUN
fsr-4154	204	12	database	database	NOUN
fsr-4154	204	13	architechture	architechture	NOUN
fsr-4154	204	14	dlt	dlt	PROPN
fsr-4154	204	15	,	,	PUNCT
fsr-4154	204	16	blockchain	blockchain	PROPN
fsr-4154	204	17	,	,	PUNCT
fsr-4154	204	18	api	api	NOUN
fsr-4154	204	19	model	model	NOUN
fsr-4154	204	20	of	of	ADP
fsr-4154	204	21	deployment	deployment	NOUN
fsr-4154	204	22	one	one	NUM
fsr-4154	204	23	-	-	PUNCT
fsr-4154	204	24	tier	tier	NOUN
fsr-4154	204	25	,	,	PUNCT
fsr-4154	204	26	two	two	NUM
fsr-4154	204	27	-	-	PUNCT
fsr-4154	204	28	tier	tier	NOUN
fsr-4154	204	29	,	,	PUNCT
fsr-4154	204	30	hybrid	hybrid	ADJ
fsr-4154	204	31	shekhar	shekhar	PROPN
fsr-4154	204	32	&	&	CCONJ
fsr-4154	204	33	ramesh	ramesh	PROPN
fsr-4154	204	34	69	69	NUM
fsr-4154	204	35	security	security	NOUN
fsr-4154	204	36	layer	layer	NOUN
fsr-4154	204	37	security	security	NOUN
fsr-4154	204	38	architecture	architecture	NOUN
fsr-4154	204	39	plays	play	VERB
fsr-4154	204	40	a	a	DET
fsr-4154	204	41	central	central	ADJ
fsr-4154	204	42	role	role	NOUN
fsr-4154	204	43	in	in	ADP
fsr-4154	204	44	shaping	shape	VERB
fsr-4154	204	45	cbdc	cbdc	NOUN
fsr-4154	204	46	functionality	functionality	NOUN
fsr-4154	204	47	and	and	CCONJ
fsr-4154	204	48	integration	integration	NOUN
fsr-4154	204	49	capabilities	capability	NOUN
fsr-4154	204	50	.	.	PUNCT
fsr-4154	205	1	the	the	DET
fsr-4154	205	2	choice	choice	NOUN
fsr-4154	205	3	between	between	ADP
fsr-4154	205	4	privacypreserving	privacypreserving	NOUN
fsr-4154	205	5	and	and	CCONJ
fsr-4154	205	6	transparency	transparency	NOUN
fsr-4154	205	7	-	-	PUNCT
fsr-4154	205	8	focused	focus	VERB
fsr-4154	205	9	security	security	NOUN
fsr-4154	205	10	models	model	NOUN
fsr-4154	205	11	creates	create	VERB
fsr-4154	205	12	a	a	DET
fsr-4154	205	13	design	design	NOUN
fsr-4154	205	14	tension	tension	NOUN
fsr-4154	205	15	that	that	PRON
fsr-4154	205	16	affects	affect	VERB
fsr-4154	205	17	both	both	DET
fsr-4154	205	18	user	user	NOUN
fsr-4154	205	19	adoption	adoption	NOUN
fsr-4154	205	20	and	and	CCONJ
fsr-4154	205	21	regulatory	regulatory	ADJ
fsr-4154	205	22	compliance	compliance	NOUN
fsr-4154	205	23	.	.	PUNCT
fsr-4154	206	1	expert	expert	NOUN
fsr-4154	206	2	interviews	interview	NOUN
fsr-4154	206	3	revealed	reveal	VERB
fsr-4154	206	4	varying	vary	VERB
fsr-4154	206	5	security	security	NOUN
fsr-4154	206	6	priorities	priority	NOUN
fsr-4154	206	7	across	across	ADP
fsr-4154	206	8	stakeholder	stakeholder	NOUN
fsr-4154	206	9	groups	group	NOUN
fsr-4154	206	10	.	.	PUNCT
fsr-4154	207	1	an	an	DET
fsr-4154	207	2	industry	industry	NOUN
fsr-4154	207	3	expert	expert	NOUN
fsr-4154	207	4	(	(	PUNCT
fsr-4154	207	5	bp1	bp1	PROPN
fsr-4154	207	6	)	)	PUNCT
fsr-4154	207	7	emphasized	emphasize	VERB
fsr-4154	207	8	:	:	PUNCT
fsr-4154	207	9	“	"	PUNCT
fsr-4154	207	10	rbi	rbi	NOUN
fsr-4154	207	11	does	do	AUX
fsr-4154	207	12	not	not	PART
fsr-4154	207	13	know	know	VERB
fsr-4154	207	14	who	who	PRON
fsr-4154	207	15	the	the	DET
fsr-4154	207	16	end	end	NOUN
fsr-4154	207	17	recipient	recipient	NOUN
fsr-4154	207	18	is	be	AUX
fsr-4154	207	19	;	;	PUNCT
fsr-4154	207	20	it	it	PRON
fsr-4154	207	21	only	only	ADV
fsr-4154	207	22	tracks	track	VERB
fsr-4154	207	23	how	how	SCONJ
fsr-4154	207	24	much	much	ADJ
fsr-4154	207	25	currency	currency	NOUN
fsr-4154	207	26	is	be	AUX
fsr-4154	207	27	released	release	VERB
fsr-4154	207	28	and	and	CCONJ
fsr-4154	207	29	utilized	utilize	VERB
fsr-4154	207	30	;	;	PUNCT
fsr-4154	207	31	transactions	transaction	NOUN
fsr-4154	207	32	are	be	AUX
fsr-4154	207	33	private	private	ADJ
fsr-4154	207	34	end	end	NOUN
fsr-4154	207	35	to	to	ADP
fsr-4154	207	36	end	end	NOUN
fsr-4154	207	37	,	,	PUNCT
fsr-4154	207	38	similar	similar	ADJ
fsr-4154	207	39	to	to	ADP
fsr-4154	207	40	cash	cash	NOUN
fsr-4154	207	41	transactions	transaction	NOUN
fsr-4154	207	42	.	.	PUNCT
fsr-4154	207	43	”	"	PUNCT
fsr-4154	208	1	a	a	DET
fsr-4154	208	2	technology	technology	NOUN
fsr-4154	208	3	expert	expert	NOUN
fsr-4154	208	4	(	(	PUNCT
fsr-4154	208	5	ft4	ft4	NOUN
fsr-4154	208	6	)	)	PUNCT
fsr-4154	208	7	noted	note	VERB
fsr-4154	208	8	:	:	PUNCT
fsr-4154	208	9	“	"	PUNCT
fsr-4154	208	10	cbdc	cbdc	NOUN
fsr-4154	208	11	is	be	AUX
fsr-4154	208	12	a	a	DET
fsr-4154	208	13	secure	secure	ADJ
fsr-4154	208	14	method	method	NOUN
fsr-4154	208	15	of	of	ADP
fsr-4154	208	16	payment	payment	NOUN
fsr-4154	208	17	,	,	PUNCT
fsr-4154	208	18	with	with	ADP
fsr-4154	208	19	no	no	DET
fsr-4154	208	20	risk	risk	NOUN
fsr-4154	208	21	of	of	ADP
fsr-4154	208	22	personal	personal	ADJ
fsr-4154	208	23	information	information	NOUN
fsr-4154	208	24	leakage	leakage	NOUN
fsr-4154	208	25	.	.	PUNCT
fsr-4154	208	26	”	"	PUNCT
fsr-4154	209	1	cbdcs	cbdc	NOUN
fsr-4154	209	2	must	must	AUX
fsr-4154	209	3	be	be	AUX
fsr-4154	209	4	developed	develop	VERB
fsr-4154	209	5	with	with	ADP
fsr-4154	209	6	privacypreserving	privacypreserve	VERB
fsr-4154	209	7	techniques	technique	NOUN
fsr-4154	209	8	such	such	ADJ
fsr-4154	209	9	as	as	ADP
fsr-4154	209	10	homomorphic	homomorphic	ADJ
fsr-4154	209	11	encryption	encryption	NOUN
fsr-4154	209	12	,	,	PUNCT
fsr-4154	209	13	incorporate	incorporate	VERB
fsr-4154	209	14	smart	smart	ADJ
fsr-4154	209	15	contracts	contract	NOUN
fsr-4154	209	16	for	for	ADP
fsr-4154	209	17	regulatory	regulatory	ADJ
fsr-4154	209	18	oversight	oversight	NOUN
fsr-4154	209	19	,	,	PUNCT
fsr-4154	209	20	and	and	CCONJ
fsr-4154	209	21	include	include	VERB
fsr-4154	209	22	automated	automated	ADJ
fsr-4154	209	23	encryption	encryption	NOUN
fsr-4154	209	24	for	for	ADP
fsr-4154	209	25	monitoring	monitoring	NOUN
fsr-4154	209	26	.	.	PUNCT
fsr-4154	210	1	banking	banking	NOUN
fsr-4154	210	2	professionals	professional	NOUN
fsr-4154	210	3	(	(	PUNCT
fsr-4154	210	4	bp3	bp3	PROPN
fsr-4154	210	5	,	,	PUNCT
fsr-4154	210	6	bp5	bp5	PROPN
fsr-4154	210	7	)	)	PUNCT
fsr-4154	210	8	emphasized	emphasize	VERB
fsr-4154	210	9	familiar	familiar	ADJ
fsr-4154	210	10	security	security	NOUN
fsr-4154	210	11	frameworks	framework	NOUN
fsr-4154	210	12	,	,	PUNCT
fsr-4154	210	13	while	while	SCONJ
fsr-4154	210	14	technology	technology	NOUN
fsr-4154	210	15	specialists	specialist	NOUN
fsr-4154	210	16	(	(	PUNCT
fsr-4154	210	17	ft1	ft1	PROPN
fsr-4154	210	18	,	,	PUNCT
fsr-4154	210	19	ft7	ft7	PROPN
fsr-4154	210	20	)	)	PUNCT
fsr-4154	210	21	advocated	advocate	VERB
fsr-4154	210	22	for	for	ADP
fsr-4154	210	23	advanced	advanced	ADJ
fsr-4154	210	24	cryptographic	cryptographic	ADJ
fsr-4154	210	25	solutions	solution	NOUN
fsr-4154	210	26	.	.	PUNCT
fsr-4154	211	1	risk	risk	NOUN
fsr-4154	211	2	management	management	NOUN
fsr-4154	211	3	strategies	strategy	NOUN
fsr-4154	211	4	,	,	PUNCT
fsr-4154	211	5	including	include	VERB
fsr-4154	211	6	recoverability	recoverability	NOUN
fsr-4154	211	7	,	,	PUNCT
fsr-4154	211	8	technical	technical	ADJ
fsr-4154	211	9	stability	stability	NOUN
fsr-4154	211	10	,	,	PUNCT
fsr-4154	211	11	and	and	CCONJ
fsr-4154	211	12	a	a	DET
fsr-4154	211	13	robust	robust	ADJ
fsr-4154	211	14	governance	governance	NOUN
fsr-4154	211	15	framework	framework	NOUN
fsr-4154	211	16	,	,	PUNCT
fsr-4154	211	17	must	must	AUX
fsr-4154	211	18	be	be	AUX
fsr-4154	211	19	implemented	implement	VERB
fsr-4154	211	20	to	to	PART
fsr-4154	211	21	ensure	ensure	VERB
fsr-4154	211	22	safe	safe	ADJ
fsr-4154	211	23	transactions	transaction	NOUN
fsr-4154	211	24	.	.	PUNCT
fsr-4154	212	1	the	the	DET
fsr-4154	212	2	e	e	NOUN
fsr-4154	212	3	-	-	NOUN
fsr-4154	212	4	rupee	rupee	NOUN
fsr-4154	212	5	is	be	AUX
fsr-4154	212	6	designed	design	VERB
fsr-4154	212	7	to	to	PART
fsr-4154	212	8	include	include	VERB
fsr-4154	212	9	features	feature	NOUN
fsr-4154	212	10	resembling	resemble	VERB
fsr-4154	212	11	physical	physical	ADJ
fsr-4154	212	12	currency	currency	NOUN
fsr-4154	212	13	,	,	PUNCT
fsr-4154	212	14	with	with	ADP
fsr-4154	212	15	central	central	ADJ
fsr-4154	212	16	bank	bank	NOUN
fsr-4154	212	17	supervision	supervision	NOUN
fsr-4154	212	18	and	and	CCONJ
fsr-4154	212	19	options	option	NOUN
fsr-4154	212	20	for	for	ADP
fsr-4154	212	21	anonymity	anonymity	NOUN
fsr-4154	212	22	in	in	ADP
fsr-4154	212	23	smaller	small	ADJ
fsr-4154	212	24	transactions	transaction	NOUN
fsr-4154	212	25	.	.	PUNCT
fsr-4154	213	1	however	however	ADV
fsr-4154	213	2	,	,	PUNCT
fsr-4154	213	3	security	security	NOUN
fsr-4154	213	4	choices	choice	NOUN
fsr-4154	213	5	create	create	VERB
fsr-4154	213	6	implementation	implementation	NOUN
fsr-4154	213	7	challenges	challenge	NOUN
fsr-4154	213	8	.	.	PUNCT
fsr-4154	214	1	enhanced	enhance	VERB
fsr-4154	214	2	privacy	privacy	NOUN
fsr-4154	214	3	features	feature	NOUN
fsr-4154	214	4	may	may	AUX
fsr-4154	214	5	conflict	conflict	VERB
fsr-4154	214	6	with	with	ADP
fsr-4154	214	7	aml	aml	NOUN
fsr-4154	214	8	or	or	CCONJ
fsr-4154	214	9	know	know	VERB
fsr-4154	214	10	your	your	PRON
fsr-4154	214	11	customer	customer	NOUN
fsr-4154	214	12	(	(	PUNCT
fsr-4154	214	13	kyc	kyc	PROPN
fsr-4154	214	14	)	)	PUNCT
fsr-4154	214	15	requirements	requirement	NOUN
fsr-4154	214	16	,	,	PUNCT
fsr-4154	214	17	while	while	SCONJ
fsr-4154	214	18	excessive	excessive	ADJ
fsr-4154	214	19	transparency	transparency	NOUN
fsr-4154	214	20	could	could	AUX
fsr-4154	214	21	undermine	undermine	VERB
fsr-4154	214	22	user	user	NOUN
fsr-4154	214	23	adoption	adoption	NOUN
fsr-4154	214	24	.	.	PUNCT
fsr-4154	215	1	as	as	SCONJ
fsr-4154	215	2	one	one	NUM
fsr-4154	215	3	technology	technology	NOUN
fsr-4154	215	4	expert	expert	NOUN
fsr-4154	215	5	(	(	PUNCT
fsr-4154	215	6	ft1	ft1	X
fsr-4154	215	7	)	)	PUNCT
fsr-4154	215	8	noted	note	VERB
fsr-4154	215	9	:	:	PUNCT
fsr-4154	215	10	“	"	PUNCT
fsr-4154	215	11	the	the	DET
fsr-4154	215	12	challenge	challenge	NOUN
fsr-4154	215	13	is	be	AUX
fsr-4154	215	14	creating	create	VERB
fsr-4154	215	15	security	security	NOUN
fsr-4154	215	16	that	that	PRON
fsr-4154	215	17	satisfies	satisfy	VERB
fsr-4154	215	18	both	both	DET
fsr-4154	215	19	user	user	NOUN
fsr-4154	215	20	privacy	privacy	NOUN
fsr-4154	215	21	expectations	expectation	NOUN
fsr-4154	215	22	and	and	CCONJ
fsr-4154	215	23	regulatory	regulatory	ADJ
fsr-4154	215	24	oversight	oversight	NOUN
fsr-4154	215	25	needs	need	VERB
fsr-4154	215	26	without	without	ADP
fsr-4154	215	27	compromising	compromise	VERB
fsr-4154	215	28	system	system	NOUN
fsr-4154	215	29	performance	performance	NOUN
fsr-4154	215	30	.	.	PUNCT
fsr-4154	215	31	”	"	PUNCT
fsr-4154	216	1	financial	financial	ADJ
fsr-4154	216	2	function	function	NOUN
fsr-4154	216	3	layer	layer	NOUN
fsr-4154	216	4	the	the	DET
fsr-4154	216	5	financial	financial	ADJ
fsr-4154	216	6	function	function	NOUN
fsr-4154	216	7	layer	layer	NOUN
fsr-4154	216	8	equipped	equip	VERB
fsr-4154	216	9	with	with	ADP
fsr-4154	216	10	functionalities	functionality	NOUN
fsr-4154	216	11	to	to	PART
fsr-4154	216	12	conduct	conduct	VERB
fsr-4154	216	13	financial	financial	ADJ
fsr-4154	216	14	operations	operation	NOUN
fsr-4154	216	15	.	.	PUNCT
fsr-4154	217	1	this	this	DET
fsr-4154	217	2	layer	layer	NOUN
fsr-4154	217	3	encompasses	encompass	VERB
fsr-4154	217	4	a	a	DET
fsr-4154	217	5	range	range	NOUN
fsr-4154	217	6	of	of	ADP
fsr-4154	217	7	features	feature	NOUN
fsr-4154	217	8	that	that	PRON
fsr-4154	217	9	enable	enable	VERB
fsr-4154	217	10	efficient	efficient	ADJ
fsr-4154	217	11	processing	processing	NOUN
fsr-4154	217	12	of	of	ADP
fsr-4154	217	13	transactions	transaction	NOUN
fsr-4154	217	14	,	,	PUNCT
fsr-4154	217	15	management	management	NOUN
fsr-4154	217	16	of	of	ADP
fsr-4154	217	17	digital	digital	ADJ
fsr-4154	217	18	assets	asset	NOUN
fsr-4154	217	19	,	,	PUNCT
fsr-4154	217	20	and	and	CCONJ
fsr-4154	217	21	integration	integration	NOUN
fsr-4154	217	22	with	with	ADP
fsr-4154	217	23	existing	exist	VERB
fsr-4154	217	24	financial	financial	ADJ
fsr-4154	217	25	systems	system	NOUN
fsr-4154	217	26	,	,	PUNCT
fsr-4154	217	27	enhancing	enhance	VERB
fsr-4154	217	28	the	the	DET
fsr-4154	217	29	overall	overall	ADJ
fsr-4154	217	30	effectiveness	effectiveness	NOUN
fsr-4154	217	31	of	of	ADP
fsr-4154	217	32	the	the	DET
fsr-4154	217	33	cbdc	cbdc	NOUN
fsr-4154	217	34	framework	framework	NOUN
fsr-4154	217	35	.	.	PUNCT
fsr-4154	218	1	our	our	PRON
fsr-4154	218	2	expert	expert	ADJ
fsr-4154	218	3	interviews	interview	NOUN
fsr-4154	218	4	revealed	reveal	VERB
fsr-4154	218	5	contrasting	contrast	VERB
fsr-4154	218	6	perspectives	perspective	NOUN
fsr-4154	218	7	on	on	ADP
fsr-4154	218	8	key	key	ADJ
fsr-4154	218	9	financial	financial	ADJ
fsr-4154	218	10	function	function	NOUN
fsr-4154	218	11	aspects	aspect	NOUN
fsr-4154	218	12	.	.	PUNCT
fsr-4154	219	1	academic	academic	ADJ
fsr-4154	219	2	experts	expert	NOUN
fsr-4154	219	3	highlighted	highlight	VERB
fsr-4154	219	4	the	the	DET
fsr-4154	219	5	theoretical	theoretical	ADJ
fsr-4154	219	6	benefits	benefit	NOUN
fsr-4154	219	7	of	of	ADP
fsr-4154	219	8	interest	interest	NOUN
fsr-4154	219	9	-	-	PUNCT
fsr-4154	219	10	bearing	bear	VERB
fsr-4154	219	11	cbdcs	cbdc	NOUN
fsr-4154	219	12	,	,	PUNCT
fsr-4154	219	13	while	while	SCONJ
fsr-4154	219	14	industry	industry	NOUN
fsr-4154	219	15	professionals	professional	NOUN
fsr-4154	219	16	emphasized	emphasize	VERB
fsr-4154	219	17	practical	practical	ADJ
fsr-4154	219	18	stability	stability	NOUN
fsr-4154	219	19	concerns	concern	NOUN
fsr-4154	219	20	.	.	PUNCT
fsr-4154	220	1	as	as	SCONJ
fsr-4154	220	2	one	one	NUM
fsr-4154	220	3	senior	senior	ADJ
fsr-4154	220	4	banker	banker	NOUN
fsr-4154	220	5	(	(	PUNCT
fsr-4154	220	6	bp2	bp2	PROPN
fsr-4154	220	7	)	)	PUNCT
fsr-4154	220	8	explained	explain	VERB
fsr-4154	220	9	,	,	PUNCT
fsr-4154	220	10	“	"	PUNCT
fsr-4154	220	11	an	an	DET
fsr-4154	220	12	interest	interest	NOUN
fsr-4154	220	13	-	-	PUNCT
fsr-4154	220	14	bearing	bear	VERB
fsr-4154	220	15	cbdc	cbdc	NOUN
fsr-4154	220	16	could	could	AUX
fsr-4154	220	17	fundamentally	fundamentally	ADV
fsr-4154	220	18	alter	alter	VERB
fsr-4154	220	19	deposit	deposit	NOUN
fsr-4154	220	20	dynamics	dynamic	NOUN
fsr-4154	220	21	,	,	PUNCT
fsr-4154	220	22	potentially	potentially	ADV
fsr-4154	220	23	disrupting	disrupt	VERB
fsr-4154	220	24	commercial	commercial	ADJ
fsr-4154	220	25	bank	bank	NOUN
fsr-4154	220	26	funding	funding	NOUN
fsr-4154	220	27	models	model	NOUN
fsr-4154	220	28	.	.	PUNCT
fsr-4154	220	29	”	"	PUNCT
fsr-4154	221	1	remunerative	remunerative	ADJ
fsr-4154	221	2	cbdcs	cbdc	NOUN
fsr-4154	221	3	offer	offer	VERB
fsr-4154	221	4	an	an	DET
fsr-4154	221	5	interest	interest	NOUN
fsr-4154	221	6	-	-	PUNCT
fsr-4154	221	7	bearing	bear	VERB
fsr-4154	221	8	characteristic	characteristic	NOUN
fsr-4154	221	9	and	and	CCONJ
fsr-4154	221	10	could	could	AUX
fsr-4154	221	11	act	act	VERB
fsr-4154	221	12	as	as	ADP
fsr-4154	221	13	a	a	DET
fsr-4154	221	14	liquid	liquid	ADJ
fsr-4154	221	15	government	government	NOUN
fsr-4154	221	16	debt	debt	NOUN
fsr-4154	221	17	instrument	instrument	NOUN
fsr-4154	221	18	,	,	PUNCT
fsr-4154	221	19	serving	serve	VERB
fsr-4154	221	20	as	as	ADP
fsr-4154	221	21	a	a	DET
fsr-4154	221	22	secure	secure	ADJ
fsr-4154	221	23	asset	asset	NOUN
fsr-4154	221	24	.	.	PUNCT
fsr-4154	222	1	however	however	ADV
fsr-4154	222	2	,	,	PUNCT
fsr-4154	222	3	there	there	PRON
fsr-4154	222	4	is	be	VERB
fsr-4154	222	5	a	a	DET
fsr-4154	222	6	risk	risk	NOUN
fsr-4154	222	7	that	that	SCONJ
fsr-4154	222	8	these	these	DET
fsr-4154	222	9	types	type	NOUN
fsr-4154	222	10	may	may	AUX
fsr-4154	222	11	disrupt	disrupt	VERB
fsr-4154	222	12	traditional	traditional	ADJ
fsr-4154	222	13	banking	banking	NOUN
fsr-4154	222	14	systems	system	NOUN
fsr-4154	222	15	if	if	SCONJ
fsr-4154	222	16	they	they	PRON
fsr-4154	222	17	become	become	VERB
fsr-4154	222	18	the	the	DET
fsr-4154	222	19	favored	favor	VERB
fsr-4154	222	20	option	option	NOUN
fsr-4154	222	21	for	for	ADP
fsr-4154	222	22	deposits	deposit	NOUN
fsr-4154	222	23	over	over	ADP
fsr-4154	222	24	savings	saving	NOUN
fsr-4154	222	25	accounts	account	NOUN
fsr-4154	222	26	due	due	ADJ
fsr-4154	222	27	to	to	ADP
fsr-4154	222	28	higher	high	ADJ
fsr-4154	222	29	competitive	competitive	ADJ
fsr-4154	222	30	interest	interest	NOUN
fsr-4154	222	31	rates	rate	NOUN
fsr-4154	222	32	,	,	PUNCT
fsr-4154	222	33	potentially	potentially	ADV
fsr-4154	222	34	leading	lead	VERB
fsr-4154	222	35	to	to	ADP
fsr-4154	222	36	bank	bank	NOUN
fsr-4154	222	37	runs	run	NOUN
fsr-4154	222	38	.	.	PUNCT
fsr-4154	223	1	conversely	conversely	ADV
fsr-4154	223	2	,	,	PUNCT
fsr-4154	223	3	non	non	ADJ
fsr-4154	223	4	-	-	ADJ
fsr-4154	223	5	remunerative	remunerative	ADJ
fsr-4154	223	6	cbdcs	cbdc	NOUN
fsr-4154	223	7	exist	exist	VERB
fsr-4154	223	8	solely	solely	ADV
fsr-4154	223	9	as	as	ADP
fsr-4154	223	10	digital	digital	ADJ
fsr-4154	223	11	currencies	currency	NOUN
fsr-4154	223	12	that	that	PRON
fsr-4154	223	13	do	do	AUX
fsr-4154	223	14	not	not	PART
fsr-4154	223	15	accrue	accrue	VERB
fsr-4154	223	16	interest	interest	NOUN
fsr-4154	223	17	.	.	PUNCT
fsr-4154	224	1	this	this	DET
fsr-4154	224	2	type	type	NOUN
fsr-4154	224	3	prevents	prevent	VERB
fsr-4154	224	4	bank	bank	NOUN
fsr-4154	224	5	disintermediation	disintermediation	NOUN
fsr-4154	224	6	and	and	CCONJ
fsr-4154	224	7	helps	helps	AUX
fsr-4154	224	8	maintain	maintain	VERB
fsr-4154	224	9	stability	stability	NOUN
fsr-4154	224	10	in	in	ADP
fsr-4154	224	11	the	the	DET
fsr-4154	224	12	financial	financial	ADJ
fsr-4154	224	13	system	system	NOUN
fsr-4154	224	14	.	.	PUNCT
fsr-4154	225	1	the	the	DET
fsr-4154	225	2	pilot	pilot	NOUN
fsr-4154	225	3	phase	phase	NOUN
fsr-4154	225	4	of	of	ADP
fsr-4154	225	5	the	the	DET
fsr-4154	225	6	erupee	erupee	NOUN
fsr-4154	225	7	is	be	AUX
fsr-4154	225	8	intended	intend	VERB
fsr-4154	225	9	to	to	PART
fsr-4154	225	10	be	be	AUX
fsr-4154	225	11	non	non	ADJ
fsr-4154	225	12	-	-	ADJ
fsr-4154	225	13	remunerative	remunerative	ADJ
fsr-4154	225	14	and	and	CCONJ
fsr-4154	225	15	does	do	AUX
fsr-4154	225	16	not	not	PART
fsr-4154	225	17	accrue	accrue	VERB
fsr-4154	225	18	any	any	DET
fsr-4154	225	19	interest	interest	NOUN
fsr-4154	225	20	on	on	ADP
fsr-4154	225	21	value	value	NOUN
fsr-4154	225	22	storage	storage	NOUN
fsr-4154	225	23	.	.	PUNCT
fsr-4154	226	1	the	the	DET
fsr-4154	226	2	tokenization	tokenization	NOUN
fsr-4154	226	3	capability	capability	NOUN
fsr-4154	226	4	enables	enable	VERB
fsr-4154	226	5	the	the	DET
fsr-4154	226	6	digital	digital	ADJ
fsr-4154	226	7	representation	representation	NOUN
fsr-4154	226	8	of	of	ADP
fsr-4154	226	9	financial	financial	ADJ
fsr-4154	226	10	assets	asset	NOUN
fsr-4154	226	11	or	or	CCONJ
fsr-4154	226	12	rights	right	NOUN
fsr-4154	226	13	within	within	ADP
fsr-4154	226	14	the	the	DET
fsr-4154	226	15	cbdc	cbdc	NOUN
fsr-4154	226	16	framework	framework	NOUN
fsr-4154	226	17	,	,	PUNCT
fsr-4154	226	18	fostering	foster	VERB
fsr-4154	226	19	efficient	efficient	ADJ
fsr-4154	226	20	payment	payment	NOUN
fsr-4154	226	21	and	and	CCONJ
fsr-4154	226	22	settlement	settlement	NOUN
fsr-4154	226	23	systems	system	NOUN
fsr-4154	226	24	and	and	CCONJ
fsr-4154	226	25	encouraging	encourage	VERB
fsr-4154	226	26	innovation	innovation	NOUN
fsr-4154	226	27	in	in	ADP
fsr-4154	226	28	financial	financial	ADJ
fsr-4154	226	29	services	service	NOUN
fsr-4154	226	30	.	.	PUNCT
fsr-4154	227	1	technology	technology	NOUN
fsr-4154	227	2	experts	expert	NOUN
fsr-4154	227	3	(	(	PUNCT
fsr-4154	227	4	ft1	ft1	PROPN
fsr-4154	227	5	,	,	PUNCT
fsr-4154	227	6	ft7	ft7	PROPN
fsr-4154	227	7	)	)	PUNCT
fsr-4154	227	8	emphasized	emphasize	VERB
fsr-4154	227	9	the	the	DET
fsr-4154	227	10	transformative	transformative	ADJ
fsr-4154	227	11	potential	potential	NOUN
fsr-4154	227	12	of	of	ADP
fsr-4154	227	13	tokenization	tokenization	NOUN
fsr-4154	227	14	for	for	ADP
fsr-4154	227	15	asset	asset	NOUN
fsr-4154	227	16	markets	market	NOUN
fsr-4154	227	17	.	.	PUNCT
fsr-4154	228	1	the	the	DET
fsr-4154	228	2	programmability	programmability	NOUN
fsr-4154	228	3	feature	feature	NOUN
fsr-4154	228	4	restricts	restrict	VERB
fsr-4154	228	5	the	the	DET
fsr-4154	228	6	use	use	NOUN
fsr-4154	228	7	of	of	ADP
fsr-4154	228	8	cbdc	cbdc	NOUN
fsr-4154	228	9	tokens	token	NOUN
fsr-4154	228	10	to	to	ADP
fsr-4154	228	11	specific	specific	ADJ
fsr-4154	228	12	applications	application	NOUN
fsr-4154	228	13	,	,	PUNCT
fsr-4154	228	14	such	such	ADJ
fsr-4154	228	15	as	as	ADP
fsr-4154	228	16	designated	designate	VERB
fsr-4154	228	17	cbdc	cbdc	NOUN
fsr-4154	228	18	medicine	medicine	NOUN
fsr-4154	228	19	tokens	token	NOUN
fsr-4154	228	20	that	that	PRON
fsr-4154	228	21	can	can	AUX
fsr-4154	228	22	only	only	ADV
fsr-4154	228	23	be	be	AUX
fsr-4154	228	24	used	use	VERB
fsr-4154	228	25	for	for	ADP
fsr-4154	228	26	purchasing	purchase	VERB
fsr-4154	228	27	medicines	medicine	NOUN
fsr-4154	228	28	.	.	PUNCT
fsr-4154	229	1	as	as	SCONJ
fsr-4154	229	2	noted	note	VERB
fsr-4154	229	3	by	by	ADP
fsr-4154	229	4	a	a	DET
fsr-4154	229	5	fintech	fintech	NOUN
fsr-4154	229	6	expert	expert	NOUN
fsr-4154	229	7	(	(	PUNCT
fsr-4154	229	8	ft6	ft6	NOUN
fsr-4154	229	9	):	):	PUNCT
fsr-4154	229	10	“	"	PUNCT
fsr-4154	229	11	programmable	programmable	ADJ
fsr-4154	229	12	money	money	NOUN
fsr-4154	229	13	creates	create	VERB
fsr-4154	229	14	entirely	entirely	ADV
fsr-4154	229	15	new	new	ADJ
fsr-4154	229	16	possibilities	possibility	NOUN
fsr-4154	229	17	for	for	ADP
fsr-4154	229	18	targeted	target	VERB
fsr-4154	229	19	policy	policy	NOUN
fsr-4154	229	20	implementation	implementation	NOUN
fsr-4154	229	21	.	.	PUNCT
fsr-4154	229	22	”	"	PUNCT
fsr-4154	230	1	this	this	DET
fsr-4154	230	2	characteristic	characteristic	NOUN
fsr-4154	230	3	can	can	AUX
fsr-4154	230	4	impact	impact	VERB
fsr-4154	230	5	welfare	welfare	NOUN
fsr-4154	230	6	programs	program	NOUN
fsr-4154	230	7	and	and	CCONJ
fsr-4154	230	8	presents	present	VERB
fsr-4154	230	9	opportunities	opportunity	NOUN
fsr-4154	230	10	for	for	ADP
fsr-4154	230	11	innovation	innovation	NOUN
fsr-4154	230	12	in	in	ADP
fsr-4154	230	13	financial	financial	ADJ
fsr-4154	230	14	products	product	NOUN
fsr-4154	230	15	and	and	CCONJ
fsr-4154	230	16	services	service	NOUN
fsr-4154	230	17	.	.	PUNCT
fsr-4154	231	1	the	the	DET
fsr-4154	231	2	selection	selection	NOUN
fsr-4154	231	3	between	between	ADP
fsr-4154	231	4	financial	financial	ADJ
fsr-4154	231	5	functions	function	NOUN
fsr-4154	231	6	creates	create	VERB
fsr-4154	231	7	cascading	cascade	VERB
fsr-4154	231	8	effects	effect	NOUN
fsr-4154	231	9	on	on	ADP
fsr-4154	231	10	existing	exist	VERB
fsr-4154	231	11	payment	payment	NOUN
fsr-4154	231	12	systems	system	NOUN
fsr-4154	231	13	.	.	PUNCT
fsr-4154	232	1	non	non	ADJ
fsr-4154	232	2	-	-	ADJ
fsr-4154	232	3	remunerative	remunerative	ADJ
fsr-4154	232	4	designs	design	NOUN
fsr-4154	232	5	preserve	preserve	VERB
fsr-4154	232	6	banking	banking	NOUN
fsr-4154	232	7	sector	sector	NOUN
fsr-4154	232	8	stability	stability	NOUN
fsr-4154	232	9	but	but	CCONJ
fsr-4154	232	10	may	may	AUX
fsr-4154	232	11	limit	limit	VERB
fsr-4154	232	12	cbdc	cbdc	VERB
fsr-4154	232	13	adoption	adoption	NOUN
fsr-4154	232	14	incentives	incentive	NOUN
fsr-4154	232	15	,	,	PUNCT
fsr-4154	232	16	programmability	programmability	NOUN
fsr-4154	232	17	enables	enable	VERB
fsr-4154	232	18	innovative	innovative	ADJ
fsr-4154	232	19	financial	financial	ADJ
fsr-4154	232	20	products	product	NOUN
fsr-4154	232	21	but	but	CCONJ
fsr-4154	232	22	requires	require	VERB
fsr-4154	232	23	new	new	ADJ
fsr-4154	232	24	regulatory	regulatory	ADJ
fsr-4154	232	25	frameworks	framework	NOUN
fsr-4154	232	26	that	that	SCONJ
fsr-4154	232	27	existing	exist	VERB
fsr-4154	232	28	payment	payment	NOUN
fsr-4154	232	29	providers	provider	NOUN
fsr-4154	232	30	must	must	AUX
fsr-4154	232	31	navigate	navigate	VERB
fsr-4154	232	32	.	.	PUNCT
fsr-4154	233	1	a	a	DET
fsr-4154	233	2	banking	banking	NOUN
fsr-4154	233	3	expert	expert	NOUN
fsr-4154	233	4	(	(	PUNCT
fsr-4154	233	5	bp2	bp2	NOUN
fsr-4154	233	6	)	)	PUNCT
fsr-4154	233	7	observed	observe	VERB
fsr-4154	233	8	:	:	PUNCT
fsr-4154	233	9	“	"	PUNCT
fsr-4154	233	10	programmable	programmable	ADJ
fsr-4154	233	11	features	feature	NOUN
fsr-4154	233	12	could	could	AUX
fsr-4154	233	13	financial	financial	ADJ
fsr-4154	233	14	services	service	NOUN
fsr-4154	233	15	review	review	NOUN
fsr-4154	233	16	,	,	PUNCT
fsr-4154	233	17	33(3	33(3	NOUN
fsr-4154	233	18	)	)	PUNCT
fsr-4154	233	19	70	70	NUM
fsr-4154	233	20	either	either	CCONJ
fsr-4154	233	21	complement	complement	VERB
fsr-4154	233	22	existing	exist	VERB
fsr-4154	233	23	fintech	fintech	NOUN
fsr-4154	233	24	or	or	CCONJ
fsr-4154	233	25	displace	displace	VERB
fsr-4154	233	26	them	they	PRON
fsr-4154	233	27	entirely	entirely	ADV
fsr-4154	233	28	.	.	PUNCT
fsr-4154	233	29	”	"	PUNCT
fsr-4154	234	1	the	the	DET
fsr-4154	234	2	interoperability	interoperability	NOUN
fsr-4154	234	3	feature	feature	NOUN
fsr-4154	234	4	facilitates	facilitate	VERB
fsr-4154	234	5	seamless	seamless	ADJ
fsr-4154	234	6	interactions	interaction	NOUN
fsr-4154	234	7	among	among	ADP
fsr-4154	234	8	financial	financial	ADJ
fsr-4154	234	9	systems	system	NOUN
fsr-4154	234	10	,	,	PUNCT
fsr-4154	234	11	promoting	promote	VERB
fsr-4154	234	12	quicker	quick	ADJ
fsr-4154	234	13	and	and	CCONJ
fsr-4154	234	14	more	more	ADV
fsr-4154	234	15	effective	effective	ADJ
fsr-4154	234	16	settlements	settlement	NOUN
fsr-4154	234	17	and	and	CCONJ
fsr-4154	234	18	payments	payment	NOUN
fsr-4154	234	19	.	.	PUNCT
fsr-4154	235	1	banking	banking	NOUN
fsr-4154	235	2	professionals	professional	NOUN
fsr-4154	235	3	(	(	PUNCT
fsr-4154	235	4	bp4	bp4	NOUN
fsr-4154	235	5	,	,	PUNCT
fsr-4154	235	6	bp6	bp6	PROPN
fsr-4154	235	7	)	)	PUNCT
fsr-4154	235	8	emphasized	emphasize	VERB
fsr-4154	235	9	the	the	DET
fsr-4154	235	10	importance	importance	NOUN
fsr-4154	235	11	of	of	ADP
fsr-4154	235	12	interoperability	interoperability	NOUN
fsr-4154	235	13	with	with	ADP
fsr-4154	235	14	existing	exist	VERB
fsr-4154	235	15	infrastructure	infrastructure	NOUN
fsr-4154	235	16	to	to	PART
fsr-4154	235	17	ensure	ensure	VERB
fsr-4154	235	18	smooth	smooth	ADJ
fsr-4154	235	19	adoption	adoption	NOUN
fsr-4154	235	20	and	and	CCONJ
fsr-4154	235	21	system	system	NOUN
fsr-4154	235	22	efficiency	efficiency	NOUN
fsr-4154	235	23	.	.	PUNCT
fsr-4154	236	1	user	user	NOUN
fsr-4154	236	2	experience	experience	NOUN
fsr-4154	236	3	layer	layer	NOUN
fsr-4154	236	4	the	the	DET
fsr-4154	236	5	user	user	NOUN
fsr-4154	236	6	experience	experience	NOUN
fsr-4154	236	7	influences	influence	VERB
fsr-4154	236	8	how	how	SCONJ
fsr-4154	236	9	individuals	individual	NOUN
fsr-4154	236	10	access	access	VERB
fsr-4154	236	11	and	and	CCONJ
fsr-4154	236	12	utilize	utilize	VERB
fsr-4154	236	13	cbdcs	cbdc	NOUN
fsr-4154	236	14	.	.	PUNCT
fsr-4154	237	1	expert	expert	NOUN
fsr-4154	237	2	interviews	interview	NOUN
fsr-4154	237	3	revealed	reveal	VERB
fsr-4154	237	4	diverse	diverse	ADJ
fsr-4154	237	5	perspectives	perspective	NOUN
fsr-4154	237	6	on	on	ADP
fsr-4154	237	7	the	the	DET
fsr-4154	237	8	balance	balance	NOUN
fsr-4154	237	9	between	between	ADP
fsr-4154	237	10	innovation	innovation	NOUN
fsr-4154	237	11	and	and	CCONJ
fsr-4154	237	12	accessibility	accessibility	NOUN
fsr-4154	237	13	.	.	PUNCT
fsr-4154	238	1	while	while	SCONJ
fsr-4154	238	2	technology	technology	NOUN
fsr-4154	238	3	experts	expert	NOUN
fsr-4154	238	4	(	(	PUNCT
fsr-4154	238	5	ft2	ft2	PROPN
fsr-4154	238	6	,	,	PUNCT
fsr-4154	238	7	ft4	ft4	PROPN
fsr-4154	238	8	)	)	PUNCT
fsr-4154	238	9	advocated	advocate	VERB
fsr-4154	238	10	for	for	ADP
fsr-4154	238	11	feature	feature	NOUN
fsr-4154	238	12	-	-	PUNCT
fsr-4154	238	13	rich	rich	ADJ
fsr-4154	238	14	interfaces	interface	NOUN
fsr-4154	238	15	,	,	PUNCT
fsr-4154	238	16	financial	financial	ADJ
fsr-4154	238	17	inclusion	inclusion	NOUN
fsr-4154	238	18	specialists	specialist	NOUN
fsr-4154	238	19	(	(	PUNCT
fsr-4154	238	20	bp7	bp7	PROPN
fsr-4154	238	21	,	,	PUNCT
fsr-4154	238	22	ap7	ap7	PRON
fsr-4154	238	23	)	)	PUNCT
fsr-4154	238	24	emphasized	emphasize	VERB
fsr-4154	238	25	simplicity	simplicity	NOUN
fsr-4154	238	26	and	and	CCONJ
fsr-4154	238	27	accessibility	accessibility	NOUN
fsr-4154	238	28	across	across	ADP
fsr-4154	238	29	diverse	diverse	ADJ
fsr-4154	238	30	user	user	NOUN
fsr-4154	238	31	segments	segment	NOUN
fsr-4154	238	32	.	.	PUNCT
fsr-4154	239	1	the	the	DET
fsr-4154	239	2	e	e	NOUN
fsr-4154	239	3	-	-	NOUN
fsr-4154	239	4	rupee	rupee	NOUN
fsr-4154	239	5	must	must	AUX
fsr-4154	239	6	be	be	AUX
fsr-4154	239	7	built	build	VERB
fsr-4154	239	8	to	to	PART
fsr-4154	239	9	scale	scale	VERB
fsr-4154	239	10	effectively	effectively	ADV
fsr-4154	239	11	across	across	ADP
fsr-4154	239	12	all	all	DET
fsr-4154	239	13	regions	region	NOUN
fsr-4154	239	14	of	of	ADP
fsr-4154	239	15	india	india	PROPN
fsr-4154	239	16	,	,	PUNCT
fsr-4154	239	17	ensuring	ensure	VERB
fsr-4154	239	18	accessibility	accessibility	NOUN
fsr-4154	239	19	on	on	ADP
fsr-4154	239	20	various	various	ADJ
fsr-4154	239	21	devices	device	NOUN
fsr-4154	239	22	while	while	SCONJ
fsr-4154	239	23	serving	serve	VERB
fsr-4154	239	24	diverse	diverse	ADJ
fsr-4154	239	25	population	population	NOUN
fsr-4154	239	26	segments	segment	NOUN
fsr-4154	239	27	,	,	PUNCT
fsr-4154	239	28	including	include	VERB
fsr-4154	239	29	those	those	PRON
fsr-4154	239	30	with	with	ADP
fsr-4154	239	31	limited	limited	ADJ
fsr-4154	239	32	connectivity	connectivity	NOUN
fsr-4154	239	33	or	or	CCONJ
fsr-4154	239	34	banking	banking	NOUN
fsr-4154	239	35	services	service	NOUN
fsr-4154	239	36	.	.	PUNCT
fsr-4154	240	1	a	a	DET
fsr-4154	240	2	financial	financial	ADJ
fsr-4154	240	3	inclusion	inclusion	NOUN
fsr-4154	240	4	expert	expert	NOUN
fsr-4154	240	5	(	(	PUNCT
fsr-4154	240	6	bp7	bp7	PROPN
fsr-4154	240	7	)	)	PUNCT
fsr-4154	240	8	noted	note	VERB
fsr-4154	240	9	:	:	PUNCT
fsr-4154	240	10	“	"	PUNCT
fsr-4154	240	11	cbdc	cbdc	NOUN
fsr-4154	240	12	should	should	AUX
fsr-4154	240	13	be	be	AUX
fsr-4154	240	14	designed	design	VERB
fsr-4154	240	15	to	to	PART
fsr-4154	240	16	accommodate	accommodate	VERB
fsr-4154	240	17	diverse	diverse	ADJ
fsr-4154	240	18	segments	segment	NOUN
fsr-4154	240	19	of	of	ADP
fsr-4154	240	20	the	the	DET
fsr-4154	240	21	population	population	NOUN
fsr-4154	240	22	,	,	PUNCT
fsr-4154	240	23	including	include	VERB
fsr-4154	240	24	various	various	ADJ
fsr-4154	240	25	age	age	NOUN
fsr-4154	240	26	groups	group	NOUN
fsr-4154	240	27	and	and	CCONJ
fsr-4154	240	28	economic	economic	ADJ
fsr-4154	240	29	backgrounds	background	NOUN
fsr-4154	240	30	.	.	PUNCT
fsr-4154	240	31	”	"	PUNCT
fsr-4154	241	1	cbdcs	cbdc	NOUN
fsr-4154	241	2	can	can	AUX
fsr-4154	241	3	follow	follow	VERB
fsr-4154	241	4	either	either	CCONJ
fsr-4154	241	5	an	an	DET
fsr-4154	241	6	account	account	NOUN
fsr-4154	241	7	-	-	PUNCT
fsr-4154	241	8	based	base	VERB
fsr-4154	241	9	or	or	CCONJ
fsr-4154	241	10	token	token	VERB
fsr-4154	241	11	-	-	PUNCT
fsr-4154	241	12	based	base	VERB
fsr-4154	241	13	structure	structure	NOUN
fsr-4154	241	14	.	.	PUNCT
fsr-4154	242	1	in	in	ADP
fsr-4154	242	2	an	an	DET
fsr-4154	242	3	account	account	NOUN
fsr-4154	242	4	-	-	PUNCT
fsr-4154	242	5	based	base	VERB
fsr-4154	242	6	cbdc	cbdc	NOUN
fsr-4154	242	7	,	,	PUNCT
fsr-4154	242	8	access	access	NOUN
fsr-4154	242	9	and	and	CCONJ
fsr-4154	242	10	claims	claim	NOUN
fsr-4154	242	11	are	be	AUX
fsr-4154	242	12	tied	tie	VERB
fsr-4154	242	13	to	to	ADP
fsr-4154	242	14	the	the	DET
fsr-4154	242	15	user	user	NOUN
fsr-4154	242	16	's	's	PART
fsr-4154	242	17	bank	bank	NOUN
fsr-4154	242	18	account	account	NOUN
fsr-4154	242	19	and	and	CCONJ
fsr-4154	242	20	are	be	AUX
fsr-4154	242	21	subject	subject	ADJ
fsr-4154	242	22	to	to	ADP
fsr-4154	242	23	kyc	kyc	PROPN
fsr-4154	242	24	regulations	regulation	NOUN
fsr-4154	242	25	to	to	PART
fsr-4154	242	26	identify	identify	VERB
fsr-4154	242	27	and	and	CCONJ
fsr-4154	242	28	verify	verify	VERB
fsr-4154	242	29	the	the	DET
fsr-4154	242	30	user	user	NOUN
fsr-4154	242	31	's	's	PART
fsr-4154	242	32	identity	identity	NOUN
fsr-4154	242	33	.	.	PUNCT
fsr-4154	243	1	this	this	PRON
fsr-4154	243	2	helps	help	VERB
fsr-4154	243	3	prevent	prevent	VERB
fsr-4154	243	4	fraudulent	fraudulent	ADJ
fsr-4154	243	5	accounts	account	NOUN
fsr-4154	243	6	,	,	PUNCT
fsr-4154	243	7	theft	theft	NOUN
fsr-4154	243	8	,	,	PUNCT
fsr-4154	243	9	and	and	CCONJ
fsr-4154	243	10	unauthorized	unauthorized	ADJ
fsr-4154	243	11	access	access	NOUN
fsr-4154	243	12	.	.	PUNCT
fsr-4154	244	1	if	if	SCONJ
fsr-4154	244	2	the	the	DET
fsr-4154	244	3	cbdc	cbdc	NOUN
fsr-4154	244	4	is	be	AUX
fsr-4154	244	5	implemented	implement	VERB
fsr-4154	244	6	using	use	VERB
fsr-4154	244	7	the	the	DET
fsr-4154	244	8	one	one	NUM
fsr-4154	244	9	-	-	PUNCT
fsr-4154	244	10	tier	tier	NOUN
fsr-4154	244	11	model	model	NOUN
fsr-4154	244	12	,	,	PUNCT
fsr-4154	244	13	compliance	compliance	NOUN
fsr-4154	244	14	and	and	CCONJ
fsr-4154	244	15	authentication	authentication	NOUN
fsr-4154	244	16	processes	process	NOUN
fsr-4154	244	17	must	must	AUX
fsr-4154	244	18	be	be	AUX
fsr-4154	244	19	adhered	adhere	VERB
fsr-4154	244	20	to	to	ADP
fsr-4154	244	21	by	by	ADP
fsr-4154	244	22	the	the	DET
fsr-4154	244	23	central	central	PROPN
fsr-4154	244	24	bank	bank	PROPN
fsr-4154	244	25	(	(	PUNCT
fsr-4154	244	26	auer	auer	PROPN
fsr-4154	244	27	&	&	CCONJ
fsr-4154	244	28	böhme	böhme	PROPN
fsr-4154	244	29	,	,	PUNCT
fsr-4154	244	30	2021	2021	NUM
fsr-4154	244	31	)	)	PUNCT
fsr-4154	244	32	.	.	PUNCT
fsr-4154	245	1	conversely	conversely	ADV
fsr-4154	245	2	,	,	PUNCT
fsr-4154	245	3	in	in	ADP
fsr-4154	245	4	a	a	DET
fsr-4154	245	5	token	token	VERB
fsr-4154	245	6	-	-	PUNCT
fsr-4154	245	7	based	base	VERB
fsr-4154	245	8	framework	framework	NOUN
fsr-4154	245	9	,	,	PUNCT
fsr-4154	245	10	cbdcs	cbdc	NOUN
fsr-4154	245	11	are	be	AUX
fsr-4154	245	12	issued	issue	VERB
fsr-4154	245	13	as	as	ADP
fsr-4154	245	14	digital	digital	ADJ
fsr-4154	245	15	tokens	token	NOUN
fsr-4154	245	16	and	and	CCONJ
fsr-4154	245	17	distributed	distribute	VERB
fsr-4154	245	18	by	by	ADP
fsr-4154	245	19	collaborating	collaborate	VERB
fsr-4154	245	20	financial	financial	ADJ
fsr-4154	245	21	institutions	institution	NOUN
fsr-4154	245	22	through	through	ADP
fsr-4154	245	23	mobile	mobile	ADJ
fsr-4154	245	24	app	app	PROPN
fsr-4154	245	25	-	-	PUNCT
fsr-4154	245	26	based	base	VERB
fsr-4154	245	27	wallets	wallet	NOUN
fsr-4154	245	28	.	.	PUNCT
fsr-4154	246	1	these	these	DET
fsr-4154	246	2	partner	partner	NOUN
fsr-4154	246	3	banks	bank	NOUN
fsr-4154	246	4	provide	provide	VERB
fsr-4154	246	5	applications	application	NOUN
fsr-4154	246	6	to	to	ADP
fsr-4154	246	7	their	their	PRON
fsr-4154	246	8	registered	register	VERB
fsr-4154	246	9	customers	customer	NOUN
fsr-4154	246	10	,	,	PUNCT
fsr-4154	246	11	who	who	PRON
fsr-4154	246	12	can	can	AUX
fsr-4154	246	13	fund	fund	VERB
fsr-4154	246	14	their	their	PRON
fsr-4154	246	15	cbdc	cbdc	NOUN
fsr-4154	246	16	wallets	wallet	NOUN
fsr-4154	246	17	using	use	VERB
fsr-4154	246	18	their	their	PRON
fsr-4154	246	19	bank	bank	NOUN
fsr-4154	246	20	accounts	account	NOUN
fsr-4154	246	21	,	,	PUNCT
fsr-4154	246	22	enabling	enable	VERB
fsr-4154	246	23	peer	peer	NOUN
fsr-4154	246	24	-	-	PUNCT
fsr-4154	246	25	to	to	ADP
fsr-4154	246	26	-	-	PUNCT
fsr-4154	246	27	peer	peer	NOUN
fsr-4154	246	28	or	or	CCONJ
fsr-4154	246	29	merchant	merchant	NOUN
fsr-4154	246	30	transactions	transaction	NOUN
fsr-4154	246	31	.	.	PUNCT
fsr-4154	247	1	the	the	DET
fsr-4154	247	2	e	e	NOUN
fsr-4154	247	3	-	-	NOUN
fsr-4154	247	4	rupee	rupee	ADJ
fsr-4154	247	5	(	(	PUNCT
fsr-4154	247	6	retail	retail	NOUN
fsr-4154	247	7	)	)	PUNCT
fsr-4154	247	8	operates	operate	VERB
fsr-4154	247	9	on	on	ADP
fsr-4154	247	10	a	a	DET
fsr-4154	247	11	token	token	VERB
fsr-4154	247	12	-	-	PUNCT
fsr-4154	247	13	based	base	VERB
fsr-4154	247	14	model	model	NOUN
fsr-4154	247	15	;	;	PUNCT
fsr-4154	247	16	the	the	DET
fsr-4154	247	17	rbi	rbi	NOUN
fsr-4154	247	18	has	have	AUX
fsr-4154	247	19	teamed	team	VERB
fsr-4154	247	20	up	up	ADP
fsr-4154	247	21	with	with	ADP
fsr-4154	247	22	various	various	ADJ
fsr-4154	247	23	banks	bank	NOUN
fsr-4154	247	24	nationwide	nationwide	ADV
fsr-4154	247	25	to	to	PART
fsr-4154	247	26	distribute	distribute	VERB
fsr-4154	247	27	cbdc	cbdc	NOUN
fsr-4154	247	28	tokens	token	NOUN
fsr-4154	247	29	to	to	ADP
fsr-4154	247	30	the	the	DET
fsr-4154	247	31	public	public	NOUN
fsr-4154	247	32	.	.	PUNCT
fsr-4154	248	1	banking	banking	NOUN
fsr-4154	248	2	customers	customer	NOUN
fsr-4154	248	3	can	can	AUX
fsr-4154	248	4	register	register	VERB
fsr-4154	248	5	with	with	ADP
fsr-4154	248	6	a	a	DET
fsr-4154	248	7	partner	partner	NOUN
fsr-4154	248	8	bank	bank	NOUN
fsr-4154	248	9	to	to	PART
fsr-4154	248	10	access	access	VERB
fsr-4154	248	11	the	the	DET
fsr-4154	248	12	e	e	NOUN
fsr-4154	248	13	-	-	ADJ
fsr-4154	248	14	rupee	rupee	ADJ
fsr-4154	248	15	wallets	wallet	NOUN
fsr-4154	248	16	,	,	PUNCT
fsr-4154	248	17	loading	loading	NOUN
fsr-4154	248	18	funds	fund	NOUN
fsr-4154	248	19	into	into	ADP
fsr-4154	248	20	it	it	PRON
fsr-4154	248	21	via	via	ADP
fsr-4154	248	22	their	their	PRON
fsr-4154	248	23	bank	bank	NOUN
fsr-4154	248	24	accounts	account	NOUN
fsr-4154	248	25	or	or	CCONJ
fsr-4154	248	26	upi	upi	PROPN
fsr-4154	248	27	,	,	PUNCT
fsr-4154	248	28	facilitating	facilitate	VERB
fsr-4154	248	29	direct	direct	ADJ
fsr-4154	248	30	transactions	transaction	NOUN
fsr-4154	248	31	to	to	ADP
fsr-4154	248	32	peers	peer	NOUN
fsr-4154	248	33	'	'	PART
fsr-4154	248	34	wallets	wallet	NOUN
fsr-4154	248	35	or	or	CCONJ
fsr-4154	248	36	payments	payment	NOUN
fsr-4154	248	37	to	to	ADP
fsr-4154	248	38	merchants	merchant	NOUN
fsr-4154	248	39	using	use	VERB
fsr-4154	248	40	qr	qr	NOUN
fsr-4154	248	41	codes	code	NOUN
fsr-4154	248	42	without	without	ADP
fsr-4154	248	43	intermediaries	intermediary	NOUN
fsr-4154	248	44	.	.	PUNCT
fsr-4154	249	1	this	this	PRON
fsr-4154	249	2	presents	present	VERB
fsr-4154	249	3	a	a	DET
fsr-4154	249	4	rapid	rapid	ADJ
fsr-4154	249	5	and	and	CCONJ
fsr-4154	249	6	secure	secure	ADJ
fsr-4154	249	7	method	method	NOUN
fsr-4154	249	8	of	of	ADP
fsr-4154	249	9	transferring	transfer	VERB
fsr-4154	249	10	digital	digital	ADJ
fsr-4154	249	11	currencies	currency	NOUN
fsr-4154	249	12	.	.	PUNCT
fsr-4154	250	1	a	a	DET
fsr-4154	250	2	key	key	ADJ
fsr-4154	250	3	innovation	innovation	NOUN
fsr-4154	250	4	highlighted	highlight	VERB
fsr-4154	250	5	by	by	ADP
fsr-4154	250	6	technology	technology	NOUN
fsr-4154	250	7	specialists	specialist	NOUN
fsr-4154	250	8	(	(	PUNCT
fsr-4154	250	9	ft6	ft6	NOUN
fsr-4154	250	10	,	,	PUNCT
fsr-4154	250	11	ft8	ft8	NOUN
fsr-4154	250	12	)	)	PUNCT
fsr-4154	250	13	is	be	AUX
fsr-4154	250	14	the	the	DET
fsr-4154	250	15	offline	offline	ADJ
fsr-4154	250	16	functionality	functionality	NOUN
fsr-4154	250	17	of	of	ADP
fsr-4154	250	18	india	india	PROPN
fsr-4154	250	19	's	's	PART
fsr-4154	250	20	cbdc	cbdc	NOUN
fsr-4154	250	21	.	.	PUNCT
fsr-4154	251	1	the	the	DET
fsr-4154	251	2	design	design	NOUN
fsr-4154	251	3	allows	allow	VERB
fsr-4154	251	4	it	it	PRON
fsr-4154	251	5	to	to	PART
fsr-4154	251	6	function	function	VERB
fsr-4154	251	7	effectively	effectively	ADV
fsr-4154	251	8	in	in	ADP
fsr-4154	251	9	low	low	ADJ
fsr-4154	251	10	or	or	CCONJ
fsr-4154	251	11	limited	limited	ADJ
fsr-4154	251	12	network	network	NOUN
fsr-4154	251	13	conditions	condition	NOUN
fsr-4154	251	14	,	,	PUNCT
fsr-4154	251	15	making	make	VERB
fsr-4154	251	16	it	it	PRON
fsr-4154	251	17	accessible	accessible	ADJ
fsr-4154	251	18	on	on	ADP
fsr-4154	251	19	essential	essential	ADJ
fsr-4154	251	20	devices	device	NOUN
fsr-4154	251	21	like	like	ADP
fsr-4154	251	22	feature	feature	NOUN
fsr-4154	251	23	phones	phone	NOUN
fsr-4154	251	24	and	and	CCONJ
fsr-4154	251	25	catering	cater	VERB
fsr-4154	251	26	to	to	ADP
fsr-4154	251	27	users	user	NOUN
fsr-4154	251	28	with	with	ADP
fsr-4154	251	29	varying	vary	VERB
fsr-4154	251	30	levels	level	NOUN
fsr-4154	251	31	of	of	ADP
fsr-4154	251	32	financial	financial	ADJ
fsr-4154	251	33	or	or	CCONJ
fsr-4154	251	34	digital	digital	ADJ
fsr-4154	251	35	literacy	literacy	NOUN
fsr-4154	251	36	.	.	PUNCT
fsr-4154	252	1	as	as	SCONJ
fsr-4154	252	2	one	one	NUM
fsr-4154	252	3	expert	expert	NOUN
fsr-4154	252	4	(	(	PUNCT
fsr-4154	252	5	bp1	bp1	PROPN
fsr-4154	252	6	)	)	PUNCT
fsr-4154	252	7	explained	explain	VERB
fsr-4154	252	8	:	:	PUNCT
fsr-4154	252	9	“	"	PUNCT
fsr-4154	252	10	the	the	DET
fsr-4154	252	11	offline	offline	ADJ
fsr-4154	252	12	capability	capability	NOUN
fsr-4154	252	13	is	be	AUX
fsr-4154	252	14	crucial	crucial	ADJ
fsr-4154	252	15	for	for	ADP
fsr-4154	252	16	adoption	adoption	NOUN
fsr-4154	252	17	in	in	ADP
fsr-4154	252	18	rural	rural	ADJ
fsr-4154	252	19	areas	area	NOUN
fsr-4154	252	20	where	where	SCONJ
fsr-4154	252	21	connectivity	connectivity	NOUN
fsr-4154	252	22	remains	remain	VERB
fsr-4154	252	23	challenging	challenge	VERB
fsr-4154	252	24	.	.	PUNCT
fsr-4154	252	25	”	"	PUNCT
fsr-4154	253	1	indian	indian	ADJ
fsr-4154	253	2	cbdc	cbdc	NOUN
fsr-4154	253	3	’s	’s	PART
fsr-4154	253	4	offline	offline	ADJ
fsr-4154	253	5	design	design	NOUN
fsr-4154	253	6	enables	enable	VERB
fsr-4154	253	7	transactions	transaction	NOUN
fsr-4154	253	8	on	on	ADP
fsr-4154	253	9	feature	feature	NOUN
fsr-4154	253	10	phones	phone	NOUN
fsr-4154	253	11	without	without	ADP
fsr-4154	253	12	needing	need	VERB
fsr-4154	253	13	a	a	DET
fsr-4154	253	14	banking	banking	NOUN
fsr-4154	253	15	app	app	NOUN
fsr-4154	253	16	or	or	CCONJ
fsr-4154	253	17	strong	strong	ADJ
fsr-4154	253	18	network	network	NOUN
fsr-4154	253	19	connectivity	connectivity	NOUN
fsr-4154	253	20	in	in	ADP
fsr-4154	253	21	a	a	DET
fsr-4154	253	22	secure	secure	ADJ
fsr-4154	253	23	environment	environment	NOUN
fsr-4154	253	24	(	(	PUNCT
fsr-4154	253	25	rbi	rbi	NOUN
fsr-4154	253	26	,	,	PUNCT
fsr-4154	253	27	2022	2022	NUM
fsr-4154	253	28	)	)	PUNCT
fsr-4154	253	29	.	.	PUNCT
fsr-4154	254	1	this	this	DET
fsr-4154	254	2	innovative	innovative	ADJ
fsr-4154	254	3	strategy	strategy	NOUN
fsr-4154	254	4	positions	position	NOUN
fsr-4154	254	5	the	the	DET
fsr-4154	254	6	e	e	NOUN
fsr-4154	254	7	-	-	NOUN
fsr-4154	254	8	rupee	rupee	NOUN
fsr-4154	254	9	as	as	ADP
fsr-4154	254	10	a	a	DET
fsr-4154	254	11	promising	promising	ADJ
fsr-4154	254	12	solution	solution	NOUN
fsr-4154	254	13	for	for	ADP
fsr-4154	254	14	delivering	deliver	VERB
fsr-4154	254	15	digital	digital	ADJ
fsr-4154	254	16	financial	financial	ADJ
fsr-4154	254	17	services	service	NOUN
fsr-4154	254	18	remotely	remotely	ADV
fsr-4154	254	19	while	while	SCONJ
fsr-4154	254	20	improving	improve	VERB
fsr-4154	254	21	user	user	NOUN
fsr-4154	254	22	experience	experience	NOUN
fsr-4154	254	23	for	for	ADP
fsr-4154	254	24	various	various	ADJ
fsr-4154	254	25	population	population	NOUN
fsr-4154	254	26	segments	segment	NOUN
fsr-4154	254	27	.	.	PUNCT
fsr-4154	255	1	additionally	additionally	ADV
fsr-4154	255	2	,	,	PUNCT
fsr-4154	255	3	the	the	DET
fsr-4154	255	4	availability	availability	NOUN
fsr-4154	255	5	of	of	ADP
fsr-4154	255	6	erupee	erupee	NOUN
fsr-4154	255	7	wallets	wallet	NOUN
fsr-4154	255	8	in	in	ADP
fsr-4154	255	9	multiple	multiple	ADJ
fsr-4154	255	10	local	local	ADJ
fsr-4154	255	11	languages	language	NOUN
fsr-4154	255	12	further	far	ADV
fsr-4154	255	13	boosts	boost	VERB
fsr-4154	255	14	accessibility	accessibility	NOUN
fsr-4154	255	15	across	across	ADP
fsr-4154	255	16	different	different	ADJ
fsr-4154	255	17	regions	region	NOUN
fsr-4154	255	18	and	and	CCONJ
fsr-4154	255	19	demographics	demographic	NOUN
fsr-4154	255	20	.	.	PUNCT
fsr-4154	256	1	implementation	implementation	NOUN
fsr-4154	256	2	sequencing	sequencing	NOUN
fsr-4154	256	3	and	and	CCONJ
fsr-4154	256	4	design	design	NOUN
fsr-4154	256	5	dependencies	dependency	NOUN
fsr-4154	256	6	expert	expert	NOUN
fsr-4154	256	7	interviews	interview	NOUN
fsr-4154	256	8	further	far	ADV
fsr-4154	256	9	revealed	reveal	VERB
fsr-4154	256	10	that	that	SCONJ
fsr-4154	256	11	cbdc	cbdc	VERB
fsr-4154	256	12	design	design	NOUN
fsr-4154	256	13	choices	choice	NOUN
fsr-4154	256	14	create	create	VERB
fsr-4154	256	15	sequential	sequential	ADJ
fsr-4154	256	16	dependencies	dependency	NOUN
fsr-4154	256	17	that	that	PRON
fsr-4154	256	18	constrain	constrain	VERB
fsr-4154	256	19	future	future	ADJ
fsr-4154	256	20	options	option	NOUN
fsr-4154	256	21	.	.	PUNCT
fsr-4154	257	1	several	several	ADJ
fsr-4154	257	2	experts	expert	NOUN
fsr-4154	257	3	emphasized	emphasize	VERB
fsr-4154	257	4	that	that	SCONJ
fsr-4154	257	5	infrastructure	infrastructure	NOUN
fsr-4154	257	6	decisions	decision	NOUN
fsr-4154	257	7	made	make	VERB
fsr-4154	257	8	early	early	ADV
fsr-4154	257	9	in	in	ADP
fsr-4154	257	10	implementation	implementation	NOUN
fsr-4154	257	11	become	become	VERB
fsr-4154	257	12	difficult	difficult	ADJ
fsr-4154	257	13	to	to	PART
fsr-4154	257	14	reverse	reverse	VERB
fsr-4154	257	15	later	later	ADV
fsr-4154	257	16	.	.	PUNCT
fsr-4154	258	1	phase	phase	NOUN
fsr-4154	258	2	1	1	NUM
fsr-4154	258	3	foundation	foundation	NOUN
fsr-4154	258	4	decisions	decision	NOUN
fsr-4154	258	5	:	:	PUNCT
fsr-4154	258	6	platform	platform	NOUN
fsr-4154	258	7	architecture	architecture	NOUN
fsr-4154	258	8	(	(	PUNCT
fsr-4154	258	9	blockchain	blockchain	PROPN
fsr-4154	258	10	vs.	vs.	PROPN
fsr-4154	258	11	api	api	NOUN
fsr-4154	258	12	)	)	PUNCT
fsr-4154	258	13	and	and	CCONJ
fsr-4154	258	14	distribution	distribution	NOUN
fsr-4154	258	15	model	model	NOUN
fsr-4154	258	16	(	(	PUNCT
fsr-4154	258	17	one	one	NUM
fsr-4154	258	18	-	-	PUNCT
fsr-4154	258	19	tier	tier	NOUN
fsr-4154	258	20	vs.	vs.	ADP
fsr-4154	258	21	two	two	NUM
fsr-4154	258	22	-	-	PUNCT
fsr-4154	258	23	tier	tier	NOUN
fsr-4154	258	24	)	)	PUNCT
fsr-4154	258	25	must	must	AUX
fsr-4154	258	26	be	be	AUX
fsr-4154	258	27	established	establish	VERB
fsr-4154	258	28	first	first	ADV
fsr-4154	258	29	,	,	PUNCT
fsr-4154	258	30	as	as	SCONJ
fsr-4154	258	31	these	these	DET
fsr-4154	258	32	choices	choice	NOUN
fsr-4154	258	33	determine	determine	VERB
fsr-4154	258	34	interoperability	interoperability	NOUN
fsr-4154	258	35	possibilities	possibility	NOUN
fsr-4154	258	36	and	and	CCONJ
fsr-4154	258	37	regulatory	regulatory	ADJ
fsr-4154	258	38	frameworks	framework	NOUN
fsr-4154	258	39	.	.	PUNCT
fsr-4154	259	1	phase	phase	NOUN
fsr-4154	259	2	2	2	NUM
fsr-4154	259	3	integration	integration	NOUN
fsr-4154	259	4	features	feature	VERB
fsr-4154	259	5	:	:	PUNCT
fsr-4154	259	6	security	security	NOUN
fsr-4154	259	7	protocols	protocol	NOUN
fsr-4154	259	8	and	and	CCONJ
fsr-4154	259	9	financial	financial	ADJ
fsr-4154	259	10	functions	function	NOUN
fsr-4154	259	11	(	(	PUNCT
fsr-4154	259	12	programmability	programmability	NOUN
fsr-4154	259	13	,	,	PUNCT
fsr-4154	259	14	tokenization	tokenization	NOUN
fsr-4154	259	15	)	)	PUNCT
fsr-4154	259	16	build	build	VERB
fsr-4154	259	17	upon	upon	SCONJ
fsr-4154	259	18	architectural	architectural	ADJ
fsr-4154	259	19	foundations	foundation	NOUN
fsr-4154	259	20	but	but	CCONJ
fsr-4154	259	21	can	can	AUX
fsr-4154	259	22	be	be	AUX
fsr-4154	259	23	refined	refine	VERB
fsr-4154	259	24	during	during	ADP
fsr-4154	259	25	pilot	pilot	NOUN
fsr-4154	259	26	phases	phase	NOUN
fsr-4154	259	27	.	.	PUNCT
fsr-4154	260	1	phase	phase	NOUN
fsr-4154	260	2	3	3	NUM
fsr-4154	260	3	user	user	NOUN
fsr-4154	260	4	experience	experience	NOUN
fsr-4154	260	5	:	:	PUNCT
fsr-4154	260	6	interface	interface	NOUN
fsr-4154	260	7	design	design	NOUN
fsr-4154	260	8	and	and	CCONJ
fsr-4154	260	9	offline	offline	ADJ
fsr-4154	260	10	capabilities	capability	NOUN
fsr-4154	260	11	can	can	AUX
fsr-4154	260	12	be	be	AUX
fsr-4154	260	13	iteratively	iteratively	ADV
fsr-4154	260	14	improved	improve	VERB
fsr-4154	260	15	shekhar	shekhar	PROPN
fsr-4154	260	16	&	&	CCONJ
fsr-4154	260	17	ramesh	ramesh	PROPN
fsr-4154	260	18	71	71	NUM
fsr-4154	260	19	but	but	CCONJ
fsr-4154	260	20	depend	depend	VERB
fsr-4154	260	21	on	on	ADP
fsr-4154	260	22	the	the	DET
fsr-4154	260	23	underlying	underlie	VERB
fsr-4154	260	24	technical	technical	ADJ
fsr-4154	260	25	architecture	architecture	NOUN
fsr-4154	260	26	established	establish	VERB
fsr-4154	260	27	in	in	ADP
fsr-4154	260	28	phase	phase	NOUN
fsr-4154	260	29	1	1	NUM
fsr-4154	260	30	.	.	PUNCT
fsr-4154	260	31	implications	implication	NOUN
fsr-4154	260	32	of	of	ADP
fsr-4154	260	33	cbdc	cbdc	NOUN
fsr-4154	260	34	design	design	NOUN
fsr-4154	260	35	on	on	ADP
fsr-4154	260	36	financial	financial	ADJ
fsr-4154	260	37	systems	system	NOUN
fsr-4154	260	38	cbdc	cbdc	VERB
fsr-4154	260	39	design	design	NOUN
fsr-4154	260	40	choices	choice	NOUN
fsr-4154	260	41	can	can	AUX
fsr-4154	260	42	have	have	VERB
fsr-4154	260	43	large	large	ADJ
fsr-4154	260	44	implications	implication	NOUN
fsr-4154	260	45	for	for	ADP
fsr-4154	260	46	existing	exist	VERB
fsr-4154	260	47	financial	financial	ADJ
fsr-4154	260	48	systems	system	NOUN
fsr-4154	260	49	,	,	PUNCT
fsr-4154	260	50	directly	directly	ADV
fsr-4154	260	51	addressing	address	VERB
fsr-4154	260	52	rq2	rq2	NOUN
fsr-4154	260	53	regarding	regard	VERB
fsr-4154	260	54	impact	impact	NOUN
fsr-4154	260	55	on	on	ADP
fsr-4154	260	56	payment	payment	NOUN
fsr-4154	260	57	platforms	platform	NOUN
fsr-4154	260	58	.	.	PUNCT
fsr-4154	261	1	our	our	PRON
fsr-4154	261	2	analysis	analysis	NOUN
fsr-4154	261	3	reveals	reveal	VERB
fsr-4154	261	4	three	three	NUM
fsr-4154	261	5	critical	critical	ADJ
fsr-4154	261	6	areas	area	NOUN
fsr-4154	261	7	where	where	SCONJ
fsr-4154	261	8	design	design	NOUN
fsr-4154	261	9	decisions	decision	NOUN
fsr-4154	261	10	reshape	reshape	VERB
fsr-4154	261	11	financial	financial	ADJ
fsr-4154	261	12	infrastructure	infrastructure	NOUN
fsr-4154	261	13	:	:	PUNCT
fsr-4154	261	14	payment	payment	NOUN
fsr-4154	261	15	system	system	NOUN
fsr-4154	261	16	architecture	architecture	NOUN
fsr-4154	261	17	,	,	PUNCT
fsr-4154	261	18	banking	banking	NOUN
fsr-4154	261	19	intermediation	intermediation	NOUN
fsr-4154	261	20	models	model	NOUN
fsr-4154	261	21	,	,	PUNCT
fsr-4154	261	22	and	and	CCONJ
fsr-4154	261	23	innovation	innovation	NOUN
fsr-4154	261	24	pathways	pathway	NOUN
fsr-4154	261	25	.	.	PUNCT
fsr-4154	262	1	while	while	SCONJ
fsr-4154	262	2	banking	banking	NOUN
fsr-4154	262	3	professionals	professional	NOUN
fsr-4154	262	4	emphasized	emphasize	VERB
fsr-4154	262	5	the	the	DET
fsr-4154	262	6	importance	importance	NOUN
fsr-4154	262	7	of	of	ADP
fsr-4154	262	8	maintaining	maintain	VERB
fsr-4154	262	9	financial	financial	ADJ
fsr-4154	262	10	stability	stability	NOUN
fsr-4154	262	11	through	through	ADP
fsr-4154	262	12	careful	careful	ADJ
fsr-4154	262	13	design	design	NOUN
fsr-4154	262	14	choices	choice	NOUN
fsr-4154	262	15	,	,	PUNCT
fsr-4154	262	16	fintech	fintech	NOUN
fsr-4154	262	17	experts	expert	NOUN
fsr-4154	262	18	highlighted	highlight	VERB
fsr-4154	262	19	the	the	DET
fsr-4154	262	20	transformative	transformative	ADJ
fsr-4154	262	21	potential	potential	NOUN
fsr-4154	262	22	of	of	ADP
fsr-4154	262	23	programmable	programmable	ADJ
fsr-4154	262	24	cbdcs	cbdc	NOUN
fsr-4154	262	25	for	for	ADP
fsr-4154	262	26	service	service	NOUN
fsr-4154	262	27	innovation	innovation	NOUN
fsr-4154	262	28	.	.	PUNCT
fsr-4154	263	1	considering	consider	VERB
fsr-4154	263	2	the	the	DET
fsr-4154	263	3	evolution	evolution	NOUN
fsr-4154	263	4	of	of	ADP
fsr-4154	263	5	digital	digital	ADJ
fsr-4154	263	6	payments	payment	NOUN
fsr-4154	263	7	in	in	ADP
fsr-4154	263	8	india	india	PROPN
fsr-4154	263	9	,	,	PUNCT
fsr-4154	263	10	it	it	PRON
fsr-4154	263	11	is	be	AUX
fsr-4154	263	12	to	to	PART
fsr-4154	263	13	be	be	AUX
fsr-4154	263	14	noted	note	VERB
fsr-4154	263	15	that	that	SCONJ
fsr-4154	263	16	india	india	PROPN
fsr-4154	263	17	's	's	PART
fsr-4154	263	18	digital	digital	ADJ
fsr-4154	263	19	payment	payment	NOUN
fsr-4154	263	20	landscape	landscape	NOUN
fsr-4154	263	21	has	have	AUX
fsr-4154	263	22	been	be	AUX
fsr-4154	263	23	transformed	transform	VERB
fsr-4154	263	24	by	by	ADP
fsr-4154	263	25	the	the	DET
fsr-4154	263	26	upi	upi	PROPN
fsr-4154	263	27	.	.	PUNCT
fsr-4154	264	1	interestingly	interestingly	ADV
fsr-4154	264	2	,	,	PUNCT
fsr-4154	264	3	our	our	PRON
fsr-4154	264	4	expert	expert	NOUN
fsr-4154	264	5	interviews	interview	NOUN
fsr-4154	264	6	revealed	reveal	VERB
fsr-4154	264	7	fundamental	fundamental	ADJ
fsr-4154	264	8	differences	difference	NOUN
fsr-4154	264	9	between	between	ADP
fsr-4154	264	10	upi	upi	PROPN
fsr-4154	264	11	and	and	CCONJ
fsr-4154	264	12	cbdc	cbdc	VERB
fsr-4154	264	13	architectures	architecture	NOUN
fsr-4154	264	14	that	that	PRON
fsr-4154	264	15	have	have	VERB
fsr-4154	264	16	major	major	ADJ
fsr-4154	264	17	implications	implication	NOUN
fsr-4154	264	18	for	for	ADP
fsr-4154	264	19	the	the	DET
fsr-4154	264	20	payment	payment	NOUN
fsr-4154	264	21	system	system	NOUN
fsr-4154	264	22	.	.	PUNCT
fsr-4154	265	1	a	a	DET
fsr-4154	265	2	blockchain	blockchain	PROPN
fsr-4154	265	3	expert	expert	NOUN
fsr-4154	265	4	(	(	PUNCT
fsr-4154	265	5	bp4	bp4	NOUN
fsr-4154	265	6	)	)	PUNCT
fsr-4154	265	7	noted	note	VERB
fsr-4154	265	8	:	:	PUNCT
fsr-4154	265	9	“	"	PUNCT
fsr-4154	265	10	upi	upi	NOUN
fsr-4154	265	11	transactions	transaction	NOUN
fsr-4154	265	12	are	be	AUX
fsr-4154	265	13	processed	process	VERB
fsr-4154	265	14	in	in	ADP
fsr-4154	265	15	phases	phase	NOUN
fsr-4154	265	16	and	and	CCONJ
fsr-4154	265	17	may	may	AUX
fsr-4154	265	18	be	be	AUX
fsr-4154	265	19	declined	decline	VERB
fsr-4154	265	20	if	if	SCONJ
fsr-4154	265	21	the	the	DET
fsr-4154	265	22	server	server	NOUN
fsr-4154	265	23	does	do	AUX
fsr-4154	265	24	not	not	PART
fsr-4154	265	25	confirm	confirm	VERB
fsr-4154	265	26	the	the	DET
fsr-4154	265	27	transaction	transaction	NOUN
fsr-4154	265	28	.	.	PUNCT
fsr-4154	266	1	in	in	ADP
fsr-4154	266	2	contrast	contrast	NOUN
fsr-4154	266	3	,	,	PUNCT
fsr-4154	266	4	cbdc	cbdc	VERB
fsr-4154	266	5	payments	payment	NOUN
fsr-4154	266	6	are	be	AUX
fsr-4154	266	7	settled	settle	VERB
fsr-4154	266	8	immediately	immediately	ADV
fsr-4154	266	9	,	,	PUNCT
fsr-4154	266	10	with	with	ADP
fsr-4154	266	11	zero	zero	NUM
fsr-4154	266	12	transaction	transaction	NOUN
fsr-4154	266	13	fees	fee	NOUN
fsr-4154	266	14	and	and	CCONJ
fsr-4154	266	15	failures	failure	NOUN
fsr-4154	266	16	.	.	PUNCT
fsr-4154	266	17	”	"	PUNCT
fsr-4154	267	1	this	this	DET
fsr-4154	267	2	difference	difference	NOUN
fsr-4154	267	3	creates	create	VERB
fsr-4154	267	4	both	both	DET
fsr-4154	267	5	opportunities	opportunity	NOUN
fsr-4154	267	6	and	and	CCONJ
fsr-4154	267	7	challenges	challenge	NOUN
fsr-4154	267	8	for	for	ADP
fsr-4154	267	9	system	system	NOUN
fsr-4154	267	10	integration	integration	NOUN
fsr-4154	267	11	.	.	PUNCT
fsr-4154	268	1	while	while	SCONJ
fsr-4154	268	2	fintech	fintech	NOUN
fsr-4154	268	3	experts	expert	NOUN
fsr-4154	268	4	emphasized	emphasize	VERB
fsr-4154	268	5	the	the	DET
fsr-4154	268	6	complementary	complementary	ADJ
fsr-4154	268	7	nature	nature	NOUN
fsr-4154	268	8	of	of	ADP
fsr-4154	268	9	these	these	DET
fsr-4154	268	10	systems	system	NOUN
fsr-4154	268	11	,	,	PUNCT
fsr-4154	268	12	banking	banking	NOUN
fsr-4154	268	13	professionals	professional	NOUN
fsr-4154	268	14	expressed	express	VERB
fsr-4154	268	15	concerns	concern	NOUN
fsr-4154	268	16	about	about	ADP
fsr-4154	268	17	the	the	DET
fsr-4154	268	18	potential	potential	ADJ
fsr-4154	268	19	fragmentation	fragmentation	NOUN
fsr-4154	268	20	of	of	ADP
fsr-4154	268	21	payment	payment	NOUN
fsr-4154	268	22	infrastructures	infrastructure	NOUN
fsr-4154	268	23	.	.	PUNCT
fsr-4154	269	1	academic	academic	ADJ
fsr-4154	269	2	experts	expert	NOUN
fsr-4154	269	3	took	take	VERB
fsr-4154	269	4	a	a	DET
fsr-4154	269	5	middle	middle	ADJ
fsr-4154	269	6	position	position	NOUN
fsr-4154	269	7	,	,	PUNCT
fsr-4154	269	8	suggesting	suggest	VERB
fsr-4154	269	9	that	that	SCONJ
fsr-4154	269	10	the	the	DET
fsr-4154	269	11	two	two	NUM
fsr-4154	269	12	systems	system	NOUN
fsr-4154	269	13	could	could	AUX
fsr-4154	269	14	coexist	coexist	VERB
fsr-4154	269	15	with	with	ADP
fsr-4154	269	16	different	different	ADJ
fsr-4154	269	17	use	use	NOUN
fsr-4154	269	18	cases	case	NOUN
fsr-4154	269	19	based	base	VERB
fsr-4154	269	20	on	on	ADP
fsr-4154	269	21	their	their	PRON
fsr-4154	269	22	relative	relative	ADJ
fsr-4154	269	23	strengths	strength	NOUN
fsr-4154	269	24	:	:	PUNCT
fsr-4154	269	25	upi	upi	PROPN
fsr-4154	269	26	for	for	ADP
fsr-4154	269	27	high	high	ADJ
fsr-4154	269	28	-	-	PUNCT
fsr-4154	269	29	volume	volume	NOUN
fsr-4154	269	30	,	,	PUNCT
fsr-4154	269	31	low	low	ADJ
fsr-4154	269	32	-	-	PUNCT
fsr-4154	269	33	value	value	NOUN
fsr-4154	269	34	retail	retail	ADJ
fsr-4154	269	35	transactions	transaction	NOUN
fsr-4154	269	36	and	and	CCONJ
fsr-4154	269	37	cbdc	cbdc	VERB
fsr-4154	269	38	for	for	ADP
fsr-4154	269	39	settlementcritical	settlementcritical	ADJ
fsr-4154	269	40	or	or	CCONJ
fsr-4154	269	41	offline	offline	ADJ
fsr-4154	269	42	use	use	NOUN
fsr-4154	269	43	cases	case	NOUN
fsr-4154	269	44	.	.	PUNCT
fsr-4154	270	1	the	the	DET
fsr-4154	270	2	comparison	comparison	NOUN
fsr-4154	270	3	further	far	ADV
fsr-4154	270	4	reveals	reveal	VERB
fsr-4154	270	5	that	that	SCONJ
fsr-4154	270	6	while	while	SCONJ
fsr-4154	270	7	upi	upi	PROPN
fsr-4154	270	8	relies	rely	VERB
fsr-4154	270	9	on	on	ADP
fsr-4154	270	10	existing	exist	VERB
fsr-4154	270	11	banking	banking	NOUN
fsr-4154	270	12	infrastructure	infrastructure	NOUN
fsr-4154	270	13	and	and	CCONJ
fsr-4154	270	14	internet	internet	NOUN
fsr-4154	270	15	connectivity	connectivity	NOUN
fsr-4154	270	16	,	,	PUNCT
fsr-4154	270	17	cbdc	cbdc	VERB
fsr-4154	270	18	utilizes	utilize	VERB
fsr-4154	270	19	blockchain	blockchain	PROPN
fsr-4154	270	20	technology	technology	NOUN
fsr-4154	270	21	and	and	CCONJ
fsr-4154	270	22	enables	enable	VERB
fsr-4154	270	23	offline	offline	ADJ
fsr-4154	270	24	capabilities	capability	NOUN
fsr-4154	270	25	,	,	PUNCT
fsr-4154	270	26	representing	represent	VERB
fsr-4154	270	27	an	an	DET
fsr-4154	270	28	essential	essential	ADJ
fsr-4154	270	29	architectural	architectural	ADJ
fsr-4154	270	30	divergence	divergence	NOUN
fsr-4154	270	31	with	with	ADP
fsr-4154	270	32	implications	implication	NOUN
fsr-4154	270	33	for	for	ADP
fsr-4154	270	34	payment	payment	NOUN
fsr-4154	270	35	system	system	NOUN
fsr-4154	270	36	evolution	evolution	NOUN
fsr-4154	270	37	.	.	PUNCT
fsr-4154	271	1	the	the	DET
fsr-4154	271	2	architectural	architectural	ADJ
fsr-4154	271	3	differences	difference	NOUN
fsr-4154	271	4	between	between	ADP
fsr-4154	271	5	upi	upi	PROPN
fsr-4154	271	6	and	and	CCONJ
fsr-4154	271	7	cbdc	cbdc	VERB
fsr-4154	271	8	systems	system	NOUN
fsr-4154	271	9	illustrate	illustrate	VERB
fsr-4154	271	10	how	how	SCONJ
fsr-4154	271	11	design	design	NOUN
fsr-4154	271	12	choices	choice	NOUN
fsr-4154	271	13	cascade	cascade	NOUN
fsr-4154	271	14	through	through	ADP
fsr-4154	271	15	financial	financial	ADJ
fsr-4154	271	16	infrastructure	infrastructure	NOUN
fsr-4154	271	17	.	.	PUNCT
fsr-4154	272	1	while	while	SCONJ
fsr-4154	272	2	upi	upi	PROPN
fsr-4154	272	3	's	's	PART
fsr-4154	272	4	success	success	NOUN
fsr-4154	272	5	demonstrates	demonstrate	VERB
fsr-4154	272	6	the	the	DET
fsr-4154	272	7	potential	potential	NOUN
fsr-4154	272	8	for	for	ADP
fsr-4154	272	9	digital	digital	ADJ
fsr-4154	272	10	payment	payment	NOUN
fsr-4154	272	11	adoption	adoption	NOUN
fsr-4154	272	12	,	,	PUNCT
fsr-4154	272	13	cbdc	cbdc	PROPN
fsr-4154	272	14	's	's	PART
fsr-4154	272	15	blockchain	blockchain	PROPN
fsr-4154	272	16	foundation	foundation	NOUN
fsr-4154	272	17	creates	create	VERB
fsr-4154	272	18	fundamentally	fundamentally	ADV
fsr-4154	272	19	different	different	ADJ
fsr-4154	272	20	settlement	settlement	NOUN
fsr-4154	272	21	mechanisms	mechanism	NOUN
fsr-4154	272	22	that	that	PRON
fsr-4154	272	23	could	could	AUX
fsr-4154	272	24	either	either	CCONJ
fsr-4154	272	25	complement	complement	VERB
fsr-4154	272	26	or	or	CCONJ
fsr-4154	272	27	compete	compete	VERB
fsr-4154	272	28	with	with	ADP
fsr-4154	272	29	existing	exist	VERB
fsr-4154	272	30	systems	system	NOUN
fsr-4154	272	31	,	,	PUNCT
fsr-4154	272	32	depending	depend	VERB
fsr-4154	272	33	on	on	ADP
fsr-4154	272	34	implementation	implementation	NOUN
fsr-4154	272	35	choices	choice	NOUN
fsr-4154	272	36	.	.	PUNCT
fsr-4154	273	1	the	the	DET
fsr-4154	273	2	emergence	emergence	NOUN
fsr-4154	273	3	of	of	ADP
fsr-4154	273	4	cbdcs	cbdc	NOUN
fsr-4154	273	5	is	be	AUX
fsr-4154	273	6	reshaping	reshape	VERB
fsr-4154	273	7	bank	bank	NOUN
fsr-4154	273	8	roles	role	NOUN
fsr-4154	273	9	within	within	ADP
fsr-4154	273	10	the	the	DET
fsr-4154	273	11	financial	financial	ADJ
fsr-4154	273	12	system	system	NOUN
fsr-4154	273	13	.	.	PUNCT
fsr-4154	274	1	banks	bank	NOUN
fsr-4154	274	2	are	be	AUX
fsr-4154	274	3	now	now	ADV
fsr-4154	274	4	adapting	adapt	VERB
fsr-4154	274	5	to	to	PART
fsr-4154	274	6	provide	provide	VERB
fsr-4154	274	7	cbdc	cbdc	NOUN
fsr-4154	274	8	wallets	wallet	NOUN
fsr-4154	274	9	,	,	PUNCT
fsr-4154	274	10	customer	customer	NOUN
fsr-4154	274	11	onboarding	onboarding	NOUN
fsr-4154	274	12	,	,	PUNCT
fsr-4154	274	13	transaction	transaction	NOUN
fsr-4154	274	14	monitoring	monitoring	NOUN
fsr-4154	274	15	,	,	PUNCT
fsr-4154	274	16	and	and	CCONJ
fsr-4154	274	17	support	support	NOUN
fsr-4154	274	18	services	service	NOUN
fsr-4154	274	19	.	.	PUNCT
fsr-4154	275	1	this	this	DET
fsr-4154	275	2	evolution	evolution	NOUN
fsr-4154	275	3	introduces	introduce	VERB
fsr-4154	275	4	opportunities	opportunity	NOUN
fsr-4154	275	5	,	,	PUNCT
fsr-4154	275	6	but	but	CCONJ
fsr-4154	275	7	also	also	ADV
fsr-4154	275	8	challenges	challenge	VERB
fsr-4154	275	9	for	for	ADP
fsr-4154	275	10	traditional	traditional	ADJ
fsr-4154	275	11	financial	financial	ADJ
fsr-4154	275	12	institutions	institution	NOUN
fsr-4154	275	13	.	.	PUNCT
fsr-4154	276	1	our	our	PRON
fsr-4154	276	2	interviews	interview	NOUN
fsr-4154	276	3	revealed	reveal	VERB
fsr-4154	276	4	contrasting	contrast	VERB
fsr-4154	276	5	perspectives	perspective	NOUN
fsr-4154	276	6	between	between	ADP
fsr-4154	276	7	banking	banking	NOUN
fsr-4154	276	8	and	and	CCONJ
fsr-4154	276	9	fintech	fintech	NOUN
fsr-4154	276	10	experts	expert	NOUN
fsr-4154	276	11	regarding	regard	VERB
fsr-4154	276	12	the	the	DET
fsr-4154	276	13	impact	impact	NOUN
fsr-4154	276	14	on	on	ADP
fsr-4154	276	15	banking	banking	NOUN
fsr-4154	276	16	business	business	NOUN
fsr-4154	276	17	models	model	NOUN
fsr-4154	276	18	.	.	PUNCT
fsr-4154	277	1	banking	banking	NOUN
fsr-4154	277	2	professionals	professional	NOUN
fsr-4154	277	3	emphasized	emphasize	VERB
fsr-4154	277	4	the	the	DET
fsr-4154	277	5	potential	potential	NOUN
fsr-4154	277	6	for	for	ADP
fsr-4154	277	7	disintermediation	disintermediation	NOUN
fsr-4154	277	8	if	if	SCONJ
fsr-4154	277	9	cbdc	cbdc	NOUN
fsr-4154	277	10	design	design	NOUN
fsr-4154	277	11	fails	fail	VERB
fsr-4154	277	12	to	to	PART
fsr-4154	277	13	incorporate	incorporate	VERB
fsr-4154	277	14	appropriate	appropriate	ADJ
fsr-4154	277	15	safeguards	safeguard	NOUN
fsr-4154	277	16	,	,	PUNCT
fsr-4154	277	17	while	while	SCONJ
fsr-4154	277	18	fintech	fintech	NOUN
fsr-4154	277	19	experts	expert	NOUN
fsr-4154	277	20	highlighted	highlight	VERB
fsr-4154	277	21	new	new	ADJ
fsr-4154	277	22	service	service	NOUN
fsr-4154	277	23	opportunities	opportunity	NOUN
fsr-4154	277	24	enabled	enable	VERB
fsr-4154	277	25	by	by	ADP
fsr-4154	277	26	programmable	programmable	ADJ
fsr-4154	277	27	digital	digital	ADJ
fsr-4154	277	28	currencies	currency	NOUN
fsr-4154	277	29	.	.	PUNCT
fsr-4154	278	1	the	the	DET
fsr-4154	278	2	emergence	emergence	NOUN
fsr-4154	278	3	of	of	ADP
fsr-4154	278	4	cbdc	cbdc	NOUN
fsr-4154	278	5	is	be	AUX
fsr-4154	278	6	also	also	ADV
fsr-4154	278	7	driving	drive	VERB
fsr-4154	278	8	innovation	innovation	NOUN
fsr-4154	278	9	in	in	ADP
fsr-4154	278	10	banking	banking	NOUN
fsr-4154	278	11	products	product	NOUN
fsr-4154	278	12	.	.	PUNCT
fsr-4154	279	1	examples	example	NOUN
fsr-4154	279	2	include	include	VERB
fsr-4154	279	3	programmable	programmable	ADJ
fsr-4154	279	4	payment	payment	NOUN
fsr-4154	279	5	solutions	solution	NOUN
fsr-4154	279	6	,	,	PUNCT
fsr-4154	279	7	cbdc	cbdc	NOUN
fsr-4154	279	8	-	-	PUNCT
fsr-4154	279	9	driven	drive	VERB
fsr-4154	279	10	lending	lending	NOUN
fsr-4154	279	11	services	service	NOUN
fsr-4154	279	12	,	,	PUNCT
fsr-4154	279	13	and	and	CCONJ
fsr-4154	279	14	integrated	integrate	VERB
fsr-4154	279	15	treasury	treasury	NOUN
fsr-4154	279	16	solutions	solution	NOUN
fsr-4154	279	17	.	.	PUNCT
fsr-4154	280	1	these	these	DET
fsr-4154	280	2	innovations	innovation	NOUN
fsr-4154	280	3	enhance	enhance	VERB
fsr-4154	280	4	service	service	NOUN
fsr-4154	280	5	delivery	delivery	NOUN
fsr-4154	280	6	and	and	CCONJ
fsr-4154	280	7	reduce	reduce	VERB
fsr-4154	280	8	operational	operational	ADJ
fsr-4154	280	9	expenses	expense	NOUN
fsr-4154	280	10	while	while	SCONJ
fsr-4154	280	11	preserving	preserve	VERB
fsr-4154	280	12	the	the	DET
fsr-4154	280	13	traditional	traditional	ADJ
fsr-4154	280	14	banking	banking	NOUN
fsr-4154	280	15	framework	framework	NOUN
fsr-4154	280	16	.	.	PUNCT
fsr-4154	281	1	however	however	ADV
fsr-4154	281	2	,	,	PUNCT
fsr-4154	281	3	as	as	ADP
fsr-4154	281	4	an	an	DET
fsr-4154	281	5	academic	academic	ADJ
fsr-4154	281	6	expert	expert	NOUN
fsr-4154	281	7	(	(	PUNCT
fsr-4154	281	8	ap6	ap6	PROPN
fsr-4154	281	9	)	)	PUNCT
fsr-4154	281	10	cautioned	caution	VERB
fsr-4154	281	11	:	:	PUNCT
fsr-4154	281	12	“	"	PUNCT
fsr-4154	281	13	the	the	DET
fsr-4154	281	14	pace	pace	NOUN
fsr-4154	281	15	of	of	ADP
fsr-4154	281	16	innovation	innovation	NOUN
fsr-4154	281	17	must	must	AUX
fsr-4154	281	18	be	be	AUX
fsr-4154	281	19	balanced	balance	VERB
fsr-4154	281	20	against	against	ADP
fsr-4154	281	21	systemic	systemic	ADJ
fsr-4154	281	22	stability	stability	NOUN
fsr-4154	281	23	considerations	consideration	NOUN
fsr-4154	281	24	.	.	PUNCT
fsr-4154	281	25	”	"	PUNCT
fsr-4154	282	1	highlighting	highlight	VERB
fsr-4154	282	2	the	the	DET
fsr-4154	282	3	ongoing	ongoing	ADJ
fsr-4154	282	4	tension	tension	NOUN
fsr-4154	282	5	between	between	ADP
fsr-4154	282	6	transformation	transformation	NOUN
fsr-4154	282	7	and	and	CCONJ
fsr-4154	282	8	stability	stability	NOUN
fsr-4154	282	9	in	in	ADP
fsr-4154	282	10	cbdc	cbdc	NOUN
fsr-4154	282	11	implementation	implementation	NOUN
fsr-4154	282	12	.	.	PUNCT
fsr-4154	283	1	future	future	ADJ
fsr-4154	283	2	cbdc	cbdc	NOUN
fsr-4154	283	3	use	use	VERB
fsr-4154	283	4	cases	case	NOUN
fsr-4154	283	5	in	in	ADP
fsr-4154	283	6	financial	financial	ADJ
fsr-4154	283	7	services	service	NOUN
fsr-4154	283	8	our	our	PRON
fsr-4154	283	9	analysis	analysis	NOUN
fsr-4154	283	10	of	of	ADP
fsr-4154	283	11	future	future	ADJ
fsr-4154	283	12	cbdc	cbdc	NOUN
fsr-4154	283	13	applications	application	NOUN
fsr-4154	283	14	revealed	reveal	VERB
fsr-4154	283	15	contrasting	contrast	VERB
fsr-4154	283	16	perspectives	perspective	NOUN
fsr-4154	283	17	between	between	ADP
fsr-4154	283	18	technology	technology	NOUN
fsr-4154	283	19	visionaries	visionary	NOUN
fsr-4154	283	20	and	and	CCONJ
fsr-4154	283	21	practical	practical	ADJ
fsr-4154	283	22	implementers	implementer	NOUN
fsr-4154	283	23	.	.	PUNCT
fsr-4154	284	1	while	while	SCONJ
fsr-4154	284	2	blockchain	blockchain	PROPN
fsr-4154	284	3	specialists	specialist	NOUN
fsr-4154	284	4	emphasized	emphasize	VERB
fsr-4154	284	5	transformative	transformative	ADJ
fsr-4154	284	6	potential	potential	NOUN
fsr-4154	284	7	for	for	ADP
fsr-4154	284	8	crossborder	crossborder	NOUN
fsr-4154	284	9	payments	payment	NOUN
fsr-4154	284	10	and	and	CCONJ
fsr-4154	284	11	programmable	programmable	ADJ
fsr-4154	284	12	finance	finance	NOUN
fsr-4154	284	13	,	,	PUNCT
fsr-4154	284	14	banking	banking	NOUN
fsr-4154	284	15	practitioners	practitioner	NOUN
fsr-4154	284	16	focused	focus	VERB
fsr-4154	284	17	on	on	ADP
fsr-4154	284	18	incremental	incremental	ADJ
fsr-4154	284	19	improvements	improvement	NOUN
fsr-4154	284	20	to	to	ADP
fsr-4154	284	21	existing	exist	VERB
fsr-4154	284	22	services	service	NOUN
fsr-4154	284	23	and	and	CCONJ
fsr-4154	284	24	practical	practical	ADJ
fsr-4154	284	25	adoption	adoption	NOUN
fsr-4154	284	26	challenges	challenge	NOUN
fsr-4154	284	27	.	.	PUNCT
fsr-4154	285	1	cross	cross	ADJ
fsr-4154	285	2	-	-	ADJ
fsr-4154	285	3	border	border	ADJ
fsr-4154	285	4	cbdc	cbdc	NOUN
fsr-4154	285	5	implementation	implementation	NOUN
fsr-4154	285	6	faces	face	VERB
fsr-4154	285	7	significant	significant	ADJ
fsr-4154	285	8	coordination	coordination	NOUN
fsr-4154	285	9	challenges	challenge	NOUN
fsr-4154	285	10	that	that	PRON
fsr-4154	285	11	temper	temper	NOUN
fsr-4154	285	12	optimistic	optimistic	ADJ
fsr-4154	285	13	predictions	prediction	NOUN
fsr-4154	285	14	.	.	PUNCT
fsr-4154	286	1	while	while	SCONJ
fsr-4154	286	2	a	a	DET
fsr-4154	286	3	fintech	fintech	NOUN
fsr-4154	286	4	expert	expert	NOUN
fsr-4154	286	5	(	(	PUNCT
fsr-4154	286	6	ft5	ft5	PROPN
fsr-4154	286	7	)	)	PUNCT
fsr-4154	286	8	predicted	predict	VERB
fsr-4154	286	9	that	that	SCONJ
fsr-4154	286	10	:	:	PUNCT
fsr-4154	286	11	“	"	PUNCT
fsr-4154	286	12	swift	swift	ADJ
fsr-4154	286	13	will	will	AUX
fsr-4154	286	14	become	become	VERB
fsr-4154	286	15	financial	financial	ADJ
fsr-4154	286	16	services	service	NOUN
fsr-4154	286	17	review	review	NOUN
fsr-4154	286	18	,	,	PUNCT
fsr-4154	286	19	33(3	33(3	NOUN
fsr-4154	286	20	)	)	PUNCT
fsr-4154	286	21	72	72	NUM
fsr-4154	286	22	ineffective	ineffective	ADJ
fsr-4154	286	23	due	due	ADJ
fsr-4154	286	24	to	to	ADP
fsr-4154	286	25	global	global	ADJ
fsr-4154	286	26	trade	trade	NOUN
fsr-4154	286	27	divergence	divergence	NOUN
fsr-4154	286	28	towards	towards	ADP
fsr-4154	286	29	cbdc	cbdc	NOUN
fsr-4154	286	30	.	.	PUNCT
fsr-4154	286	31	”	"	PUNCT
fsr-4154	286	32	,	,	PUNCT
fsr-4154	286	33	banking	banking	NOUN
fsr-4154	286	34	professionals	professional	NOUN
fsr-4154	286	35	expressed	express	VERB
fsr-4154	286	36	more	more	ADV
fsr-4154	286	37	measured	measured	ADJ
fsr-4154	286	38	views	view	NOUN
fsr-4154	286	39	,	,	PUNCT
fsr-4154	286	40	with	with	SCONJ
fsr-4154	286	41	one	one	NUM
fsr-4154	286	42	senior	senior	ADJ
fsr-4154	286	43	banker	banker	NOUN
fsr-4154	286	44	(	(	PUNCT
fsr-4154	286	45	bp5	bp5	PROPN
fsr-4154	286	46	)	)	PUNCT
fsr-4154	286	47	noting	note	VERB
fsr-4154	286	48	:	:	PUNCT
fsr-4154	286	49	“	"	PUNCT
fsr-4154	286	50	international	international	ADJ
fsr-4154	286	51	payment	payment	NOUN
fsr-4154	286	52	system	system	NOUN
fsr-4154	286	53	transformation	transformation	NOUN
fsr-4154	286	54	will	will	AUX
fsr-4154	286	55	be	be	AUX
fsr-4154	286	56	evolutionary	evolutionary	ADJ
fsr-4154	286	57	rather	rather	ADV
fsr-4154	286	58	than	than	ADP
fsr-4154	286	59	revolutionary	revolutionary	ADJ
fsr-4154	286	60	,	,	PUNCT
fsr-4154	286	61	with	with	ADP
fsr-4154	286	62	cbdcs	cbdc	NOUN
fsr-4154	286	63	gradually	gradually	ADV
fsr-4154	286	64	integrating	integrate	VERB
fsr-4154	286	65	with	with	ADP
fsr-4154	286	66	existing	exist	VERB
fsr-4154	286	67	frameworks	framework	NOUN
fsr-4154	286	68	.	.	PUNCT
fsr-4154	286	69	”	"	PUNCT
fsr-4154	287	1	the	the	DET
fsr-4154	287	2	practical	practical	ADJ
fsr-4154	287	3	obstacles	obstacle	NOUN
fsr-4154	287	4	include	include	VERB
fsr-4154	287	5	regulatory	regulatory	ADJ
fsr-4154	287	6	harmonization	harmonization	NOUN
fsr-4154	287	7	,	,	PUNCT
fsr-4154	287	8	liquidity	liquidity	NOUN
fsr-4154	287	9	management	management	NOUN
fsr-4154	287	10	,	,	PUNCT
fsr-4154	287	11	and	and	CCONJ
fsr-4154	287	12	the	the	DET
fsr-4154	287	13	need	need	NOUN
fsr-4154	287	14	for	for	ADP
fsr-4154	287	15	gradual	gradual	ADJ
fsr-4154	287	16	transition	transition	NOUN
fsr-4154	287	17	mechanisms	mechanism	NOUN
fsr-4154	287	18	that	that	PRON
fsr-4154	287	19	preserve	preserve	VERB
fsr-4154	287	20	existing	exist	VERB
fsr-4154	287	21	correspondent	correspondent	NOUN
fsr-4154	287	22	banking	banking	NOUN
fsr-4154	287	23	relationships	relationship	NOUN
fsr-4154	287	24	.	.	PUNCT
fsr-4154	288	1	the	the	DET
fsr-4154	288	2	potential	potential	NOUN
fsr-4154	288	3	for	for	ADP
fsr-4154	288	4	cooperative	cooperative	ADJ
fsr-4154	288	5	cross	cross	ADJ
fsr-4154	288	6	-	-	ADJ
fsr-4154	288	7	border	border	ADJ
fsr-4154	288	8	cbdc	cbdc	NOUN
fsr-4154	288	9	initiatives	initiative	NOUN
fsr-4154	288	10	emerged	emerge	VERB
fsr-4154	288	11	as	as	ADP
fsr-4154	288	12	an	an	DET
fsr-4154	288	13	opportunity	opportunity	NOUN
fsr-4154	288	14	.	.	PUNCT
fsr-4154	289	1	a	a	DET
fsr-4154	289	2	blockchain	blockchain	PROPN
fsr-4154	289	3	expert	expert	NOUN
fsr-4154	289	4	(	(	PUNCT
fsr-4154	289	5	ft3	ft3	NOUN
fsr-4154	289	6	)	)	PUNCT
fsr-4154	289	7	noted	note	VERB
fsr-4154	289	8	:	:	PUNCT
fsr-4154	289	9	“	"	PUNCT
fsr-4154	289	10	there	there	PRON
fsr-4154	289	11	is	be	VERB
fsr-4154	289	12	potential	potential	ADJ
fsr-4154	289	13	for	for	ADP
fsr-4154	289	14	a	a	DET
fsr-4154	289	15	cbdc	cbdc	NOUN
fsr-4154	289	16	bridge	bridge	NOUN
fsr-4154	289	17	in	in	ADP
fsr-4154	289	18	several	several	ADJ
fsr-4154	289	19	countries	country	NOUN
fsr-4154	289	20	,	,	PUNCT
fsr-4154	289	21	including	include	VERB
fsr-4154	289	22	singapore	singapore	PROPN
fsr-4154	289	23	,	,	PUNCT
fsr-4154	289	24	hong	hong	PROPN
fsr-4154	289	25	kong	kong	PROPN
fsr-4154	289	26	,	,	PUNCT
fsr-4154	289	27	and	and	CCONJ
fsr-4154	289	28	the	the	DET
fsr-4154	289	29	uae	uae	PROPN
fsr-4154	289	30	.	.	PUNCT
fsr-4154	289	31	”	"	PUNCT
fsr-4154	290	1	this	this	DET
fsr-4154	290	2	initiative	initiative	NOUN
fsr-4154	290	3	can	can	AUX
fsr-4154	290	4	facilitate	facilitate	VERB
fsr-4154	290	5	faster	fast	ADJ
fsr-4154	290	6	and	and	CCONJ
fsr-4154	290	7	more	more	ADV
fsr-4154	290	8	affordable	affordable	ADJ
fsr-4154	290	9	cross	cross	ADJ
fsr-4154	290	10	-	-	ADJ
fsr-4154	290	11	border	border	ADJ
fsr-4154	290	12	payments	payment	NOUN
fsr-4154	290	13	,	,	PUNCT
fsr-4154	290	14	especially	especially	ADV
fsr-4154	290	15	concerning	concern	VERB
fsr-4154	290	16	dedollarization	dedollarization	NOUN
fsr-4154	290	17	trends	trend	NOUN
fsr-4154	290	18	.	.	PUNCT
fsr-4154	291	1	the	the	DET
fsr-4154	291	2	application	application	NOUN
fsr-4154	291	3	of	of	ADP
fsr-4154	291	4	cbdcs	cbdc	NOUN
fsr-4154	291	5	for	for	ADP
fsr-4154	291	6	financial	financial	ADJ
fsr-4154	291	7	inclusion	inclusion	NOUN
fsr-4154	291	8	and	and	CCONJ
fsr-4154	291	9	social	social	ADJ
fsr-4154	291	10	benefit	benefit	NOUN
fsr-4154	291	11	distribution	distribution	NOUN
fsr-4154	291	12	emerged	emerge	VERB
fsr-4154	291	13	as	as	ADP
fsr-4154	291	14	a	a	DET
fsr-4154	291	15	key	key	ADJ
fsr-4154	291	16	theme	theme	NOUN
fsr-4154	291	17	,	,	PUNCT
fsr-4154	291	18	but	but	CCONJ
fsr-4154	291	19	with	with	ADP
fsr-4154	291	20	different	different	ADJ
fsr-4154	291	21	emphases	emphasis	NOUN
fsr-4154	291	22	across	across	ADP
fsr-4154	291	23	expert	expert	NOUN
fsr-4154	291	24	groups	group	NOUN
fsr-4154	291	25	.	.	PUNCT
fsr-4154	292	1	technology	technology	NOUN
fsr-4154	292	2	consultants	consultant	NOUN
fsr-4154	292	3	highlighted	highlight	VERB
fsr-4154	292	4	sophisticated	sophisticated	ADJ
fsr-4154	292	5	programmable	programmable	ADJ
fsr-4154	292	6	features	feature	NOUN
fsr-4154	292	7	,	,	PUNCT
fsr-4154	292	8	while	while	SCONJ
fsr-4154	292	9	financial	financial	ADJ
fsr-4154	292	10	inclusion	inclusion	NOUN
fsr-4154	292	11	specialists	specialist	NOUN
fsr-4154	292	12	emphasized	emphasize	VERB
fsr-4154	292	13	practical	practical	ADJ
fsr-4154	292	14	implementation	implementation	NOUN
fsr-4154	292	15	considerations	consideration	NOUN
fsr-4154	292	16	.	.	PUNCT
fsr-4154	293	1	the	the	DET
fsr-4154	293	2	tokenization	tokenization	NOUN
fsr-4154	293	3	of	of	ADP
fsr-4154	293	4	social	social	ADJ
fsr-4154	293	5	benefits	benefit	NOUN
fsr-4154	293	6	via	via	ADP
fsr-4154	293	7	cbdcs	cbdc	NOUN
fsr-4154	293	8	introduces	introduce	NOUN
fsr-4154	293	9	advantages	advantage	NOUN
fsr-4154	293	10	that	that	PRON
fsr-4154	293	11	increase	increase	VERB
fsr-4154	293	12	the	the	DET
fsr-4154	293	13	efficiency	efficiency	NOUN
fsr-4154	293	14	and	and	CCONJ
fsr-4154	293	15	effectiveness	effectiveness	NOUN
fsr-4154	293	16	of	of	ADP
fsr-4154	293	17	welfare	welfare	NOUN
fsr-4154	293	18	distribution	distribution	NOUN
fsr-4154	293	19	.	.	PUNCT
fsr-4154	294	1	an	an	DET
fsr-4154	294	2	academic	academic	ADJ
fsr-4154	294	3	expert	expert	NOUN
fsr-4154	294	4	(	(	PUNCT
fsr-4154	294	5	ap4	ap4	PROPN
fsr-4154	294	6	)	)	PUNCT
fsr-4154	294	7	emphasized	emphasize	VERB
fsr-4154	294	8	the	the	DET
fsr-4154	294	9	potential	potential	NOUN
fsr-4154	294	10	for	for	ADP
fsr-4154	294	11	targeted	target	VERB
fsr-4154	294	12	distribution	distribution	NOUN
fsr-4154	294	13	:	:	PUNCT
fsr-4154	294	14	“	"	PUNCT
fsr-4154	294	15	purpose	purpose	NOUN
fsr-4154	294	16	-	-	PUNCT
fsr-4154	294	17	specific	specific	ADJ
fsr-4154	294	18	tokens	token	NOUN
fsr-4154	294	19	could	could	AUX
fsr-4154	294	20	ensure	ensure	VERB
fsr-4154	294	21	that	that	SCONJ
fsr-4154	294	22	benefits	benefit	NOUN
fsr-4154	294	23	reach	reach	VERB
fsr-4154	294	24	intended	intend	VERB
fsr-4154	294	25	beneficiaries	beneficiary	NOUN
fsr-4154	294	26	with	with	ADP
fsr-4154	294	27	minimal	minimal	ADJ
fsr-4154	294	28	leakage	leakage	NOUN
fsr-4154	294	29	.	.	PUNCT
fsr-4154	294	30	”	"	PUNCT
fsr-4154	295	1	however	however	ADV
fsr-4154	295	2	,	,	PUNCT
fsr-4154	295	3	financial	financial	ADJ
fsr-4154	295	4	inclusion	inclusion	NOUN
fsr-4154	295	5	practitioners	practitioner	NOUN
fsr-4154	295	6	highlighted	highlight	VERB
fsr-4154	295	7	implementation	implementation	NOUN
fsr-4154	295	8	challenges	challenge	NOUN
fsr-4154	295	9	.	.	PUNCT
fsr-4154	296	1	a	a	DET
fsr-4154	296	2	financial	financial	ADJ
fsr-4154	296	3	inclusion	inclusion	NOUN
fsr-4154	296	4	expert	expert	NOUN
fsr-4154	296	5	(	(	PUNCT
fsr-4154	296	6	bp7	bp7	PROPN
fsr-4154	296	7	)	)	PUNCT
fsr-4154	296	8	noted	note	VERB
fsr-4154	296	9	:	:	PUNCT
fsr-4154	296	10	“	"	PUNCT
fsr-4154	296	11	lastmile	lastmile	ADJ
fsr-4154	296	12	distribution	distribution	NOUN
fsr-4154	296	13	requires	require	VERB
fsr-4154	296	14	not	not	PART
fsr-4154	296	15	just	just	ADV
fsr-4154	296	16	technology	technology	NOUN
fsr-4154	296	17	but	but	CCONJ
fsr-4154	296	18	trusted	trust	VERB
fsr-4154	296	19	human	human	ADJ
fsr-4154	296	20	intermediaries	intermediary	NOUN
fsr-4154	296	21	,	,	PUNCT
fsr-4154	296	22	particularly	particularly	ADV
fsr-4154	296	23	in	in	ADP
fsr-4154	296	24	rural	rural	ADJ
fsr-4154	296	25	areas	area	NOUN
fsr-4154	296	26	.	.	PUNCT
fsr-4154	296	27	”	"	PUNCT
fsr-4154	297	1	this	this	DET
fsr-4154	297	2	perspective	perspective	NOUN
fsr-4154	297	3	emphasized	emphasize	VERB
fsr-4154	297	4	that	that	SCONJ
fsr-4154	297	5	technological	technological	ADJ
fsr-4154	297	6	innovation	innovation	NOUN
fsr-4154	297	7	alone	alone	ADV
fsr-4154	297	8	can	can	AUX
fsr-4154	297	9	not	not	PART
fsr-4154	297	10	address	address	VERB
fsr-4154	297	11	financial	financial	ADJ
fsr-4154	297	12	inclusion	inclusion	NOUN
fsr-4154	297	13	challenges	challenge	NOUN
fsr-4154	297	14	without	without	ADP
fsr-4154	297	15	appropriate	appropriate	ADJ
fsr-4154	297	16	distribution	distribution	NOUN
fsr-4154	297	17	strategies	strategy	NOUN
fsr-4154	297	18	and	and	CCONJ
fsr-4154	297	19	supporting	support	VERB
fsr-4154	297	20	infrastructure	infrastructure	NOUN
fsr-4154	297	21	.	.	PUNCT
fsr-4154	298	1	synthesis	synthesis	NOUN
fsr-4154	298	2	of	of	ADP
fsr-4154	298	3	expert	expert	NOUN
fsr-4154	298	4	perspectives	perspective	NOUN
fsr-4154	298	5	our	our	PRON
fsr-4154	298	6	analysis	analysis	NOUN
fsr-4154	298	7	revealed	reveal	VERB
fsr-4154	298	8	important	important	ADJ
fsr-4154	298	9	tensions	tension	NOUN
fsr-4154	298	10	between	between	ADP
fsr-4154	298	11	different	different	ADJ
fsr-4154	298	12	stakeholder	stakeholder	NOUN
fsr-4154	298	13	groups	group	NOUN
fsr-4154	298	14	regarding	regard	VERB
fsr-4154	298	15	cbdc	cbdc	NOUN
fsr-4154	298	16	design	design	NOUN
fsr-4154	298	17	and	and	CCONJ
fsr-4154	298	18	implementation	implementation	NOUN
fsr-4154	298	19	.	.	PUNCT
fsr-4154	299	1	technology	technology	NOUN
fsr-4154	299	2	experts	expert	NOUN
fsr-4154	299	3	favored	favor	VERB
fsr-4154	299	4	innovative	innovative	ADJ
fsr-4154	299	5	,	,	PUNCT
fsr-4154	299	6	feature	feature	NOUN
fsr-4154	299	7	-	-	PUNCT
fsr-4154	299	8	rich	rich	ADJ
fsr-4154	299	9	approaches	approach	NOUN
fsr-4154	299	10	that	that	PRON
fsr-4154	299	11	maximize	maximize	VERB
fsr-4154	299	12	the	the	DET
fsr-4154	299	13	transformative	transformative	ADJ
fsr-4154	299	14	potential	potential	NOUN
fsr-4154	299	15	of	of	ADP
fsr-4154	299	16	digital	digital	ADJ
fsr-4154	299	17	currencies	currency	NOUN
fsr-4154	299	18	.	.	PUNCT
fsr-4154	300	1	banking	banking	NOUN
fsr-4154	300	2	professionals	professional	NOUN
fsr-4154	300	3	emphasized	emphasize	VERB
fsr-4154	300	4	stability	stability	NOUN
fsr-4154	300	5	,	,	PUNCT
fsr-4154	300	6	integration	integration	NOUN
fsr-4154	300	7	with	with	ADP
fsr-4154	300	8	existing	exist	VERB
fsr-4154	300	9	systems	system	NOUN
fsr-4154	300	10	,	,	PUNCT
fsr-4154	300	11	and	and	CCONJ
fsr-4154	300	12	minimizing	minimize	VERB
fsr-4154	300	13	disruption	disruption	NOUN
fsr-4154	300	14	to	to	ADP
fsr-4154	300	15	established	establish	VERB
fsr-4154	300	16	business	business	NOUN
fsr-4154	300	17	models	model	NOUN
fsr-4154	300	18	.	.	PUNCT
fsr-4154	301	1	academic	academic	ADJ
fsr-4154	301	2	and	and	CCONJ
fsr-4154	301	3	regulatory	regulatory	ADJ
fsr-4154	301	4	experts	expert	NOUN
fsr-4154	301	5	focused	focus	VERB
fsr-4154	301	6	on	on	ADP
fsr-4154	301	7	the	the	DET
fsr-4154	301	8	broader	broad	ADJ
fsr-4154	301	9	socioeconomic	socioeconomic	ADJ
fsr-4154	301	10	implications	implication	NOUN
fsr-4154	301	11	,	,	PUNCT
fsr-4154	301	12	particularly	particularly	ADV
fsr-4154	301	13	regarding	regard	VERB
fsr-4154	301	14	financial	financial	ADJ
fsr-4154	301	15	inclusion	inclusion	NOUN
fsr-4154	301	16	and	and	CCONJ
fsr-4154	301	17	monetary	monetary	ADJ
fsr-4154	301	18	policy	policy	NOUN
fsr-4154	301	19	effectiveness	effectiveness	NOUN
fsr-4154	301	20	.	.	PUNCT
fsr-4154	302	1	despite	despite	SCONJ
fsr-4154	302	2	these	these	DET
fsr-4154	302	3	differences	difference	NOUN
fsr-4154	302	4	,	,	PUNCT
fsr-4154	302	5	several	several	ADJ
fsr-4154	302	6	areas	area	NOUN
fsr-4154	302	7	of	of	ADP
fsr-4154	302	8	consensus	consensus	NOUN
fsr-4154	302	9	emerged	emerge	VERB
fsr-4154	302	10	across	across	ADP
fsr-4154	302	11	expert	expert	NOUN
fsr-4154	302	12	groups	group	NOUN
fsr-4154	302	13	.	.	PUNCT
fsr-4154	303	1	first	first	ADV
fsr-4154	303	2	,	,	PUNCT
fsr-4154	303	3	all	all	DET
fsr-4154	303	4	participants	participant	NOUN
fsr-4154	303	5	agreed	agree	VERB
fsr-4154	303	6	that	that	DET
fsr-4154	303	7	cbdc	cbdc	NOUN
fsr-4154	303	8	should	should	AUX
fsr-4154	303	9	complement	complement	VERB
fsr-4154	303	10	rather	rather	ADV
fsr-4154	303	11	than	than	ADP
fsr-4154	303	12	replace	replace	VERB
fsr-4154	303	13	existing	exist	VERB
fsr-4154	303	14	payment	payment	NOUN
fsr-4154	303	15	systems	system	NOUN
fsr-4154	303	16	,	,	PUNCT
fsr-4154	303	17	particularly	particularly	ADV
fsr-4154	303	18	in	in	ADP
fsr-4154	303	19	economies	economy	NOUN
fsr-4154	303	20	with	with	ADP
fsr-4154	303	21	established	establish	VERB
fsr-4154	303	22	digital	digital	ADJ
fsr-4154	303	23	payment	payment	NOUN
fsr-4154	303	24	infrastructure	infrastructure	NOUN
fsr-4154	303	25	.	.	PUNCT
fsr-4154	304	1	second	second	ADJ
fsr-4154	304	2	,	,	PUNCT
fsr-4154	304	3	a	a	DET
fsr-4154	304	4	two	two	NUM
fsr-4154	304	5	-	-	PUNCT
fsr-4154	304	6	tier	tier	NOUN
fsr-4154	304	7	distribution	distribution	NOUN
fsr-4154	304	8	model	model	NOUN
fsr-4154	304	9	was	be	AUX
fsr-4154	304	10	widely	widely	ADV
fsr-4154	304	11	endorsed	endorse	VERB
fsr-4154	304	12	as	as	ADP
fsr-4154	304	13	appropriate	appropriate	ADJ
fsr-4154	304	14	for	for	ADP
fsr-4154	304	15	preserving	preserve	VERB
fsr-4154	304	16	financial	financial	ADJ
fsr-4154	304	17	stability	stability	NOUN
fsr-4154	304	18	while	while	SCONJ
fsr-4154	304	19	enabling	enable	VERB
fsr-4154	304	20	innovation	innovation	NOUN
fsr-4154	304	21	.	.	PUNCT
fsr-4154	305	1	third	third	ADJ
fsr-4154	305	2	,	,	PUNCT
fsr-4154	305	3	experts	expert	NOUN
fsr-4154	305	4	across	across	ADP
fsr-4154	305	5	all	all	DET
fsr-4154	305	6	groups	group	NOUN
fsr-4154	305	7	emphasized	emphasize	VERB
fsr-4154	305	8	the	the	DET
fsr-4154	305	9	importance	importance	NOUN
fsr-4154	305	10	of	of	ADP
fsr-4154	305	11	offline	offline	ADJ
fsr-4154	305	12	functionality	functionality	NOUN
fsr-4154	305	13	for	for	ADP
fsr-4154	305	14	addressing	address	VERB
fsr-4154	305	15	financial	financial	ADJ
fsr-4154	305	16	inclusion	inclusion	NOUN
fsr-4154	305	17	objectives	objective	NOUN
fsr-4154	305	18	,	,	PUNCT
fsr-4154	305	19	particularly	particularly	ADV
fsr-4154	305	20	in	in	ADP
fsr-4154	305	21	regions	region	NOUN
fsr-4154	305	22	with	with	ADP
fsr-4154	305	23	limited	limited	ADJ
fsr-4154	305	24	connectivity	connectivity	NOUN
fsr-4154	305	25	.	.	PUNCT
fsr-4154	306	1	the	the	DET
fsr-4154	306	2	stakeholder	stakeholder	NOUN
fsr-4154	306	3	tensions	tension	NOUN
fsr-4154	306	4	reflect	reflect	VERB
fsr-4154	306	5	deeper	deep	ADJ
fsr-4154	306	6	questions	question	NOUN
fsr-4154	306	7	about	about	ADP
fsr-4154	306	8	the	the	DET
fsr-4154	306	9	pace	pace	NOUN
fsr-4154	306	10	and	and	CCONJ
fsr-4154	306	11	scope	scope	NOUN
fsr-4154	306	12	of	of	ADP
fsr-4154	306	13	financial	financial	ADJ
fsr-4154	306	14	system	system	NOUN
fsr-4154	306	15	transformation	transformation	NOUN
fsr-4154	306	16	.	.	PUNCT
fsr-4154	307	1	the	the	DET
fsr-4154	307	2	consensus	consensus	NOUN
fsr-4154	307	3	around	around	ADP
fsr-4154	307	4	complementary	complementary	ADJ
fsr-4154	307	5	rather	rather	ADV
fsr-4154	307	6	than	than	ADP
fsr-4154	307	7	disruptive	disruptive	ADJ
fsr-4154	307	8	implementation	implementation	NOUN
fsr-4154	307	9	suggests	suggest	VERB
fsr-4154	307	10	that	that	SCONJ
fsr-4154	307	11	successful	successful	ADJ
fsr-4154	307	12	cbdc	cbdc	NOUN
fsr-4154	307	13	design	design	NOUN
fsr-4154	307	14	requires	require	VERB
fsr-4154	307	15	careful	careful	ADJ
fsr-4154	307	16	calibration	calibration	NOUN
fsr-4154	307	17	between	between	ADP
fsr-4154	307	18	innovation	innovation	NOUN
fsr-4154	307	19	and	and	CCONJ
fsr-4154	307	20	stability	stability	NOUN
fsr-4154	307	21	,	,	PUNCT
fsr-4154	307	22	a	a	DET
fsr-4154	307	23	finding	finding	NOUN
fsr-4154	307	24	particularly	particularly	ADV
fsr-4154	307	25	relevant	relevant	ADJ
fsr-4154	307	26	for	for	ADP
fsr-4154	307	27	emerging	emerge	VERB
fsr-4154	307	28	economies	economy	NOUN
fsr-4154	307	29	with	with	ADP
fsr-4154	307	30	established	establish	VERB
fsr-4154	307	31	digital	digital	ADJ
fsr-4154	307	32	payment	payment	NOUN
fsr-4154	307	33	infrastructures	infrastructure	NOUN
fsr-4154	307	34	(	(	PUNCT
fsr-4154	307	35	rq3	rq3	PROPN
fsr-4154	307	36	)	)	PUNCT
fsr-4154	307	37	.	.	PUNCT
fsr-4154	308	1	conclusion	conclusion	NOUN
fsr-4154	308	2	as	as	SCONJ
fsr-4154	308	3	134	134	NUM
fsr-4154	308	4	countries	country	NOUN
fsr-4154	308	5	explore	explore	VERB
fsr-4154	308	6	cbdc	cbdc	NOUN
fsr-4154	308	7	implementation	implementation	NOUN
fsr-4154	308	8	,	,	PUNCT
fsr-4154	308	9	this	this	DET
fsr-4154	308	10	study	study	NOUN
fsr-4154	308	11	offers	offer	VERB
fsr-4154	308	12	actionable	actionable	ADJ
fsr-4154	308	13	insights	insight	NOUN
fsr-4154	308	14	into	into	ADP
fsr-4154	308	15	the	the	DET
fsr-4154	308	16	design	design	NOUN
fsr-4154	308	17	factors	factor	NOUN
fsr-4154	308	18	that	that	PRON
fsr-4154	308	19	shape	shape	VERB
fsr-4154	308	20	implementation	implementation	NOUN
fsr-4154	308	21	outcomes	outcome	NOUN
fsr-4154	308	22	,	,	PUNCT
fsr-4154	308	23	particularly	particularly	ADV
fsr-4154	308	24	in	in	ADP
fsr-4154	308	25	emerging	emerge	VERB
fsr-4154	308	26	economies	economy	NOUN
fsr-4154	308	27	with	with	ADP
fsr-4154	308	28	advanced	advanced	ADJ
fsr-4154	308	29	digital	digital	ADJ
fsr-4154	308	30	financial	financial	ADJ
fsr-4154	308	31	infrastructures	infrastructure	NOUN
fsr-4154	308	32	.	.	PUNCT
fsr-4154	309	1	using	use	VERB
fsr-4154	309	2	india	india	PROPN
fsr-4154	309	3	’s	’s	PART
fsr-4154	309	4	e	e	NOUN
fsr-4154	309	5	-	-	NOUN
fsr-4154	309	6	rupee	rupee	NOUN
fsr-4154	309	7	as	as	ADP
fsr-4154	309	8	a	a	DET
fsr-4154	309	9	reference	reference	NOUN
fsr-4154	309	10	case	case	NOUN
fsr-4154	309	11	,	,	PUNCT
fsr-4154	309	12	we	we	PRON
fsr-4154	309	13	examined	examine	VERB
fsr-4154	309	14	how	how	SCONJ
fsr-4154	309	15	specific	specific	ADJ
fsr-4154	309	16	design	design	NOUN
fsr-4154	309	17	decisions	decision	NOUN
fsr-4154	309	18	affect	affect	VERB
fsr-4154	309	19	integration	integration	NOUN
fsr-4154	309	20	with	with	ADP
fsr-4154	309	21	existing	exist	VERB
fsr-4154	309	22	financial	financial	ADJ
fsr-4154	309	23	systems	system	NOUN
fsr-4154	309	24	.	.	PUNCT
fsr-4154	310	1	drawing	draw	VERB
fsr-4154	310	2	on	on	ADP
fsr-4154	310	3	interviews	interview	NOUN
fsr-4154	310	4	with	with	ADP
fsr-4154	310	5	22	22	NUM
fsr-4154	310	6	experts	expert	NOUN
fsr-4154	310	7	across	across	ADP
fsr-4154	310	8	fintech	fintech	NOUN
fsr-4154	310	9	,	,	PUNCT
fsr-4154	310	10	banking	banking	NOUN
fsr-4154	310	11	,	,	PUNCT
fsr-4154	310	12	and	and	CCONJ
fsr-4154	310	13	academia	academia	NOUN
fsr-4154	310	14	,	,	PUNCT
fsr-4154	310	15	we	we	PRON
fsr-4154	310	16	identified	identify	VERB
fsr-4154	310	17	several	several	ADJ
fsr-4154	310	18	interdependent	interdependent	ADJ
fsr-4154	310	19	design	design	NOUN
fsr-4154	310	20	considerations	consideration	NOUN
fsr-4154	310	21	critical	critical	ADJ
fsr-4154	310	22	to	to	PART
fsr-4154	310	23	cbdc	cbdc	VERB
fsr-4154	310	24	effectiveness	effectiveness	NOUN
fsr-4154	310	25	.	.	PUNCT
fsr-4154	311	1	three	three	NUM
fsr-4154	311	2	core	core	NOUN
fsr-4154	311	3	insights	insight	NOUN
fsr-4154	311	4	emerged	emerge	VERB
fsr-4154	311	5	from	from	ADP
fsr-4154	311	6	the	the	DET
fsr-4154	311	7	analysis	analysis	NOUN
fsr-4154	311	8	.	.	PUNCT
fsr-4154	312	1	first	first	ADV
fsr-4154	312	2	,	,	PUNCT
fsr-4154	312	3	experts	expert	NOUN
fsr-4154	312	4	broadly	broadly	ADV
fsr-4154	312	5	supported	support	VERB
fsr-4154	312	6	a	a	DET
fsr-4154	312	7	two	two	NUM
fsr-4154	312	8	-	-	PUNCT
fsr-4154	312	9	tier	tier	NOUN
fsr-4154	312	10	,	,	PUNCT
fsr-4154	312	11	noninterest	noninterest	NOUN
fsr-4154	312	12	-	-	PUNCT
fsr-4154	312	13	bearing	bear	VERB
fsr-4154	312	14	model	model	NOUN
fsr-4154	312	15	that	that	PRON
fsr-4154	312	16	preserves	preserve	VERB
fsr-4154	312	17	banking	banking	NOUN
fsr-4154	312	18	sector	sector	NOUN
fsr-4154	312	19	stability	stability	NOUN
fsr-4154	312	20	while	while	SCONJ
fsr-4154	312	21	enabling	enable	VERB
fsr-4154	312	22	innovation	innovation	NOUN
fsr-4154	312	23	.	.	PUNCT
fsr-4154	313	1	emphasis	emphasis	NOUN
fsr-4154	313	2	was	be	AUX
fsr-4154	313	3	placed	place	VERB
fsr-4154	313	4	on	on	ADP
fsr-4154	313	5	settlement	settlement	NOUN
fsr-4154	313	6	finality	finality	NOUN
fsr-4154	313	7	and	and	CCONJ
fsr-4154	313	8	shekhar	shekhar	PROPN
fsr-4154	313	9	&	&	CCONJ
fsr-4154	313	10	ramesh	ramesh	PROPN
fsr-4154	313	11	73	73	NUM
fsr-4154	313	12	offline	offline	ADJ
fsr-4154	313	13	capabilities	capability	NOUN
fsr-4154	313	14	as	as	ADP
fsr-4154	313	15	prerequisites	prerequisite	NOUN
fsr-4154	313	16	for	for	ADP
fsr-4154	313	17	broadbased	broadbased	ADJ
fsr-4154	313	18	adoption	adoption	NOUN
fsr-4154	313	19	and	and	CCONJ
fsr-4154	313	20	accessibility	accessibility	NOUN
fsr-4154	313	21	.	.	PUNCT
fsr-4154	314	1	second	second	ADJ
fsr-4154	314	2	,	,	PUNCT
fsr-4154	314	3	cbdcs	cbdc	NOUN
fsr-4154	314	4	should	should	AUX
fsr-4154	314	5	be	be	AUX
fsr-4154	314	6	designed	design	VERB
fsr-4154	314	7	to	to	PART
fsr-4154	314	8	complement	complement	VERB
fsr-4154	314	9	existing	exist	VERB
fsr-4154	314	10	digital	digital	ADJ
fsr-4154	314	11	payment	payment	NOUN
fsr-4154	314	12	platforms	platform	NOUN
fsr-4154	314	13	,	,	PUNCT
fsr-4154	314	14	such	such	ADJ
fsr-4154	314	15	as	as	ADP
fsr-4154	314	16	india	india	PROPN
fsr-4154	314	17	’s	’s	PART
fsr-4154	314	18	upi	upi	PROPN
fsr-4154	314	19	.	.	PUNCT
fsr-4154	315	1	when	when	SCONJ
fsr-4154	315	2	properly	properly	ADV
fsr-4154	315	3	integrated	integrate	VERB
fsr-4154	315	4	,	,	PUNCT
fsr-4154	315	5	cbdcs	cbdc	NOUN
fsr-4154	315	6	can	can	AUX
fsr-4154	315	7	enhance	enhance	VERB
fsr-4154	315	8	transaction	transaction	NOUN
fsr-4154	315	9	efficiency	efficiency	NOUN
fsr-4154	315	10	,	,	PUNCT
fsr-4154	315	11	security	security	NOUN
fsr-4154	315	12	,	,	PUNCT
fsr-4154	315	13	and	and	CCONJ
fsr-4154	315	14	programmability	programmability	NOUN
fsr-4154	315	15	,	,	PUNCT
fsr-4154	315	16	without	without	ADP
fsr-4154	315	17	disrupting	disrupt	VERB
fsr-4154	315	18	well	well	ADV
fsr-4154	315	19	-	-	PUNCT
fsr-4154	315	20	functioning	function	VERB
fsr-4154	315	21	payment	payment	NOUN
fsr-4154	315	22	ecosystems	ecosystem	NOUN
fsr-4154	315	23	.	.	PUNCT
fsr-4154	316	1	third	third	ADJ
fsr-4154	316	2	,	,	PUNCT
fsr-4154	316	3	a	a	DET
fsr-4154	316	4	phased	phase	VERB
fsr-4154	316	5	implementation	implementation	NOUN
fsr-4154	316	6	strategy	strategy	NOUN
fsr-4154	316	7	,	,	PUNCT
fsr-4154	316	8	guided	guide	VERB
fsr-4154	316	9	by	by	ADP
fsr-4154	316	10	clear	clear	ADJ
fsr-4154	316	11	performance	performance	NOUN
fsr-4154	316	12	metrics	metric	NOUN
fsr-4154	316	13	and	and	CCONJ
fsr-4154	316	14	public	public	ADJ
fsr-4154	316	15	-	-	PUNCT
fsr-4154	316	16	private	private	ADJ
fsr-4154	316	17	collaboration	collaboration	NOUN
fsr-4154	316	18	,	,	PUNCT
fsr-4154	316	19	is	be	AUX
fsr-4154	316	20	essential	essential	ADJ
fsr-4154	316	21	.	.	PUNCT
fsr-4154	317	1	early	early	ADJ
fsr-4154	317	2	architectural	architectural	ADJ
fsr-4154	317	3	and	and	CCONJ
fsr-4154	317	4	governance	governance	NOUN
fsr-4154	317	5	choices	choice	NOUN
fsr-4154	317	6	have	have	VERB
fsr-4154	317	7	long	long	ADJ
fsr-4154	317	8	-	-	PUNCT
fsr-4154	317	9	term	term	NOUN
fsr-4154	317	10	consequences	consequence	NOUN
fsr-4154	317	11	.	.	PUNCT
fsr-4154	318	1	this	this	PRON
fsr-4154	318	2	reinforces	reinforce	VERB
fsr-4154	318	3	the	the	DET
fsr-4154	318	4	need	need	NOUN
fsr-4154	318	5	for	for	ADP
fsr-4154	318	6	strategic	strategic	ADJ
fsr-4154	318	7	foresight	foresight	NOUN
fsr-4154	318	8	.	.	PUNCT
fsr-4154	319	1	these	these	DET
fsr-4154	319	2	findings	finding	NOUN
fsr-4154	319	3	contribute	contribute	VERB
fsr-4154	319	4	to	to	ADP
fsr-4154	319	5	a	a	DET
fsr-4154	319	6	relatively	relatively	ADV
fsr-4154	319	7	underdeveloped	underdeveloped	ADJ
fsr-4154	319	8	dimension	dimension	NOUN
fsr-4154	319	9	of	of	ADP
fsr-4154	319	10	cbdc	cbdc	NOUN
fsr-4154	319	11	research	research	NOUN
fsr-4154	319	12	by	by	ADP
fsr-4154	319	13	introducing	introduce	VERB
fsr-4154	319	14	a	a	DET
fsr-4154	319	15	generalizable	generalizable	ADJ
fsr-4154	319	16	four	four	NUM
fsr-4154	319	17	-	-	PUNCT
fsr-4154	319	18	layer	layer	NOUN
fsr-4154	319	19	design	design	NOUN
fsr-4154	319	20	framework	framework	NOUN
fsr-4154	319	21	.	.	PUNCT
fsr-4154	320	1	this	this	DET
fsr-4154	320	2	framework	framework	NOUN
fsr-4154	320	3	comprises	comprise	VERB
fsr-4154	320	4	four	four	NUM
fsr-4154	320	5	interrelated	interrelated	ADJ
fsr-4154	320	6	dimensions	dimension	NOUN
fsr-4154	320	7	:	:	PUNCT
fsr-4154	320	8	technology	technology	NOUN
fsr-4154	320	9	,	,	PUNCT
fsr-4154	320	10	security	security	NOUN
fsr-4154	320	11	,	,	PUNCT
fsr-4154	320	12	financial	financial	ADJ
fsr-4154	320	13	functionality	functionality	NOUN
fsr-4154	320	14	,	,	PUNCT
fsr-4154	320	15	and	and	CCONJ
fsr-4154	320	16	user	user	NOUN
fsr-4154	320	17	experience	experience	NOUN
fsr-4154	320	18	.	.	PUNCT
fsr-4154	321	1	it	it	PRON
fsr-4154	321	2	provides	provide	VERB
fsr-4154	321	3	a	a	DET
fsr-4154	321	4	structured	structured	ADJ
fsr-4154	321	5	approach	approach	NOUN
fsr-4154	321	6	for	for	ADP
fsr-4154	321	7	understanding	understand	VERB
fsr-4154	321	8	how	how	SCONJ
fsr-4154	321	9	design	design	NOUN
fsr-4154	321	10	decisions	decision	NOUN
fsr-4154	321	11	cascade	cascade	VERB
fsr-4154	321	12	through	through	ADP
fsr-4154	321	13	financial	financial	ADJ
fsr-4154	321	14	systems	system	NOUN
fsr-4154	321	15	,	,	PUNCT
fsr-4154	321	16	shaping	shape	VERB
fsr-4154	321	17	accessibility	accessibility	NOUN
fsr-4154	321	18	,	,	PUNCT
fsr-4154	321	19	stability	stability	NOUN
fsr-4154	321	20	,	,	PUNCT
fsr-4154	321	21	and	and	CCONJ
fsr-4154	321	22	innovation	innovation	NOUN
fsr-4154	321	23	.	.	PUNCT
fsr-4154	322	1	beyond	beyond	ADP
fsr-4154	322	2	its	its	PRON
fsr-4154	322	3	analytical	analytical	ADJ
fsr-4154	322	4	utility	utility	NOUN
fsr-4154	322	5	,	,	PUNCT
fsr-4154	322	6	the	the	DET
fsr-4154	322	7	framework	framework	NOUN
fsr-4154	322	8	serves	serve	VERB
fsr-4154	322	9	as	as	ADP
fsr-4154	322	10	a	a	DET
fsr-4154	322	11	practical	practical	ADJ
fsr-4154	322	12	tool	tool	NOUN
fsr-4154	322	13	for	for	ADP
fsr-4154	322	14	policymakers	policymaker	NOUN
fsr-4154	322	15	navigating	navigate	VERB
fsr-4154	322	16	complex	complex	ADJ
fsr-4154	322	17	implementation	implementation	NOUN
fsr-4154	322	18	environments	environment	NOUN
fsr-4154	322	19	.	.	PUNCT
fsr-4154	323	1	we	we	PRON
fsr-4154	323	2	recommend	recommend	VERB
fsr-4154	323	3	that	that	SCONJ
fsr-4154	323	4	regulators	regulator	NOUN
fsr-4154	323	5	in	in	ADP
fsr-4154	323	6	emerging	emerge	VERB
fsr-4154	323	7	economies	economy	NOUN
fsr-4154	323	8	prioritize	prioritize	VERB
fsr-4154	323	9	interoperability	interoperability	NOUN
fsr-4154	323	10	with	with	ADP
fsr-4154	323	11	existing	exist	VERB
fsr-4154	323	12	payment	payment	NOUN
fsr-4154	323	13	platforms	platform	NOUN
fsr-4154	323	14	,	,	PUNCT
fsr-4154	323	15	leverage	leverage	NOUN
fsr-4154	323	16	established	establish	VERB
fsr-4154	323	17	financial	financial	ADJ
fsr-4154	323	18	infrastructure	infrastructure	NOUN
fsr-4154	323	19	,	,	PUNCT
fsr-4154	323	20	and	and	CCONJ
fsr-4154	323	21	implement	implement	VERB
fsr-4154	323	22	governance	governance	NOUN
fsr-4154	323	23	models	model	NOUN
fsr-4154	323	24	that	that	PRON
fsr-4154	323	25	balance	balance	NOUN
fsr-4154	323	26	innovation	innovation	NOUN
fsr-4154	323	27	with	with	ADP
fsr-4154	323	28	systemic	systemic	ADJ
fsr-4154	323	29	stability	stability	NOUN
fsr-4154	323	30	.	.	PUNCT
fsr-4154	324	1	we	we	PRON
fsr-4154	324	2	acknowledge	acknowledge	VERB
fsr-4154	324	3	that	that	SCONJ
fsr-4154	324	4	our	our	PRON
fsr-4154	324	5	expert	expert	NOUN
fsr-4154	324	6	sample	sample	NOUN
fsr-4154	324	7	predominantly	predominantly	ADV
fsr-4154	324	8	included	include	VERB
fsr-4154	324	9	professionals	professional	NOUN
fsr-4154	324	10	from	from	ADP
fsr-4154	324	11	major	major	ADJ
fsr-4154	324	12	financial	financial	ADJ
fsr-4154	324	13	centers	center	NOUN
fsr-4154	324	14	,	,	PUNCT
fsr-4154	324	15	potentially	potentially	ADV
fsr-4154	324	16	limiting	limit	VERB
fsr-4154	324	17	insights	insight	NOUN
fsr-4154	324	18	from	from	ADP
fsr-4154	324	19	regional	regional	ADJ
fsr-4154	324	20	or	or	CCONJ
fsr-4154	324	21	rural	rural	ADJ
fsr-4154	324	22	contexts	context	NOUN
fsr-4154	324	23	where	where	SCONJ
fsr-4154	324	24	implementation	implementation	NOUN
fsr-4154	324	25	challenges	challenge	NOUN
fsr-4154	324	26	may	may	AUX
fsr-4154	324	27	differ	differ	VERB
fsr-4154	324	28	significantly	significantly	ADV
fsr-4154	324	29	.	.	PUNCT
fsr-4154	325	1	broader	broad	ADJ
fsr-4154	325	2	geographic	geographic	ADJ
fsr-4154	325	3	representation	representation	NOUN
fsr-4154	325	4	could	could	AUX
fsr-4154	325	5	provide	provide	VERB
fsr-4154	325	6	a	a	DET
fsr-4154	325	7	deeper	deep	ADJ
fsr-4154	325	8	understanding	understanding	NOUN
fsr-4154	325	9	of	of	ADP
fsr-4154	325	10	local	local	ADJ
fsr-4154	325	11	-	-	PUNCT
fsr-4154	325	12	level	level	NOUN
fsr-4154	325	13	complexities	complexity	NOUN
fsr-4154	325	14	.	.	PUNCT
fsr-4154	326	1	additionally	additionally	ADV
fsr-4154	326	2	,	,	PUNCT
fsr-4154	326	3	our	our	PRON
fsr-4154	326	4	data	datum	NOUN
fsr-4154	326	5	was	be	AUX
fsr-4154	326	6	collected	collect	VERB
fsr-4154	326	7	at	at	ADP
fsr-4154	326	8	an	an	DET
fsr-4154	326	9	early	early	ADJ
fsr-4154	326	10	stage	stage	NOUN
fsr-4154	326	11	of	of	ADP
fsr-4154	326	12	global	global	ADJ
fsr-4154	326	13	cbdc	cbdc	NOUN
fsr-4154	326	14	implementation	implementation	NOUN
fsr-4154	326	15	,	,	PUNCT
fsr-4154	326	16	suggesting	suggest	VERB
fsr-4154	326	17	that	that	SCONJ
fsr-4154	326	18	certain	certain	ADJ
fsr-4154	326	19	findings	finding	NOUN
fsr-4154	326	20	might	might	AUX
fsr-4154	326	21	evolve	evolve	VERB
fsr-4154	326	22	as	as	ADP
fsr-4154	326	23	practical	practical	ADJ
fsr-4154	326	24	experiences	experience	NOUN
fsr-4154	326	25	accumulate	accumulate	VERB
fsr-4154	326	26	.	.	PUNCT
fsr-4154	327	1	future	future	ADJ
fsr-4154	327	2	studies	study	NOUN
fsr-4154	327	3	at	at	ADP
fsr-4154	327	4	more	more	ADV
fsr-4154	327	5	advanced	advanced	ADJ
fsr-4154	327	6	implementation	implementation	NOUN
fsr-4154	327	7	stages	stage	NOUN
fsr-4154	327	8	would	would	AUX
fsr-4154	327	9	validate	validate	VERB
fsr-4154	327	10	or	or	CCONJ
fsr-4154	327	11	refine	refine	VERB
fsr-4154	327	12	these	these	DET
fsr-4154	327	13	insights	insight	NOUN
fsr-4154	327	14	.	.	PUNCT
fsr-4154	328	1	future	future	ADJ
fsr-4154	328	2	research	research	NOUN
fsr-4154	328	3	should	should	AUX
fsr-4154	328	4	quantitatively	quantitatively	ADV
fsr-4154	328	5	evaluate	evaluate	VERB
fsr-4154	328	6	cbdc	cbdc	NOUN
fsr-4154	328	7	outcomes	outcome	NOUN
fsr-4154	328	8	,	,	PUNCT
fsr-4154	328	9	undertake	undertake	VERB
fsr-4154	328	10	comparative	comparative	ADJ
fsr-4154	328	11	analyses	analysis	NOUN
fsr-4154	328	12	across	across	ADP
fsr-4154	328	13	diverse	diverse	ADJ
fsr-4154	328	14	implementation	implementation	NOUN
fsr-4154	328	15	environments	environment	NOUN
fsr-4154	328	16	,	,	PUNCT
fsr-4154	328	17	and	and	CCONJ
fsr-4154	328	18	conduct	conduct	VERB
fsr-4154	328	19	longitudinal	longitudinal	ADJ
fsr-4154	328	20	assessments	assessment	NOUN
fsr-4154	328	21	of	of	ADP
fsr-4154	328	22	cbdc	cbdc	NOUN
fsr-4154	328	23	impacts	impact	NOUN
fsr-4154	328	24	on	on	ADP
fsr-4154	328	25	financial	financial	ADJ
fsr-4154	328	26	inclusion	inclusion	NOUN
fsr-4154	328	27	and	and	CCONJ
fsr-4154	328	28	banking	banking	NOUN
fsr-4154	328	29	dynamics	dynamic	NOUN
fsr-4154	328	30	.	.	PUNCT
fsr-4154	329	1	as	as	SCONJ
fsr-4154	329	2	global	global	ADJ
fsr-4154	329	3	cbdc	cbdc	NOUN
fsr-4154	329	4	adoption	adoption	NOUN
fsr-4154	329	5	progresses	progress	VERB
fsr-4154	329	6	,	,	PUNCT
fsr-4154	329	7	empirical	empirical	ADJ
fsr-4154	329	8	insights	insight	NOUN
fsr-4154	329	9	will	will	AUX
fsr-4154	329	10	become	become	VERB
fsr-4154	329	11	important	important	ADJ
fsr-4154	329	12	to	to	PART
fsr-4154	329	13	inform	inform	VERB
fsr-4154	329	14	responsible	responsible	ADJ
fsr-4154	329	15	monetary	monetary	ADJ
fsr-4154	329	16	innovation	innovation	NOUN
fsr-4154	329	17	.	.	PUNCT
fsr-4154	330	1	references	reference	NOUN
fsr-4154	330	2	agarwal	agarwal	PROPN
fsr-4154	330	3	,	,	PUNCT
fsr-4154	330	4	r.	r.	PROPN
fsr-4154	330	5	,	,	PUNCT
fsr-4154	330	6	&	&	CCONJ
fsr-4154	330	7	kimball	kimball	PROPN
fsr-4154	330	8	,	,	PUNCT
fsr-4154	330	9	m.	m.	NOUN
fsr-4154	330	10	(	(	PUNCT
fsr-4154	330	11	2015	2015	NUM
fsr-4154	330	12	)	)	PUNCT
fsr-4154	330	13	.	.	PUNCT
fsr-4154	331	1	breaking	break	VERB
fsr-4154	331	2	through	through	ADP
fsr-4154	331	3	the	the	DET
fsr-4154	331	4	zero	zero	NUM
fsr-4154	331	5	lower	lower	ADV
fsr-4154	331	6	bound	bind	VERB
fsr-4154	331	7	(	(	PUNCT
fsr-4154	331	8	imf	imf	PROPN
fsr-4154	331	9	working	working	PROPN
fsr-4154	331	10	paper	paper	NOUN
fsr-4154	331	11	no	no	INTJ
fsr-4154	331	12	.	.	PUNCT
fsr-4154	332	1	15/224	15/224	NUM
fsr-4154	332	2	)	)	PUNCT
fsr-4154	332	3	.	.	PUNCT
fsr-4154	333	1	international	international	ADJ
fsr-4154	333	2	monetary	monetary	ADJ
fsr-4154	333	3	fund	fund	NOUN
fsr-4154	333	4	.	.	PUNCT
fsr-4154	334	1	https://www.aeaweb.org/conference/2	https://www.aeaweb.org/conference/2	ADJ
fsr-4154	334	2	016	016	NUM
fsr-4154	334	3	/	/	SYM
fsr-4154	334	4	retrieve.php?pdfid=13281&tk=69	retrieve.php?pdfid=13281&tk=69	NOUN
fsr-4154	334	5	t3ahqy	t3ahqy	PROPN
fsr-4154	334	6	agur	agur	PROPN
fsr-4154	334	7	,	,	PUNCT
fsr-4154	334	8	i.	i.	PROPN
fsr-4154	334	9	,	,	PUNCT
fsr-4154	334	10	ari	ari	PROPN
fsr-4154	334	11	,	,	PUNCT
fsr-4154	334	12	a.	a.	PROPN
fsr-4154	334	13	,	,	PUNCT
fsr-4154	334	14	&	&	CCONJ
fsr-4154	334	15	dell’ariccia	dell’ariccia	NOUN
fsr-4154	334	16	,	,	PUNCT
fsr-4154	334	17	g.	g.	PROPN
fsr-4154	334	18	(	(	PUNCT
fsr-4154	334	19	2022	2022	NUM
fsr-4154	334	20	)	)	PUNCT
fsr-4154	334	21	.	.	PUNCT
fsr-4154	335	1	designing	design	VERB
fsr-4154	335	2	central	central	ADJ
fsr-4154	335	3	bank	bank	NOUN
fsr-4154	335	4	digital	digital	ADJ
fsr-4154	335	5	currencies	currency	NOUN
fsr-4154	335	6	.	.	PUNCT
fsr-4154	336	1	journal	journal	NOUN
fsr-4154	336	2	of	of	ADP
fsr-4154	336	3	monetary	monetary	ADJ
fsr-4154	336	4	economics	economic	NOUN
fsr-4154	336	5	,	,	PUNCT
fsr-4154	336	6	125	125	NUM
fsr-4154	336	7	,	,	PUNCT
fsr-4154	336	8	62–79	62–79	ADV
fsr-4154	336	9	.	.	PUNCT
fsr-4154	337	1	ahnert	ahnert	PROPN
fsr-4154	337	2	,	,	PUNCT
fsr-4154	337	3	t.	t.	PROPN
fsr-4154	337	4	,	,	PUNCT
fsr-4154	337	5	assenmacher	assenmacher	PROPN
fsr-4154	337	6	,	,	PUNCT
fsr-4154	337	7	k.	k.	PROPN
fsr-4154	337	8	,	,	PUNCT
fsr-4154	337	9	hoffmann	hoffmann	PROPN
fsr-4154	337	10	,	,	PUNCT
fsr-4154	337	11	p.	p.	PROPN
fsr-4154	337	12	,	,	PUNCT
fsr-4154	337	13	leonello	leonello	PROPN
fsr-4154	337	14	,	,	PUNCT
fsr-4154	337	15	a.	a.	PROPN
fsr-4154	337	16	,	,	PUNCT
fsr-4154	337	17	monnet	monnet	PROPN
fsr-4154	337	18	,	,	PUNCT
fsr-4154	337	19	c.	c.	PROPN
fsr-4154	337	20	,	,	PUNCT
fsr-4154	337	21	&	&	CCONJ
fsr-4154	337	22	porcellacchia	porcellacchia	PROPN
fsr-4154	337	23	,	,	PUNCT
fsr-4154	337	24	d.	d.	PROPN
fsr-4154	337	25	(	(	PUNCT
fsr-4154	337	26	2022	2022	NUM
fsr-4154	337	27	)	)	PUNCT
fsr-4154	337	28	.	.	PUNCT
fsr-4154	338	1	the	the	DET
fsr-4154	338	2	economics	economic	NOUN
fsr-4154	338	3	of	of	ADP
fsr-4154	338	4	central	central	PROPN
fsr-4154	338	5	bank	bank	PROPN
fsr-4154	338	6	digital	digital	ADJ
fsr-4154	338	7	currency	currency	NOUN
fsr-4154	338	8	.	.	PUNCT
fsr-4154	339	1	european	european	PROPN
fsr-4154	339	2	central	central	PROPN
fsr-4154	339	3	bank	bank	PROPN
fsr-4154	339	4	.	.	PUNCT
fsr-4154	340	1	https://papers.ssrn.com/sol3/papers.cf	https://papers.ssrn.com/sol3/papers.cf	PROPN
fsr-4154	340	2	m?abstract_id=4192178	m?abstract_id=4192178	PROPN
fsr-4154	340	3	allen	allen	PROPN
fsr-4154	340	4	,	,	PUNCT
fsr-4154	340	5	s.	s.	PROPN
fsr-4154	340	6	,	,	PUNCT
fsr-4154	340	7	čapkun	čapkun	PROPN
fsr-4154	340	8	,	,	PUNCT
fsr-4154	340	9	s.	s.	PROPN
fsr-4154	340	10	,	,	PUNCT
fsr-4154	340	11	eyal	eyal	PROPN
fsr-4154	340	12	,	,	PUNCT
fsr-4154	340	13	i.	i.	PROPN
fsr-4154	340	14	,	,	PUNCT
fsr-4154	340	15	fanti	fanti	PROPN
fsr-4154	340	16	,	,	PUNCT
fsr-4154	340	17	g.	g.	PROPN
fsr-4154	340	18	,	,	PUNCT
fsr-4154	340	19	ford	ford	PROPN
fsr-4154	340	20	,	,	PUNCT
fsr-4154	340	21	b.	b.	PROPN
fsr-4154	340	22	a.	a.	PROPN
fsr-4154	340	23	,	,	PUNCT
fsr-4154	340	24	grimmelmann	grimmelmann	PROPN
fsr-4154	340	25	,	,	PUNCT
fsr-4154	340	26	j.	j.	PROPN
fsr-4154	340	27	,	,	PUNCT
fsr-4154	340	28	juels	juel	NOUN
fsr-4154	340	29	,	,	PUNCT
fsr-4154	340	30	a.	a.	NOUN
fsr-4154	340	31	,	,	PUNCT
fsr-4154	340	32	kostiainen	kostiainen	PROPN
fsr-4154	340	33	,	,	PUNCT
fsr-4154	340	34	k.	k.	PROPN
fsr-4154	340	35	,	,	PUNCT
fsr-4154	340	36	meiklejohn	meiklejohn	PROPN
fsr-4154	340	37	,	,	PUNCT
fsr-4154	340	38	s.	s.	PROPN
fsr-4154	340	39	,	,	PUNCT
fsr-4154	340	40	miller	miller	PROPN
fsr-4154	340	41	,	,	PUNCT
fsr-4154	340	42	a.	a.	PROPN
fsr-4154	340	43	,	,	PUNCT
fsr-4154	340	44	prasad	prasad	PROPN
fsr-4154	340	45	,	,	PUNCT
fsr-4154	340	46	e.	e.	PROPN
fsr-4154	340	47	,	,	PUNCT
fsr-4154	340	48	wüst	wüst	NOUN
fsr-4154	340	49	,	,	PUNCT
fsr-4154	340	50	k.	k.	PROPN
fsr-4154	340	51	,	,	PUNCT
fsr-4154	340	52	&	&	CCONJ
fsr-4154	340	53	zhang	zhang	PROPN
fsr-4154	340	54	,	,	PUNCT
fsr-4154	340	55	f.	f.	PROPN
fsr-4154	340	56	(	(	PUNCT
fsr-4154	340	57	2020	2020	NUM
fsr-4154	340	58	)	)	PUNCT
fsr-4154	340	59	.	.	PUNCT
fsr-4154	341	1	design	design	NOUN
fsr-4154	341	2	choices	choice	NOUN
fsr-4154	341	3	for	for	ADP
fsr-4154	341	4	central	central	ADJ
fsr-4154	341	5	bank	bank	PROPN
fsr-4154	341	6	digital	digital	ADJ
fsr-4154	341	7	currency	currency	NOUN
fsr-4154	341	8	:	:	PUNCT
fsr-4154	341	9	policy	policy	NOUN
fsr-4154	341	10	and	and	CCONJ
fsr-4154	341	11	technical	technical	ADJ
fsr-4154	341	12	considerations	consideration	NOUN
fsr-4154	341	13	(	(	PUNCT
fsr-4154	341	14	working	working	NOUN
fsr-4154	341	15	paper	paper	NOUN
fsr-4154	341	16	no	no	NOUN
fsr-4154	341	17	.	.	PROPN
fsr-4154	341	18	27634	27634	NUM
fsr-4154	341	19	)	)	PUNCT
fsr-4154	341	20	.	.	PUNCT
fsr-4154	342	1	national	national	PROPN
fsr-4154	342	2	bureau	bureau	PROPN
fsr-4154	342	3	of	of	ADP
fsr-4154	342	4	economic	economic	ADJ
fsr-4154	342	5	research	research	NOUN
fsr-4154	342	6	.	.	PUNCT
fsr-4154	343	1	https://doi.org/10.3386/w27634	https://doi.org/10.3386/w27634	PROPN
fsr-4154	343	2	atlantic	atlantic	PROPN
fsr-4154	343	3	council	council	PROPN
fsr-4154	343	4	.	.	PUNCT
fsr-4154	344	1	(	(	PUNCT
fsr-4154	344	2	2025	2025	NUM
fsr-4154	344	3	)	)	PUNCT
fsr-4154	344	4	.	.	PUNCT
fsr-4154	345	1	central	central	PROPN
fsr-4154	345	2	bank	bank	PROPN
fsr-4154	345	3	digital	digital	PROPN
fsr-4154	345	4	currency	currency	NOUN
fsr-4154	345	5	tracker	tracker	NOUN
fsr-4154	345	6	.	.	PUNCT
fsr-4154	346	1	central	central	PROPN
fsr-4154	346	2	bank	bank	PROPN
fsr-4154	346	3	digital	digital	PROPN
fsr-4154	346	4	currency	currency	NOUN
fsr-4154	346	5	tracker	tracker	NOUN
fsr-4154	346	6	.	.	PUNCT
fsr-4154	347	1	https://www.atlanticcouncil.org/cbdctr	https://www.atlanticcouncil.org/cbdctr	PROPN
fsr-4154	347	2	acker/	acker/	PROPN
fsr-4154	347	3	auer	auer	PROPN
fsr-4154	347	4	,	,	PUNCT
fsr-4154	347	5	r.	r.	PROPN
fsr-4154	347	6	,	,	PUNCT
fsr-4154	347	7	&	&	CCONJ
fsr-4154	347	8	böhme	böhme	VERB
fsr-4154	347	9	,	,	PUNCT
fsr-4154	347	10	r.	r.	PROPN
fsr-4154	347	11	(	(	PUNCT
fsr-4154	347	12	2021	2021	NUM
fsr-4154	347	13	)	)	PUNCT
fsr-4154	347	14	.	.	PUNCT
fsr-4154	348	1	central	central	PROPN
fsr-4154	348	2	bank	bank	PROPN
fsr-4154	348	3	digital	digital	ADJ
fsr-4154	348	4	currency	currency	NOUN
fsr-4154	348	5	:	:	PUNCT
fsr-4154	348	6	the	the	DET
fsr-4154	348	7	quest	quest	NOUN
fsr-4154	348	8	for	for	ADP
fsr-4154	348	9	minimally	minimally	ADV
fsr-4154	348	10	invasive	invasive	ADJ
fsr-4154	348	11	technology	technology	NOUN
fsr-4154	348	12	.	.	PUNCT
fsr-4154	349	1	bis	bis	PROPN
fsr-4154	349	2	papers	paper	NOUN
fsr-4154	349	3	,	,	PUNCT
fsr-4154	349	4	948	948	NUM
fsr-4154	349	5	.	.	PUNCT
fsr-4154	349	6	banerjee	banerjee	PROPN
fsr-4154	349	7	,	,	PUNCT
fsr-4154	349	8	s.	s.	PROPN
fsr-4154	349	9	,	,	PUNCT
fsr-4154	349	10	&	&	CCONJ
fsr-4154	349	11	sinha	sinha	PROPN
fsr-4154	349	12	,	,	PUNCT
fsr-4154	349	13	m.	m.	NOUN
fsr-4154	349	14	(	(	PUNCT
fsr-4154	349	15	2023	2023	NUM
fsr-4154	349	16	)	)	PUNCT
fsr-4154	349	17	.	.	PUNCT
fsr-4154	350	1	promoting	promote	VERB
fsr-4154	350	2	financial	financial	ADJ
fsr-4154	350	3	inclusion	inclusion	NOUN
fsr-4154	350	4	through	through	ADP
fsr-4154	350	5	central	central	ADJ
fsr-4154	350	6	bank	bank	PROPN
fsr-4154	350	7	digital	digital	ADJ
fsr-4154	350	8	currency	currency	NOUN
fsr-4154	350	9	:	:	PUNCT
fsr-4154	350	10	an	an	DET
fsr-4154	350	11	evaluation	evaluation	NOUN
fsr-4154	350	12	of	of	ADP
fsr-4154	350	13	payment	payment	NOUN
fsr-4154	350	14	system	system	NOUN
fsr-4154	350	15	viability	viability	NOUN
fsr-4154	350	16	in	in	ADP
fsr-4154	350	17	india	india	PROPN
fsr-4154	350	18	.	.	PUNCT
fsr-4154	351	1	australasian	australasian	ADJ
fsr-4154	351	2	accounting	accounting	NOUN
fsr-4154	351	3	,	,	PUNCT
fsr-4154	351	4	business	business	NOUN
fsr-4154	351	5	and	and	CCONJ
fsr-4154	351	6	finance	finance	NOUN
fsr-4154	351	7	journal	journal	NOUN
fsr-4154	351	8	,	,	PUNCT
fsr-4154	351	9	17(1	17(1	NUM
fsr-4154	351	10	)	)	PUNCT
fsr-4154	351	11	,	,	PUNCT
fsr-4154	351	12	176–204	176–204	NUM
fsr-4154	351	13	.	.	PUNCT
fsr-4154	352	1	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	X
fsr-4154	352	2	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	X
fsr-4154	352	3	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	https://www.aeaweb.org/conference/2016/retrieve.php?pdfid=13281&tk=69t3ahqy	X
fsr-4154	353	1	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4192178	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4192178	PROPN
fsr-4154	353	2	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4192178	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4192178	PROPN
fsr-4154	353	3	financial	financial	PROPN
fsr-4154	353	4	services	service	NOUN
fsr-4154	353	5	review	review	PROPN
fsr-4154	353	6	,	,	PUNCT
fsr-4154	353	7	33(3	33(3	NOUN
fsr-4154	353	8	)	)	PUNCT
fsr-4154	353	9	74	74	NUM
fsr-4154	353	10	bech	bech	NOUN
fsr-4154	353	11	,	,	PUNCT
fsr-4154	353	12	m.	m.	NOUN
fsr-4154	353	13	l.	l.	PROPN
fsr-4154	353	14	,	,	PUNCT
fsr-4154	353	15	&	&	CCONJ
fsr-4154	353	16	garratt	garratt	PROPN
fsr-4154	353	17	,	,	PUNCT
fsr-4154	353	18	r.	r.	PROPN
fsr-4154	353	19	(	(	PUNCT
fsr-4154	353	20	2017	2017	NUM
fsr-4154	353	21	)	)	PUNCT
fsr-4154	353	22	.	.	PUNCT
fsr-4154	354	1	central	central	PROPN
fsr-4154	354	2	bank	bank	PROPN
fsr-4154	354	3	cryptocurrencies	cryptocurrencie	NOUN
fsr-4154	354	4	(	(	PUNCT
fsr-4154	354	5	ssrn	ssrn	PROPN
fsr-4154	354	6	scholarly	scholarly	ADJ
fsr-4154	354	7	paper	paper	NOUN
fsr-4154	354	8	no	no	NOUN
fsr-4154	354	9	.	.	PROPN
fsr-4154	354	10	3041906	3041906	NUM
fsr-4154	354	11	)	)	PUNCT
fsr-4154	354	12	.	.	PUNCT
fsr-4154	355	1	social	social	ADJ
fsr-4154	355	2	science	science	PROPN
fsr-4154	355	3	research	research	NOUN
fsr-4154	355	4	network	network	NOUN
fsr-4154	355	5	.	.	PUNCT
fsr-4154	356	1	https://papers.ssrn.com/abstract=3041	https://papers.ssrn.com/abstract=3041	PROPN
fsr-4154	356	2	906	906	NUM
fsr-4154	356	3	bindseil	bindseil	NOUN
fsr-4154	356	4	,	,	PUNCT
fsr-4154	356	5	u.	u.	NOUN
fsr-4154	356	6	(	(	PUNCT
fsr-4154	356	7	2019	2019	NUM
fsr-4154	356	8	)	)	PUNCT
fsr-4154	356	9	.	.	PUNCT
fsr-4154	357	1	central	central	PROPN
fsr-4154	357	2	bank	bank	PROPN
fsr-4154	357	3	digital	digital	ADJ
fsr-4154	357	4	currency	currency	NOUN
fsr-4154	357	5	:	:	PUNCT
fsr-4154	357	6	financial	financial	ADJ
fsr-4154	357	7	system	system	NOUN
fsr-4154	357	8	implications	implication	NOUN
fsr-4154	357	9	and	and	CCONJ
fsr-4154	357	10	control	control	NOUN
fsr-4154	357	11	.	.	PUNCT
fsr-4154	358	1	international	international	ADJ
fsr-4154	358	2	journal	journal	NOUN
fsr-4154	358	3	of	of	ADP
fsr-4154	358	4	political	political	ADJ
fsr-4154	358	5	economy	economy	NOUN
fsr-4154	358	6	,	,	PUNCT
fsr-4154	358	7	48(4	48(4	NUM
fsr-4154	358	8	)	)	PUNCT
fsr-4154	358	9	,	,	PUNCT
fsr-4154	358	10	303–335	303–335	NUM
fsr-4154	358	11	.	.	NOUN
fsr-4154	359	1	https://doi.org/10.1080/08911916.201	https://doi.org/10.1080/08911916.201	PROPN
fsr-4154	359	2	9.1693160	9.1693160	NUM
fsr-4154	359	3	bindseil	bindseil	NOUN
fsr-4154	359	4	,	,	PUNCT
fsr-4154	359	5	u.	u.	PROPN
fsr-4154	359	6	,	,	PUNCT
fsr-4154	359	7	&	&	CCONJ
fsr-4154	359	8	senner	senner	PROPN
fsr-4154	359	9	,	,	PUNCT
fsr-4154	359	10	r.	r.	PROPN
fsr-4154	359	11	(	(	PUNCT
fsr-4154	359	12	2025	2025	NUM
fsr-4154	359	13	)	)	PUNCT
fsr-4154	359	14	.	.	PUNCT
fsr-4154	360	1	modeling	model	VERB
fsr-4154	360	2	central	central	ADJ
fsr-4154	360	3	bank	bank	NOUN
fsr-4154	360	4	digital	digital	ADJ
fsr-4154	360	5	currencies	currency	NOUN
fsr-4154	360	6	.	.	PUNCT
fsr-4154	361	1	journal	journal	NOUN
fsr-4154	361	2	of	of	ADP
fsr-4154	361	3	economic	economic	ADJ
fsr-4154	361	4	surveys	survey	NOUN
fsr-4154	361	5	.	.	PUNCT
fsr-4154	362	1	https://doi.org/10.1111/joes.12686	https://doi.org/10.1111/joes.12686	ADJ
fsr-4154	362	2	bis	bis	PROPN
fsr-4154	362	3	.	.	PUNCT
fsr-4154	362	4	(	(	PUNCT
fsr-4154	362	5	2020	2020	NUM
fsr-4154	362	6	)	)	PUNCT
fsr-4154	362	7	.	.	PUNCT
fsr-4154	363	1	central	central	PROPN
fsr-4154	363	2	bank	bank	PROPN
fsr-4154	363	3	digital	digital	ADJ
fsr-4154	363	4	currencies	currency	NOUN
fsr-4154	363	5	:	:	PUNCT
fsr-4154	363	6	foundational	foundational	ADJ
fsr-4154	363	7	principles	principle	NOUN
fsr-4154	363	8	and	and	CCONJ
fsr-4154	363	9	core	core	NOUN
fsr-4154	363	10	features	feature	NOUN
fsr-4154	363	11	.	.	PUNCT
fsr-4154	364	1	braun	braun	PROPN
fsr-4154	364	2	,	,	PUNCT
fsr-4154	364	3	v.	v.	PROPN
fsr-4154	364	4	,	,	PUNCT
fsr-4154	364	5	&	&	CCONJ
fsr-4154	364	6	clarke	clarke	PROPN
fsr-4154	364	7	,	,	PUNCT
fsr-4154	364	8	v.	v.	PROPN
fsr-4154	364	9	(	(	PUNCT
fsr-4154	364	10	2006	2006	NUM
fsr-4154	364	11	)	)	PUNCT
fsr-4154	364	12	.	.	PUNCT
fsr-4154	365	1	using	use	VERB
fsr-4154	365	2	thematic	thematic	ADJ
fsr-4154	365	3	analysis	analysis	NOUN
fsr-4154	365	4	in	in	ADP
fsr-4154	365	5	psychology	psychology	NOUN
fsr-4154	365	6	.	.	PUNCT
fsr-4154	366	1	qualitative	qualitative	ADJ
fsr-4154	366	2	research	research	NOUN
fsr-4154	366	3	in	in	ADP
fsr-4154	366	4	psychology	psychology	NOUN
fsr-4154	366	5	,	,	PUNCT
fsr-4154	366	6	3(2	3(2	NUM
fsr-4154	366	7	)	)	PUNCT
fsr-4154	366	8	,	,	PUNCT
fsr-4154	367	1	77–101	77–101	PROPN
fsr-4154	367	2	.	.	PUNCT
fsr-4154	368	1	https://doi.org/10.1191/1478088706qp	https://doi.org/10.1191/1478088706qp	PROPN
fsr-4154	368	2	063oa	063oa	PROPN
fsr-4154	368	3	bureau	bureau	NOUN
fsr-4154	368	4	of	of	ADP
fsr-4154	368	5	engraving	engraving	NOUN
fsr-4154	368	6	and	and	CCONJ
fsr-4154	368	7	printing	printing	NOUN
fsr-4154	368	8	.	.	PUNCT
fsr-4154	369	1	(	(	PUNCT
fsr-4154	369	2	2025	2025	NUM
fsr-4154	369	3	,	,	PUNCT
fsr-4154	369	4	march	march	PROPN
fsr-4154	369	5	28	28	NUM
fsr-4154	369	6	)	)	PUNCT
fsr-4154	369	7	.	.	PUNCT
fsr-4154	370	1	how	how	SCONJ
fsr-4154	370	2	a	a	DET
fsr-4154	370	3	bitcoin	bitcoin	NOUN
fsr-4154	370	4	is	be	AUX
fsr-4154	370	5	created	create	VERB
fsr-4154	370	6	.	.	PUNCT
fsr-4154	371	1	https://www.moneyfactory.com/howa-bitcoin-is-created/	https://www.moneyfactory.com/howa-bitcoin-is-created/	PROPN
fsr-4154	371	2	chen	chen	PROPN
fsr-4154	371	3	,	,	PUNCT
fsr-4154	371	4	s.	s.	PROPN
fsr-4154	371	5	,	,	PUNCT
fsr-4154	371	6	goel	goel	PROPN
fsr-4154	371	7	,	,	PUNCT
fsr-4154	371	8	t.	t.	PROPN
fsr-4154	371	9	,	,	PUNCT
fsr-4154	371	10	qiu	qiu	PROPN
fsr-4154	371	11	,	,	PUNCT
fsr-4154	371	12	h.	h.	PROPN
fsr-4154	371	13	,	,	PUNCT
fsr-4154	371	14	&	&	CCONJ
fsr-4154	371	15	shim	shim	NOUN
fsr-4154	371	16	,	,	PUNCT
fsr-4154	371	17	i.	i.	NOUN
fsr-4154	371	18	(	(	PUNCT
fsr-4154	371	19	2022	2022	NUM
fsr-4154	371	20	)	)	PUNCT
fsr-4154	371	21	.	.	PUNCT
fsr-4154	372	1	cbdcs	cbdc	NOUN
fsr-4154	372	2	in	in	ADP
fsr-4154	372	3	emerging	emerge	VERB
fsr-4154	372	4	market	market	NOUN
fsr-4154	372	5	economies	economy	NOUN
fsr-4154	372	6	.	.	PUNCT
fsr-4154	373	1	bis	bis	ADJ
fsr-4154	373	2	papers	paper	NOUN
fsr-4154	373	3	.	.	PUNCT
fsr-4154	374	1	https://papers.ssrn.com/sol3/papers.cf	https://papers.ssrn.com/sol3/papers.cf	PROPN
fsr-4154	374	2	m?abstract_id=4085690	m?abstract_id=4085690	PROPN
fsr-4154	374	3	chiu	chiu	PROPN
fsr-4154	374	4	,	,	PUNCT
fsr-4154	374	5	j.	j.	PROPN
fsr-4154	374	6	,	,	PUNCT
fsr-4154	374	7	davoodalhosseini	davoodalhosseini	PROPN
fsr-4154	374	8	,	,	PUNCT
fsr-4154	374	9	s.	s.	PROPN
fsr-4154	374	10	m.	m.	PROPN
fsr-4154	374	11	,	,	PUNCT
fsr-4154	374	12	jiang	jiang	PROPN
fsr-4154	374	13	,	,	PUNCT
fsr-4154	374	14	j.	j.	PROPN
fsr-4154	374	15	,	,	PUNCT
fsr-4154	374	16	&	&	CCONJ
fsr-4154	374	17	zhu	zhu	PROPN
fsr-4154	374	18	,	,	PUNCT
fsr-4154	374	19	y.	y.	PROPN
fsr-4154	374	20	(	(	PUNCT
fsr-4154	374	21	2023	2023	NUM
fsr-4154	374	22	)	)	PUNCT
fsr-4154	374	23	.	.	PUNCT
fsr-4154	375	1	bank	bank	NOUN
fsr-4154	375	2	market	market	NOUN
fsr-4154	375	3	power	power	NOUN
fsr-4154	375	4	and	and	CCONJ
fsr-4154	375	5	central	central	ADJ
fsr-4154	375	6	bank	bank	NOUN
fsr-4154	375	7	digital	digital	ADJ
fsr-4154	375	8	currency	currency	NOUN
fsr-4154	375	9	:	:	PUNCT
fsr-4154	375	10	theory	theory	NOUN
fsr-4154	375	11	and	and	CCONJ
fsr-4154	375	12	quantitative	quantitative	ADJ
fsr-4154	375	13	assessment	assessment	NOUN
fsr-4154	375	14	.	.	PUNCT
fsr-4154	376	1	journal	journal	NOUN
fsr-4154	376	2	of	of	ADP
fsr-4154	376	3	political	political	ADJ
fsr-4154	376	4	economy	economy	NOUN
fsr-4154	376	5	,	,	PUNCT
fsr-4154	376	6	131(5	131(5	NUM
fsr-4154	376	7	)	)	PUNCT
fsr-4154	376	8	,	,	PUNCT
fsr-4154	376	9	1213–1248	1213–1248	NUM
fsr-4154	376	10	.	.	PUNCT
fsr-4154	377	1	https://doi.org/10.1086/722517	https://doi.org/10.1086/722517	NOUN
fsr-4154	377	2	claessens	claessen	NOUN
fsr-4154	377	3	,	,	PUNCT
fsr-4154	377	4	s.	s.	PROPN
fsr-4154	377	5	,	,	PUNCT
fsr-4154	377	6	cong	cong	PROPN
fsr-4154	377	7	,	,	PUNCT
fsr-4154	377	8	l.	l.	PROPN
fsr-4154	377	9	w.	w.	PROPN
fsr-4154	377	10	,	,	PUNCT
fsr-4154	377	11	moshirian	moshirian	PROPN
fsr-4154	377	12	,	,	PUNCT
fsr-4154	377	13	f.	f.	PROPN
fsr-4154	377	14	,	,	PUNCT
fsr-4154	377	15	&	&	CCONJ
fsr-4154	377	16	park	park	PROPN
fsr-4154	377	17	,	,	PUNCT
fsr-4154	377	18	c.-y	c.-y	NOUN
fsr-4154	377	19	.	.	PUNCT
fsr-4154	378	1	(	(	PUNCT
fsr-4154	378	2	2024	2024	NUM
fsr-4154	378	3	)	)	PUNCT
fsr-4154	378	4	.	.	PUNCT
fsr-4154	379	1	opportunities	opportunity	NOUN
fsr-4154	379	2	and	and	CCONJ
fsr-4154	379	3	challenges	challenge	NOUN
fsr-4154	379	4	associated	associate	VERB
fsr-4154	379	5	with	with	ADP
fsr-4154	379	6	the	the	DET
fsr-4154	379	7	development	development	NOUN
fsr-4154	379	8	of	of	ADP
fsr-4154	379	9	fintech	fintech	NOUN
fsr-4154	379	10	and	and	CCONJ
fsr-4154	379	11	central	central	ADJ
fsr-4154	379	12	bank	bank	NOUN
fsr-4154	379	13	digital	digital	ADJ
fsr-4154	379	14	currency	currency	NOUN
fsr-4154	379	15	.	.	PUNCT
fsr-4154	380	1	journal	journal	PROPN
fsr-4154	380	2	of	of	ADP
fsr-4154	380	3	financial	financial	ADJ
fsr-4154	380	4	stability	stability	NOUN
fsr-4154	380	5	,	,	PUNCT
fsr-4154	380	6	73	73	NUM
fsr-4154	380	7	,	,	PUNCT
fsr-4154	380	8	101280	101280	NUM
fsr-4154	380	9	.	.	PUNCT
fsr-4154	381	1	https://doi.org/10.1016/j.jfs.2024.1012	https://doi.org/10.1016/j.jfs.2024.1012	PROPN
fsr-4154	381	2	80	80	NUM
fsr-4154	381	3	corbet	corbet	PROPN
fsr-4154	381	4	,	,	PUNCT
fsr-4154	381	5	s.	s.	PROPN
fsr-4154	381	6	,	,	PUNCT
fsr-4154	381	7	cumming	cumming	PROPN
fsr-4154	381	8	,	,	PUNCT
fsr-4154	381	9	d.	d.	PROPN
fsr-4154	381	10	,	,	PUNCT
fsr-4154	381	11	glatzer	glatzer	PROPN
fsr-4154	381	12	,	,	PUNCT
fsr-4154	381	13	z.	z.	PROPN
fsr-4154	381	14	,	,	PUNCT
fsr-4154	381	15	&	&	CCONJ
fsr-4154	381	16	johan	johan	PROPN
fsr-4154	381	17	,	,	PUNCT
fsr-4154	381	18	s.	s.	PROPN
fsr-4154	381	19	(	(	PUNCT
fsr-4154	381	20	2024	2024	NUM
fsr-4154	381	21	)	)	PUNCT
fsr-4154	381	22	.	.	PUNCT
fsr-4154	382	1	understanding	understand	VERB
fsr-4154	382	2	the	the	DET
fsr-4154	382	3	rapid	rapid	ADJ
fsr-4154	382	4	development	development	NOUN
fsr-4154	382	5	of	of	ADP
fsr-4154	382	6	cbdc	cbdc	NOUN
fsr-4154	382	7	in	in	ADP
fsr-4154	382	8	emerging	emerge	VERB
fsr-4154	382	9	economies	economy	NOUN
fsr-4154	382	10	.	.	PUNCT
fsr-4154	383	1	finance	finance	NOUN
fsr-4154	383	2	research	research	NOUN
fsr-4154	383	3	letters	letter	NOUN
fsr-4154	383	4	,	,	PUNCT
fsr-4154	383	5	70	70	NUM
fsr-4154	383	6	,	,	PUNCT
fsr-4154	383	7	106226	106226	NUM
fsr-4154	383	8	.	.	PUNCT
fsr-4154	384	1	https://doi.org/10.1016/j.frl.2024.1062	https://doi.org/10.1016/j.frl.2024.1062	PROPN
fsr-4154	384	2	26	26	NUM
fsr-4154	384	3	curnutt	curnutt	NOUN
fsr-4154	384	4	,	,	PUNCT
fsr-4154	384	5	g.	g.	PROPN
fsr-4154	384	6	,	,	PUNCT
fsr-4154	384	7	&	&	CCONJ
fsr-4154	384	8	smith	smith	PROPN
fsr-4154	384	9	,	,	PUNCT
fsr-4154	384	10	d.	d.	PROPN
fsr-4154	384	11	(	(	PUNCT
fsr-4154	384	12	2025	2025	NUM
fsr-4154	384	13	)	)	PUNCT
fsr-4154	384	14	.	.	PUNCT
fsr-4154	385	1	the	the	DET
fsr-4154	385	2	association	association	NOUN
fsr-4154	385	3	of	of	ADP
fsr-4154	385	4	cryptocurrency	cryptocurrency	NOUN
fsr-4154	385	5	and	and	CCONJ
fsr-4154	385	6	the	the	DET
fsr-4154	385	7	use	use	NOUN
fsr-4154	385	8	of	of	ADP
fsr-4154	385	9	alternative	alternative	ADJ
fsr-4154	385	10	financial	financial	ADJ
fsr-4154	385	11	services	service	NOUN
fsr-4154	385	12	.	.	PUNCT
fsr-4154	386	1	financial	financial	ADJ
fsr-4154	386	2	services	services	PROPN
fsr-4154	386	3	review	review	PROPN
fsr-4154	386	4	,	,	PUNCT
fsr-4154	386	5	33(2	33(2	NUM
fsr-4154	386	6	)	)	PUNCT
fsr-4154	386	7	,	,	PUNCT
fsr-4154	386	8	article	article	NOUN
fsr-4154	386	9	2	2	NUM
fsr-4154	386	10	.	.	NOUN
fsr-4154	386	11	https://doi.org/10.61190/fsr.v33i2.409	https://doi.org/10.61190/fsr.v33i2.409	NUM
fsr-4154	386	12	4	4	NUM
fsr-4154	386	13	di	di	NOUN
fsr-4154	386	14	maggio	maggio	NOUN
fsr-4154	386	15	,	,	PUNCT
fsr-4154	386	16	m.	m.	NOUN
fsr-4154	386	17	,	,	PUNCT
fsr-4154	386	18	ghosh	ghosh	PROPN
fsr-4154	386	19	,	,	PUNCT
fsr-4154	386	20	p.	p.	PROPN
fsr-4154	386	21	,	,	PUNCT
fsr-4154	386	22	ghosh	ghosh	PROPN
fsr-4154	386	23	,	,	PUNCT
fsr-4154	386	24	s.	s.	PROPN
fsr-4154	386	25	,	,	PUNCT
fsr-4154	386	26	&	&	CCONJ
fsr-4154	386	27	wu	wu	PROPN
fsr-4154	386	28	,	,	PUNCT
fsr-4154	386	29	a.	a.	NOUN
fsr-4154	386	30	(	(	PUNCT
fsr-4154	386	31	2024	2024	NUM
fsr-4154	386	32	)	)	PUNCT
fsr-4154	386	33	.	.	PUNCT
fsr-4154	387	1	impact	impact	NOUN
fsr-4154	387	2	of	of	ADP
fsr-4154	387	3	retail	retail	ADJ
fsr-4154	387	4	cbdc	cbdc	NOUN
fsr-4154	387	5	on	on	ADP
fsr-4154	387	6	digital	digital	ADJ
fsr-4154	387	7	payments	payment	NOUN
fsr-4154	387	8	and	and	CCONJ
fsr-4154	387	9	bank	bank	NOUN
fsr-4154	387	10	deposits	deposit	NOUN
fsr-4154	387	11	:	:	PUNCT
fsr-4154	387	12	evidence	evidence	NOUN
fsr-4154	387	13	from	from	ADP
fsr-4154	387	14	india	india	PROPN
fsr-4154	387	15	(	(	PUNCT
fsr-4154	387	16	ssrn	ssrn	PROPN
fsr-4154	387	17	working	work	VERB
fsr-4154	387	18	paper	paper	PROPN
fsr-4154	387	19	no	no	INTJ
fsr-4154	387	20	.	.	PROPN
fsr-4154	387	21	4779520	4779520	NUM
fsr-4154	387	22	)	)	PUNCT
fsr-4154	387	23	.	.	PUNCT
fsr-4154	388	1	https://papers.ssrn.com/sol3/papers.cf	https://papers.ssrn.com/sol3/papers.cf	PROPN
fsr-4154	388	2	m?abstract_id=4779520	m?abstract_id=4779520	PROPN
fsr-4154	388	3	dunbar	dunbar	PROPN
fsr-4154	388	4	,	,	PUNCT
fsr-4154	388	5	k.	k.	PROPN
fsr-4154	388	6	,	,	PUNCT
fsr-4154	388	7	&	&	CCONJ
fsr-4154	388	8	treku	treku	PROPN
fsr-4154	388	9	,	,	PUNCT
fsr-4154	388	10	d.	d.	PROPN
fsr-4154	388	11	n.	n.	PROPN
fsr-4154	388	12	(	(	PUNCT
fsr-4154	388	13	2024	2024	NUM
fsr-4154	388	14	)	)	PUNCT
fsr-4154	388	15	.	.	PUNCT
fsr-4154	389	1	examining	examine	VERB
fsr-4154	389	2	the	the	DET
fsr-4154	389	3	impact	impact	NOUN
fsr-4154	389	4	of	of	ADP
fsr-4154	389	5	a	a	DET
fsr-4154	389	6	central	central	ADJ
fsr-4154	389	7	bank	bank	NOUN
fsr-4154	389	8	digital	digital	ADJ
fsr-4154	389	9	currency	currency	NOUN
fsr-4154	389	10	on	on	ADP
fsr-4154	389	11	the	the	DET
fsr-4154	389	12	access	access	NOUN
fsr-4154	389	13	to	to	ADP
fsr-4154	389	14	banking	banking	NOUN
fsr-4154	389	15	.	.	PUNCT
fsr-4154	390	1	international	international	ADJ
fsr-4154	390	2	review	review	NOUN
fsr-4154	390	3	of	of	ADP
fsr-4154	390	4	financial	financial	ADJ
fsr-4154	390	5	analysis	analysis	NOUN
fsr-4154	390	6	,	,	PUNCT
fsr-4154	390	7	93	93	NUM
fsr-4154	390	8	,	,	PUNCT
fsr-4154	390	9	103220	103220	NUM
fsr-4154	390	10	.	.	PUNCT
fsr-4154	391	1	https://doi.org/10.1016/j.irfa.2024.103	https://doi.org/10.1016/j.irfa.2024.103	PROPN
fsr-4154	391	2	220	220	NUM
fsr-4154	391	3	luu	luu	PROPN
fsr-4154	391	4	,	,	PUNCT
fsr-4154	391	5	h.	h.	PROPN
fsr-4154	391	6	n.	n.	PROPN
fsr-4154	391	7	,	,	PUNCT
fsr-4154	391	8	nguyen	nguyen	PROPN
fsr-4154	391	9	,	,	PUNCT
fsr-4154	391	10	c.	c.	PROPN
fsr-4154	391	11	p.	p.	PROPN
fsr-4154	391	12	,	,	PUNCT
fsr-4154	391	13	&	&	CCONJ
fsr-4154	391	14	nasir	nasir	PROPN
fsr-4154	391	15	,	,	PUNCT
fsr-4154	391	16	m.	m.	NOUN
fsr-4154	391	17	a.	a.	NOUN
fsr-4154	391	18	(	(	PUNCT
fsr-4154	391	19	2023	2023	NUM
fsr-4154	391	20	)	)	PUNCT
fsr-4154	391	21	.	.	PUNCT
fsr-4154	392	1	implications	implication	NOUN
fsr-4154	392	2	of	of	ADP
fsr-4154	392	3	central	central	ADJ
fsr-4154	392	4	bank	bank	NOUN
fsr-4154	392	5	digital	digital	ADJ
fsr-4154	392	6	currency	currency	NOUN
fsr-4154	392	7	for	for	ADP
fsr-4154	392	8	financial	financial	ADJ
fsr-4154	392	9	stability	stability	NOUN
fsr-4154	392	10	:	:	PUNCT
fsr-4154	392	11	evidence	evidence	NOUN
fsr-4154	392	12	from	from	ADP
fsr-4154	392	13	the	the	DET
fsr-4154	392	14	global	global	ADJ
fsr-4154	392	15	banking	banking	NOUN
fsr-4154	392	16	sector	sector	NOUN
fsr-4154	392	17	.	.	PUNCT
fsr-4154	393	1	journal	journal	PROPN
fsr-4154	393	2	of	of	ADP
fsr-4154	393	3	international	international	ADJ
fsr-4154	393	4	financial	financial	ADJ
fsr-4154	393	5	markets	market	NOUN
fsr-4154	393	6	,	,	PUNCT
fsr-4154	393	7	institutions	institution	NOUN
fsr-4154	393	8	and	and	CCONJ
fsr-4154	393	9	money	money	NOUN
fsr-4154	393	10	,	,	PUNCT
fsr-4154	393	11	89	89	NUM
fsr-4154	393	12	,	,	PUNCT
fsr-4154	393	13	101864	101864	NUM
fsr-4154	393	14	.	.	PUNCT
fsr-4154	394	1	https://doi.org/10.1016/j.intfin.2023.10	https://doi.org/10.1016/j.intfin.2023.10	ADP
fsr-4154	394	2	1864	1864	NUM
fsr-4154	394	3	mishra	mishra	PROPN
fsr-4154	394	4	,	,	PUNCT
fsr-4154	394	5	b.	b.	PROPN
fsr-4154	394	6	,	,	PUNCT
fsr-4154	394	7	&	&	CCONJ
fsr-4154	394	8	prasad	prasad	PROPN
fsr-4154	394	9	,	,	PUNCT
fsr-4154	394	10	e.	e.	PROPN
fsr-4154	394	11	(	(	PUNCT
fsr-4154	394	12	2024	2024	NUM
fsr-4154	394	13	)	)	PUNCT
fsr-4154	394	14	.	.	PUNCT
fsr-4154	395	1	a	a	DET
fsr-4154	395	2	simple	simple	ADJ
fsr-4154	395	3	model	model	NOUN
fsr-4154	395	4	of	of	ADP
fsr-4154	395	5	a	a	DET
fsr-4154	395	6	central	central	ADJ
fsr-4154	395	7	bank	bank	NOUN
fsr-4154	395	8	digital	digital	ADJ
fsr-4154	395	9	currency	currency	NOUN
fsr-4154	395	10	.	.	PUNCT
fsr-4154	396	1	journal	journal	PROPN
fsr-4154	396	2	of	of	ADP
fsr-4154	396	3	financial	financial	ADJ
fsr-4154	396	4	stability	stability	NOUN
fsr-4154	396	5	,	,	PUNCT
fsr-4154	396	6	73	73	NUM
fsr-4154	396	7	,	,	PUNCT
fsr-4154	396	8	101282	101282	NUM
fsr-4154	396	9	.	.	PUNCT
fsr-4154	397	1	https://doi.org/10.1016/j.jfs.2024.1012	https://doi.org/10.1016/j.jfs.2024.1012	PROPN
fsr-4154	397	2	82	82	NUM
fsr-4154	397	3	nourallah	nourallah	ADJ
fsr-4154	397	4	,	,	PUNCT
fsr-4154	397	5	m.	m.	NOUN
fsr-4154	397	6	,	,	PUNCT
fsr-4154	397	7	strandberg	strandberg	PROPN
fsr-4154	397	8	,	,	PUNCT
fsr-4154	397	9	c.	c.	PROPN
fsr-4154	397	10	,	,	PUNCT
fsr-4154	397	11	&	&	CCONJ
fsr-4154	397	12	öhman	öhman	PROPN
fsr-4154	397	13	,	,	PUNCT
fsr-4154	397	14	p.	p.	NOUN
fsr-4154	397	15	(	(	PUNCT
fsr-4154	397	16	2021	2021	NUM
fsr-4154	397	17	)	)	PUNCT
fsr-4154	397	18	.	.	PUNCT
fsr-4154	398	1	mobile	mobile	PROPN
fsr-4154	398	2	bank	bank	PROPN
fsr-4154	398	3	applications	application	NOUN
fsr-4154	398	4	:	:	PUNCT
fsr-4154	398	5	loyalty	loyalty	NOUN
fsr-4154	398	6	of	of	ADP
fsr-4154	398	7	young	young	ADJ
fsr-4154	398	8	bank	bank	NOUN
fsr-4154	398	9	customers	customer	NOUN
fsr-4154	398	10	.	.	PUNCT
fsr-4154	399	1	financial	financial	ADJ
fsr-4154	399	2	services	service	NOUN
fsr-4154	399	3	review	review	PROPN
fsr-4154	399	4	,	,	PUNCT
fsr-4154	399	5	29(2	29(2	NUM
fsr-4154	399	6	)	)	PUNCT
fsr-4154	399	7	,	,	PUNCT
fsr-4154	399	8	147–167	147–167	NUM
fsr-4154	399	9	.	.	PUNCT
fsr-4154	400	1	https://doi.org/10.61190/fsr.v29i2.345	https://doi.org/10.61190/fsr.v29i2.345	PROPN
fsr-4154	400	2	1	1	NUM
fsr-4154	400	3	https://www.moneyfactory.com/how-a-bitcoin-is-created/	https://www.moneyfactory.com/how-a-bitcoin-is-created/	PROPN
fsr-4154	400	4	https://www.moneyfactory.com/how-a-bitcoin-is-created/	https://www.moneyfactory.com/how-a-bitcoin-is-created/	PROPN
fsr-4154	400	5	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4779520	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4779520	PROPN
fsr-4154	400	6	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4779520	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4779520	PROPN
fsr-4154	400	7	shekhar	shekhar	PROPN
fsr-4154	400	8	&	&	CCONJ
fsr-4154	400	9	ramesh	ramesh	PROPN
fsr-4154	400	10	75	75	PROPN
fsr-4154	400	11	pwc	pwc	PROPN
fsr-4154	400	12	india	india	PROPN
fsr-4154	400	13	.	.	PUNCT
fsr-4154	401	1	(	(	PUNCT
fsr-4154	401	2	2021	2021	NUM
fsr-4154	401	3	)	)	PUNCT
fsr-4154	401	4	.	.	PUNCT
fsr-4154	402	1	central	central	PROPN
fsr-4154	402	2	bank	bank	PROPN
fsr-4154	402	3	digital	digital	ADJ
fsr-4154	402	4	currency	currency	NOUN
fsr-4154	402	5	in	in	ADP
fsr-4154	402	6	the	the	DET
fsr-4154	402	7	indian	indian	ADJ
fsr-4154	402	8	context	context	NOUN
fsr-4154	402	9	.	.	PUNCT
fsr-4154	403	1	https://www.pwc.in/assets/pdfs/consult	https://www.pwc.in/assets/pdfs/consult	VERB
fsr-4154	403	2	ing	ing	ADJ
fsr-4154	403	3	/	/	SYM
fsr-4154	403	4	financial	financial	ADJ
fsr-4154	403	5	-	-	PUNCT
fsr-4154	403	6	services	service	NOUN
fsr-4154	403	7	/	/	SYM
fsr-4154	403	8	cbdc	cbdc	NOUN
fsr-4154	403	9	-	-	PUNCT
fsr-4154	403	10	in	in	ADP
fsr-4154	403	11	-	-	PUNCT
fsr-4154	403	12	theindian	theindian	ADJ
fsr-4154	403	13	-	-	PUNCT
fsr-4154	403	14	context.pdf	context.pdf	NOUN
fsr-4154	403	15	ren	ren	PROPN
fsr-4154	403	16	,	,	PUNCT
fsr-4154	403	17	y.-s	y.-	NOUN
fsr-4154	403	18	.	.	PUNCT
fsr-4154	403	19	,	,	PUNCT
fsr-4154	403	20	ma	ma	PROPN
fsr-4154	403	21	,	,	PUNCT
fsr-4154	403	22	c.	c.	PROPN
fsr-4154	403	23	,	,	PUNCT
fsr-4154	403	24	&	&	CCONJ
fsr-4154	403	25	wang	wang	PROPN
fsr-4154	403	26	,	,	PUNCT
fsr-4154	403	27	y.	y.	PROPN
fsr-4154	403	28	(	(	PUNCT
fsr-4154	403	29	2024	2024	NUM
fsr-4154	403	30	)	)	PUNCT
fsr-4154	403	31	.	.	PUNCT
fsr-4154	404	1	a	a	DET
fsr-4154	404	2	new	new	ADJ
fsr-4154	404	3	financial	financial	ADJ
fsr-4154	404	4	regulatory	regulatory	ADJ
fsr-4154	404	5	framework	framework	NOUN
fsr-4154	404	6	for	for	ADP
fsr-4154	404	7	digital	digital	ADJ
fsr-4154	404	8	finance	finance	NOUN
fsr-4154	404	9	:	:	PUNCT
fsr-4154	404	10	inspired	inspire	VERB
fsr-4154	404	11	by	by	ADP
fsr-4154	404	12	cbdc	cbdc	NOUN
fsr-4154	404	13	.	.	PUNCT
fsr-4154	405	1	global	global	ADJ
fsr-4154	405	2	finance	finance	PROPN
fsr-4154	405	3	journal	journal	NOUN
fsr-4154	405	4	,	,	PUNCT
fsr-4154	405	5	62	62	NUM
fsr-4154	405	6	,	,	PUNCT
fsr-4154	405	7	101025	101025	NUM
fsr-4154	405	8	.	.	PUNCT
fsr-4154	406	1	https://doi.org/10.1016/j.gfj.2024.1010	https://doi.org/10.1016/j.gfj.2024.1010	PROPN
fsr-4154	406	2	25	25	NUM
fsr-4154	406	3	reserve	reserve	PROPN
fsr-4154	406	4	bank	bank	PROPN
fsr-4154	406	5	of	of	ADP
fsr-4154	406	6	india	india	PROPN
fsr-4154	406	7	.	.	PUNCT
fsr-4154	407	1	(	(	PUNCT
fsr-4154	407	2	2022	2022	NUM
fsr-4154	407	3	)	)	PUNCT
fsr-4154	407	4	.	.	PUNCT
fsr-4154	408	1	concept	concept	NOUN
fsr-4154	408	2	note	note	NOUN
fsr-4154	408	3	on	on	ADP
fsr-4154	408	4	central	central	ADJ
fsr-4154	408	5	bank	bank	NOUN
fsr-4154	408	6	digital	digital	ADJ
fsr-4154	408	7	currency	currency	NOUN
fsr-4154	408	8	.	.	PUNCT
fsr-4154	409	1	https://rbidocs.rbi.org.in/rdocs/publica	https://rbidocs.rbi.org.in/rdocs/publica	PROPN
fsr-4154	409	2	tionreport	tionreport	NOUN
fsr-4154	409	3	/	/	SYM
fsr-4154	409	4	pdfs	pdfs	PROPN
fsr-4154	409	5	/	/	SYM
fsr-4154	409	6	conceptnoteac	conceptnoteac	PROPN
fsr-4154	409	7	b531172e0b4dfc9a6e506c2c24f	b531172e0b4dfc9a6e506c2c24f	NOUN
fsr-4154	409	8	fb6.pdf	fb6.pdf	ADJ
fsr-4154	409	9	rogoff	rogoff	NOUN
fsr-4154	409	10	,	,	PUNCT
fsr-4154	409	11	k.	k.	PROPN
fsr-4154	409	12	(	(	PUNCT
fsr-4154	409	13	2015	2015	NUM
fsr-4154	409	14	)	)	PUNCT
fsr-4154	409	15	.	.	PUNCT
fsr-4154	410	1	costs	cost	NOUN
fsr-4154	410	2	and	and	CCONJ
fsr-4154	410	3	benefits	benefit	NOUN
fsr-4154	410	4	to	to	ADP
fsr-4154	410	5	phasing	phase	VERB
fsr-4154	410	6	out	out	ADP
fsr-4154	410	7	paper	paper	NOUN
fsr-4154	410	8	currency	currency	NOUN
fsr-4154	410	9	.	.	PUNCT
fsr-4154	411	1	nber	nber	PROPN
fsr-4154	411	2	macroeconomics	macroeconomics	PROPN
fsr-4154	411	3	annual	annual	ADJ
fsr-4154	411	4	,	,	PUNCT
fsr-4154	411	5	29	29	NUM
fsr-4154	411	6	,	,	PUNCT
fsr-4154	411	7	445	445	NUM
fsr-4154	411	8	–	–	PUNCT
fsr-4154	411	9	456	456	NUM
fsr-4154	411	10	.	.	PUNCT
fsr-4154	412	1	https://doi.org/10.1086/680657	https://doi.org/10.1086/680657	PROPN
fsr-4154	412	2	soderberg	soderberg	PROPN
fsr-4154	412	3	,	,	PUNCT
fsr-4154	412	4	g.	g.	PROPN
fsr-4154	412	5	,	,	PUNCT
fsr-4154	412	6	bechara	bechara	NOUN
fsr-4154	412	7	,	,	PUNCT
fsr-4154	412	8	m.	m.	NOUN
fsr-4154	412	9	m.	m.	NOUN
fsr-4154	412	10	,	,	PUNCT
fsr-4154	412	11	bossu	bossu	PROPN
fsr-4154	412	12	,	,	PUNCT
fsr-4154	412	13	w.	w.	PROPN
fsr-4154	412	14	,	,	PUNCT
fsr-4154	412	15	che	che	PROPN
fsr-4154	412	16	,	,	PUNCT
fsr-4154	412	17	m.	m.	NOUN
fsr-4154	412	18	n.	n.	PROPN
fsr-4154	412	19	x.	x.	PROPN
fsr-4154	412	20	,	,	PUNCT
fsr-4154	412	21	davidovic	davidovic	PROPN
fsr-4154	412	22	,	,	PUNCT
fsr-4154	412	23	s.	s.	PROPN
fsr-4154	412	24	,	,	PUNCT
fsr-4154	412	25	kiff	kiff	PROPN
fsr-4154	412	26	,	,	PUNCT
fsr-4154	412	27	m.	m.	PROPN
fsr-4154	412	28	j.	j.	PROPN
fsr-4154	412	29	,	,	PUNCT
fsr-4154	412	30	lukonga	lukonga	PROPN
fsr-4154	412	31	,	,	PUNCT
fsr-4154	412	32	m.	m.	NOUN
fsr-4154	412	33	i.	i.	PROPN
fsr-4154	412	34	,	,	PUNCT
fsr-4154	412	35	griffoli	griffoli	PROPN
fsr-4154	412	36	,	,	PUNCT
fsr-4154	412	37	m.	m.	NOUN
fsr-4154	412	38	t.	t.	PROPN
fsr-4154	412	39	m.	m.	PROPN
fsr-4154	412	40	,	,	PUNCT
fsr-4154	412	41	sun	sun	NOUN
fsr-4154	412	42	,	,	PUNCT
fsr-4154	412	43	t.	t.	PROPN
fsr-4154	412	44	,	,	PUNCT
fsr-4154	412	45	&	&	CCONJ
fsr-4154	412	46	yoshinaga	yoshinaga	PROPN
fsr-4154	412	47	,	,	PUNCT
fsr-4154	412	48	a.	a.	NOUN
fsr-4154	412	49	(	(	PUNCT
fsr-4154	412	50	2022	2022	NUM
fsr-4154	412	51	)	)	PUNCT
fsr-4154	412	52	.	.	PUNCT
fsr-4154	413	1	behind	behind	ADP
fsr-4154	413	2	the	the	DET
fsr-4154	413	3	scenes	scene	NOUN
fsr-4154	413	4	of	of	ADP
fsr-4154	413	5	central	central	ADJ
fsr-4154	413	6	bank	bank	PROPN
fsr-4154	413	7	digital	digital	ADJ
fsr-4154	413	8	currency	currency	NOUN
fsr-4154	413	9	:	:	PUNCT
fsr-4154	413	10	emerging	emerge	VERB
fsr-4154	413	11	trends	trend	NOUN
fsr-4154	413	12	,	,	PUNCT
fsr-4154	413	13	insights	insight	NOUN
fsr-4154	413	14	,	,	PUNCT
fsr-4154	413	15	and	and	CCONJ
fsr-4154	413	16	policy	policy	NOUN
fsr-4154	413	17	lessons	lesson	NOUN
fsr-4154	413	18	.	.	PUNCT
fsr-4154	414	1	international	international	ADJ
fsr-4154	414	2	monetary	monetary	ADJ
fsr-4154	414	3	fund	fund	NOUN
fsr-4154	414	4	.	.	PUNCT
fsr-4154	415	1	https://www.imf.org/en/publications/	https://www.imf.org/en/publications/	PROPN
fsr-4154	415	2	wp	wp	PROPN
fsr-4154	415	3	/	/	SYM
fsr-4154	415	4	issues/2022/11/01	issues/2022/11/01	NOUN
fsr-4154	415	5	/	/	SYM
fsr-4154	415	6	behind	behind	ADP
fsr-4154	415	7	-	-	PUNCT
fsr-4154	415	8	thescenes	thescene	NOUN
fsr-4154	415	9	-	-	PUNCT
fsr-4154	415	10	of	of	ADP
fsr-4154	415	11	-	-	PUNCT
fsr-4154	415	12	central	central	ADJ
fsr-4154	415	13	-	-	PUNCT
fsr-4154	415	14	bank	bank	NOUN
fsr-4154	415	15	-	-	PUNCT
fsr-4154	415	16	digitalcurrency-525520	digitalcurrency-525520	PROPN
fsr-4154	415	17	son	son	PROPN
fsr-4154	415	18	,	,	PUNCT
fsr-4154	415	19	j.	j.	PROPN
fsr-4154	415	20	,	,	PUNCT
fsr-4154	415	21	ryu	ryu	PROPN
fsr-4154	415	22	,	,	PUNCT
fsr-4154	415	23	d.	d.	PROPN
fsr-4154	415	24	,	,	PUNCT
fsr-4154	415	25	&	&	CCONJ
fsr-4154	415	26	webb	webb	PROPN
fsr-4154	415	27	,	,	PUNCT
fsr-4154	415	28	r.	r.	PROPN
fsr-4154	415	29	i.	i.	PROPN
fsr-4154	415	30	(	(	PUNCT
fsr-4154	415	31	2023	2023	NUM
fsr-4154	415	32	)	)	PUNCT
fsr-4154	415	33	.	.	PUNCT
fsr-4154	416	1	central	central	PROPN
fsr-4154	416	2	bank	bank	PROPN
fsr-4154	416	3	digital	digital	ADJ
fsr-4154	416	4	currency	currency	NOUN
fsr-4154	416	5	:	:	PUNCT
fsr-4154	416	6	payment	payment	NOUN
fsr-4154	416	7	choices	choice	NOUN
fsr-4154	416	8	and	and	CCONJ
fsr-4154	416	9	commercial	commercial	ADJ
fsr-4154	416	10	bank	bank	NOUN
fsr-4154	416	11	profitability	profitability	NOUN
fsr-4154	416	12	.	.	PUNCT
fsr-4154	417	1	international	international	ADJ
fsr-4154	417	2	review	review	NOUN
fsr-4154	417	3	of	of	ADP
fsr-4154	417	4	financial	financial	ADJ
fsr-4154	417	5	analysis	analysis	NOUN
fsr-4154	417	6	,	,	PUNCT
fsr-4154	417	7	90	90	NUM
fsr-4154	417	8	,	,	PUNCT
fsr-4154	417	9	102874	102874	NUM
fsr-4154	417	10	.	.	PUNCT
fsr-4154	418	1	tan	tan	PROPN
fsr-4154	418	2	,	,	PUNCT
fsr-4154	418	3	b.	b.	PROPN
fsr-4154	418	4	j.	j.	PROPN
fsr-4154	418	5	(	(	PUNCT
fsr-4154	418	6	2024	2024	NUM
fsr-4154	418	7	)	)	PUNCT
fsr-4154	418	8	.	.	PUNCT
fsr-4154	419	1	central	central	PROPN
fsr-4154	419	2	bank	bank	PROPN
fsr-4154	419	3	digital	digital	ADJ
fsr-4154	419	4	currency	currency	NOUN
fsr-4154	419	5	and	and	CCONJ
fsr-4154	419	6	financial	financial	ADJ
fsr-4154	419	7	inclusion	inclusion	NOUN
fsr-4154	419	8	.	.	PUNCT
fsr-4154	420	1	journal	journal	PROPN
fsr-4154	420	2	of	of	ADP
fsr-4154	420	3	macroeconomics	macroeconomic	NOUN
fsr-4154	420	4	,	,	PUNCT
fsr-4154	420	5	81	81	NUM
fsr-4154	420	6	,	,	PUNCT
fsr-4154	420	7	103620	103620	NUM
fsr-4154	420	8	.	.	PUNCT
fsr-4154	421	1	https://doi.org/10.1016/j.jmacro.2024	https://doi.org/10.1016/j.jmacro.2024	VERB
fsr-4154	421	2	.	.	PUNCT
fsr-4154	422	1	103620	103620	NUM
fsr-4154	422	2	tercero	tercero	NOUN
fsr-4154	422	3	-	-	PUNCT
fsr-4154	422	4	lucas	lucas	PROPN
fsr-4154	422	5	,	,	PUNCT
fsr-4154	422	6	d.	d.	PROPN
fsr-4154	422	7	(	(	PUNCT
fsr-4154	422	8	2023	2023	NUM
fsr-4154	422	9	)	)	PUNCT
fsr-4154	422	10	.	.	PUNCT
fsr-4154	423	1	central	central	PROPN
fsr-4154	423	2	bank	bank	PROPN
fsr-4154	423	3	digital	digital	ADJ
fsr-4154	423	4	currencies	currency	NOUN
fsr-4154	423	5	and	and	CCONJ
fsr-4154	423	6	financial	financial	ADJ
fsr-4154	423	7	stability	stability	NOUN
fsr-4154	423	8	in	in	ADP
fsr-4154	423	9	a	a	DET
fsr-4154	423	10	modern	modern	ADJ
fsr-4154	423	11	monetary	monetary	ADJ
fsr-4154	423	12	system	system	NOUN
fsr-4154	423	13	.	.	PUNCT
fsr-4154	424	1	journal	journal	NOUN
fsr-4154	424	2	of	of	ADP
fsr-4154	424	3	financial	financial	ADJ
fsr-4154	424	4	stability	stability	NOUN
fsr-4154	424	5	,	,	PUNCT
fsr-4154	424	6	69	69	NUM
fsr-4154	424	7	,	,	PUNCT
fsr-4154	424	8	101188	101188	NUM
fsr-4154	424	9	.	.	PUNCT
fsr-4154	425	1	https://doi.org/10.1016/j.jfs.2023.1011	https://doi.org/10.1016/j.jfs.2023.1011	PROPN
fsr-4154	425	2	88	88	NUM
fsr-4154	425	3	tian	tian	ADJ
fsr-4154	425	4	,	,	PUNCT
fsr-4154	425	5	s.	s.	PROPN
fsr-4154	425	6	,	,	PUNCT
fsr-4154	425	7	zhao	zhao	PROPN
fsr-4154	425	8	,	,	PUNCT
fsr-4154	425	9	b.	b.	PROPN
fsr-4154	425	10	,	,	PUNCT
fsr-4154	425	11	&	&	CCONJ
fsr-4154	425	12	olivares	olivares	PROPN
fsr-4154	425	13	,	,	PUNCT
fsr-4154	425	14	r.	r.	PROPN
fsr-4154	425	15	o.	o.	PROPN
fsr-4154	425	16	(	(	PUNCT
fsr-4154	425	17	2023	2023	NUM
fsr-4154	425	18	)	)	PUNCT
fsr-4154	425	19	.	.	PUNCT
fsr-4154	426	1	cybersecurity	cybersecurity	NOUN
fsr-4154	426	2	risks	risk	NOUN
fsr-4154	426	3	and	and	CCONJ
fsr-4154	426	4	central	central	ADJ
fsr-4154	426	5	banks	bank	NOUN
fsr-4154	426	6	’	’	PART
fsr-4154	426	7	sentiment	sentiment	NOUN
fsr-4154	426	8	on	on	ADP
fsr-4154	426	9	central	central	ADJ
fsr-4154	426	10	bank	bank	NOUN
fsr-4154	426	11	digital	digital	ADJ
fsr-4154	426	12	currency	currency	NOUN
fsr-4154	426	13	:	:	PUNCT
fsr-4154	426	14	evidence	evidence	NOUN
fsr-4154	426	15	from	from	ADP
fsr-4154	426	16	global	global	ADJ
fsr-4154	426	17	cyberattacks	cyberattack	NOUN
fsr-4154	426	18	.	.	PUNCT
fsr-4154	427	1	finance	finance	NOUN
fsr-4154	427	2	research	research	NOUN
fsr-4154	427	3	letters	letter	NOUN
fsr-4154	427	4	,	,	PUNCT
fsr-4154	427	5	53	53	NUM
fsr-4154	427	6	,	,	PUNCT
fsr-4154	427	7	103609	103609	NUM
fsr-4154	427	8	.	.	PUNCT
fsr-4154	428	1	https://doi.org/10.1016/j.frl.2022.1036	https://doi.org/10.1016/j.frl.2022.1036	PROPN
fsr-4154	428	2	09	09	NUM
fsr-4154	428	3	tourpe	tourpe	PROPN
fsr-4154	428	4	,	,	PUNCT
fsr-4154	428	5	h.	h.	PROPN
fsr-4154	428	6	,	,	PUNCT
fsr-4154	428	7	lannquist	lannquist	NOUN
fsr-4154	428	8	,	,	PUNCT
fsr-4154	428	9	a.	a.	PROPN
fsr-4154	428	10	,	,	PUNCT
fsr-4154	428	11	&	&	CCONJ
fsr-4154	428	12	soderberg	soderberg	PROPN
fsr-4154	428	13	,	,	PUNCT
fsr-4154	428	14	g.	g.	PROPN
fsr-4154	428	15	(	(	PUNCT
fsr-4154	428	16	2023	2023	NUM
fsr-4154	428	17	,	,	PUNCT
fsr-4154	428	18	september	september	PROPN
fsr-4154	428	19	)	)	PUNCT
fsr-4154	428	20	.	.	PUNCT
fsr-4154	429	1	a	a	DET
fsr-4154	429	2	guide	guide	NOUN
fsr-4154	429	3	to	to	ADP
fsr-4154	429	4	central	central	ADJ
fsr-4154	429	5	bank	bank	NOUN
fsr-4154	429	6	digital	digital	ADJ
fsr-4154	429	7	currency	currency	NOUN
fsr-4154	429	8	product	product	NOUN
fsr-4154	429	9	development	development	NOUN
fsr-4154	429	10	.	.	PUNCT
fsr-4154	430	1	international	international	ADJ
fsr-4154	430	2	monetary	monetary	ADJ
fsr-4154	430	3	fund	fund	NOUN
fsr-4154	430	4	.	.	PUNCT
fsr-4154	431	1	https://www.imf.org/en/publications/	https://www.imf.org/en/publications/	PROPN
fsr-4154	431	2	wp	wp	PROPN
fsr-4154	431	3	/	/	SYM
fsr-4154	431	4	issues/2023/09/01	issues/2023/09/01	PROPN
fsr-4154	431	5	/	/	SYM
fsr-4154	431	6	guide	guide	NOUN
fsr-4154	431	7	-	-	PUNCT
fsr-4154	431	8	tocbdc	tocbdc	NOUN
fsr-4154	431	9	-	-	PUNCT
fsr-4154	431	10	product	product	NOUN
fsr-4154	431	11	-	-	PUNCT
fsr-4154	431	12	development	development	NOUN
fsr-4154	431	13	wang	wang	PROPN
fsr-4154	431	14	,	,	PUNCT
fsr-4154	431	15	h.	h.	PROPN
fsr-4154	431	16	,	,	PUNCT
fsr-4154	431	17	&	&	CCONJ
fsr-4154	431	18	gao	gao	PROPN
fsr-4154	431	19	,	,	PUNCT
fsr-4154	431	20	s.	s.	PROPN
fsr-4154	431	21	(	(	PUNCT
fsr-4154	431	22	2024	2024	NUM
fsr-4154	431	23	)	)	PUNCT
fsr-4154	431	24	.	.	PUNCT
fsr-4154	432	1	the	the	DET
fsr-4154	432	2	future	future	NOUN
fsr-4154	432	3	of	of	ADP
fsr-4154	432	4	the	the	DET
fsr-4154	432	5	international	international	ADJ
fsr-4154	432	6	financial	financial	ADJ
fsr-4154	432	7	system	system	NOUN
fsr-4154	432	8	:	:	PUNCT
fsr-4154	432	9	the	the	DET
fsr-4154	432	10	emerging	emerge	VERB
fsr-4154	432	11	cbdc	cbdc	NOUN
fsr-4154	432	12	network	network	NOUN
fsr-4154	432	13	and	and	CCONJ
fsr-4154	432	14	its	its	PRON
fsr-4154	432	15	impact	impact	NOUN
fsr-4154	432	16	on	on	ADP
fsr-4154	432	17	regulation	regulation	NOUN
fsr-4154	432	18	.	.	PUNCT
fsr-4154	433	1	regulation	regulation	NOUN
fsr-4154	433	2	&	&	CCONJ
fsr-4154	433	3	governance	governance	NOUN
fsr-4154	433	4	,	,	PUNCT
fsr-4154	433	5	18(1	18(1	NUM
fsr-4154	433	6	)	)	PUNCT
fsr-4154	433	7	,	,	PUNCT
fsr-4154	433	8	288–306	288–306	NUM
fsr-4154	433	9	.	.	PUNCT
fsr-4154	434	1	https://doi.org/10.1111/rego.12520	https://doi.org/10.1111/rego.12520	ADJ
fsr-4154	434	2	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	PROPN
fsr-4154	434	3	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	NOUN
fsr-4154	434	4	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	NOUN
fsr-4154	434	5	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	https://rbidocs.rbi.org.in/rdocs/publicationreport/pdfs/conceptnoteacb531172e0b4dfc9a6e506c2c24ffb6.pdf	NOUN
fsr-4154	434	6	financial	financial	ADJ
fsr-4154	434	7	services	service	NOUN
fsr-4154	434	8	review	review	NOUN
fsr-4154	434	9	,	,	PUNCT
fsr-4154	434	10	33(3	33(3	NOUN
fsr-4154	434	11	)	)	PUNCT
fsr-4154	434	12	76	76	NUM
fsr-4154	434	13	appendix	appendix	NOUN
fsr-4154	434	14	a.	a.	NOUN
fsr-4154	434	15	categorization	categorization	NOUN
fsr-4154	434	16	of	of	ADP
fsr-4154	434	17	expert	expert	ADJ
fsr-4154	434	18	interview	interview	NOUN
fsr-4154	434	19	participants	participant	NOUN
fsr-4154	434	20	group	group	NOUN
fsr-4154	434	21	1	1	NUM
fsr-4154	434	22	.	.	PUNCT
fsr-4154	434	23	fintech	fintech	PROPN
fsr-4154	434	24	and	and	CCONJ
fsr-4154	434	25	blockchain	blockchain	PROPN
fsr-4154	434	26	experts	expert	NOUN
fsr-4154	434	27	(	(	PUNCT
fsr-4154	434	28	n=8	n=8	NUM
fsr-4154	434	29	)	)	PUNCT
fsr-4154	434	30	expert	expert	NOUN
fsr-4154	434	31	i	i	PROPN
fsr-4154	434	32	d	d	PROPN
fsr-4154	434	33	role	role	NOUN
fsr-4154	434	34	/	/	SYM
fsr-4154	434	35	position	position	NOUN
fsr-4154	434	36	expertise	expertise	NOUN
fsr-4154	434	37	area	area	NOUN
fsr-4154	434	38	experience	experience	PROPN
fsr-4154	434	39	geographic	geographic	PROPN
fsr-4154	434	40	region	region	PROPN
fsr-4154	434	41	ft1	ft1	PROPN
fsr-4154	434	42	swift	swift	PROPN
fsr-4154	434	43	operations	operation	NOUN
fsr-4154	434	44	digital	digital	ADJ
fsr-4154	434	45	currencies	currency	NOUN
fsr-4154	434	46	,	,	PUNCT
fsr-4154	434	47	blockchain	blockchain	PROPN
fsr-4154	434	48	senior	senior	ADJ
fsr-4154	434	49	level	level	NOUN
fsr-4154	434	50	uk	uk	PROPN
fsr-4154	434	51	ft2	ft2	PROPN
fsr-4154	434	52	global	global	ADJ
fsr-4154	434	53	lead	lead	NOUN
fsr-4154	434	54	analystdigital	analystdigital	ADJ
fsr-4154	434	55	transformations	transformation	NOUN
fsr-4154	434	56	blockchain	blockchain	NOUN
fsr-4154	434	57	and	and	CCONJ
fsr-4154	434	58	fintech	fintech	NOUN
fsr-4154	434	59	mid	mid	NOUN
fsr-4154	434	60	-	-	NOUN
fsr-4154	434	61	level	level	ADJ
fsr-4154	434	62	uae	uae	PROPN
fsr-4154	434	63	and	and	CCONJ
fsr-4154	434	64	india	india	PROPN
fsr-4154	434	65	ft3	ft3	PROPN
fsr-4154	434	66	digital	digital	PROPN
fsr-4154	434	67	payment	payment	NOUN
fsr-4154	434	68	consultant	consultant	NOUN
fsr-4154	434	69	blockchain	blockchain	NOUN
fsr-4154	434	70	and	and	CCONJ
fsr-4154	434	71	fintech	fintech	PROPN
fsr-4154	434	72	senior	senior	ADJ
fsr-4154	434	73	level	level	NOUN
fsr-4154	434	74	usa	usa	PROPN
fsr-4154	434	75	ft4	ft4	PROPN
fsr-4154	434	76	senior	senior	ADJ
fsr-4154	434	77	consultant	consultant	NOUN
fsr-4154	434	78	digital	digital	PROPN
fsr-4154	434	79	solutions	solution	NOUN
fsr-4154	434	80	blockchain	blockchain	NOUN
fsr-4154	434	81	and	and	CCONJ
fsr-4154	434	82	fintech	fintech	NOUN
fsr-4154	434	83	mid	mid	NOUN
fsr-4154	434	84	-	-	NOUN
fsr-4154	434	85	level	level	ADJ
fsr-4154	434	86	south	south	PROPN
fsr-4154	434	87	east	east	PROPN
fsr-4154	434	88	asia	asia	PROPN
fsr-4154	434	89	ft5	ft5	VERB
fsr-4154	434	90	senior	senior	ADJ
fsr-4154	434	91	consultant	consultant	NOUN
fsr-4154	434	92	digital	digital	ADJ
fsr-4154	434	93	payments	payment	NOUN
fsr-4154	434	94	and	and	CCONJ
fsr-4154	434	95	blockchain	blockchain	PROPN
fsr-4154	434	96	blockchain	blockchain	PROPN
fsr-4154	434	97	and	and	CCONJ
fsr-4154	434	98	fintech	fintech	NOUN
fsr-4154	434	99	mid	mid	ADJ
fsr-4154	434	100	-	-	NOUN
fsr-4154	434	101	level	level	ADJ
fsr-4154	434	102	singapore	singapore	PROPN
fsr-4154	434	103	ft6	ft6	NOUN
fsr-4154	434	104	senior	senior	ADJ
fsr-4154	434	105	consultant	consultant	NOUN
fsr-4154	434	106	digital	digital	ADJ
fsr-4154	434	107	payment	payment	NOUN
fsr-4154	434	108	project	project	NOUN
fsr-4154	434	109	fintech	fintech	NOUN
fsr-4154	434	110	and	and	CCONJ
fsr-4154	434	111	cbdc	cbdc	VERB
fsr-4154	434	112	mid	mid	ADJ
fsr-4154	434	113	-	-	NOUN
fsr-4154	434	114	level	level	ADJ
fsr-4154	434	115	singapore	singapore	PROPN
fsr-4154	434	116	ft7	ft7	PROPN
fsr-4154	434	117	technology	technology	PROPN
fsr-4154	434	118	and	and	CCONJ
fsr-4154	434	119	strategydirector	strategydirector	PROPN
fsr-4154	434	120	blockchain	blockchain	PROPN
fsr-4154	434	121	expert	expert	PROPN
fsr-4154	434	122	senior	senior	ADJ
fsr-4154	434	123	-	-	PUNCT
fsr-4154	434	124	level	level	NOUN
fsr-4154	434	125	india	india	PROPN
fsr-4154	434	126	ft8	ft8	NOUN
fsr-4154	434	127	emerging	emerge	VERB
fsr-4154	434	128	tech	tech	NOUN
fsr-4154	434	129	evangelist	evangelist	NOUN
fsr-4154	434	130	,	,	PUNCT
fsr-4154	434	131	startup	startup	NOUN
fsr-4154	434	132	enabler	enabler	NOUN
fsr-4154	434	133	fintech	fintech	NOUN
fsr-4154	434	134	and	and	CCONJ
fsr-4154	434	135	cbdc	cbdc	VERB
fsr-4154	434	136	senior	senior	ADJ
fsr-4154	434	137	level	level	NOUN
fsr-4154	434	138	india	india	PROPN
fsr-4154	434	139	shekhar	shekhar	PROPN
fsr-4154	434	140	&	&	CCONJ
fsr-4154	434	141	ramesh	ramesh	PROPN
fsr-4154	434	142	77	77	PROPN
fsr-4154	434	143	group	group	PROPN
fsr-4154	434	144	2	2	NUM
fsr-4154	434	145	.	.	PUNCT
fsr-4154	434	146	banking	banking	NOUN
fsr-4154	434	147	and	and	CCONJ
fsr-4154	434	148	payment	payment	NOUN
fsr-4154	434	149	industry	industry	NOUN
fsr-4154	434	150	professionals	professional	NOUN
fsr-4154	434	151	(	(	PUNCT
fsr-4154	434	152	n=8	n=8	NUM
fsr-4154	434	153	)	)	PUNCT
fsr-4154	434	154	expert	expert	NOUN
fsr-4154	434	155	i	i	PROPN
fsr-4154	434	156	d	d	PROPN
fsr-4154	434	157	role	role	NOUN
fsr-4154	434	158	/	/	SYM
fsr-4154	434	159	position	position	NOUN
fsr-4154	434	160	expertise	expertise	NOUN
fsr-4154	434	161	area	area	NOUN
fsr-4154	434	162	experience	experience	VERB
fsr-4154	434	163	geographic	geographic	PROPN
fsr-4154	434	164	region	region	PROPN
fsr-4154	434	165	bp1	bp1	PROPN
fsr-4154	434	166	cbdc	cbdc	VERB
fsr-4154	434	167	project	project	NOUN
fsr-4154	434	168	headpayments	headpayment	NOUN
fsr-4154	434	169	industry	industry	NOUN
fsr-4154	434	170	banking	banking	NOUN
fsr-4154	434	171	and	and	CCONJ
fsr-4154	434	172	fintech	fintech	NOUN
fsr-4154	434	173	senior	senior	ADJ
fsr-4154	434	174	level	level	NOUN
fsr-4154	434	175	india	india	PROPN
fsr-4154	434	176	bp2	bp2	PROPN
fsr-4154	434	177	ceo	ceo	NOUN
fsr-4154	434	178	-	-	PUNCT
fsr-4154	434	179	fintech	fintech	NOUN
fsr-4154	434	180	payments	payment	NOUN
fsr-4154	434	181	-	-	PUNCT
fsr-4154	434	182	based	base	VERB
fsr-4154	434	183	startup	startup	NOUN
fsr-4154	434	184	banking	banking	NOUN
fsr-4154	434	185	and	and	CCONJ
fsr-4154	434	186	fintech	fintech	NOUN
fsr-4154	434	187	senior	senior	ADJ
fsr-4154	434	188	level	level	NOUN
fsr-4154	434	189	india	india	PROPN
fsr-4154	434	190	bp3	bp3	PROPN
fsr-4154	434	191	banker	banker	NOUN
fsr-4154	434	192	-	-	PUNCT
fsr-4154	434	193	assistant	assistant	NOUN
fsr-4154	434	194	manager	manager	NOUN
fsr-4154	434	195	,	,	PUNCT
fsr-4154	434	196	private	private	ADJ
fsr-4154	434	197	bank	bank	NOUN
fsr-4154	434	198	banking	banking	NOUN
fsr-4154	434	199	and	and	CCONJ
fsr-4154	434	200	fintech	fintech	NOUN
fsr-4154	434	201	mid	mid	NOUN
fsr-4154	434	202	-	-	NOUN
fsr-4154	434	203	level	level	ADJ
fsr-4154	434	204	india	india	PROPN
fsr-4154	434	205	bp4	bp4	PROPN
fsr-4154	434	206	sme	sme	PROPN
fsr-4154	434	207	consultant	consultant	NOUN
fsr-4154	434	208	and	and	CCONJ
fsr-4154	434	209	directionfintech	directionfintech	PROPN
fsr-4154	434	210	startup	startup	NOUN
fsr-4154	434	211	banking	banking	NOUN
fsr-4154	434	212	and	and	CCONJ
fsr-4154	434	213	fintech	fintech	NOUN
fsr-4154	434	214	senior	senior	ADJ
fsr-4154	434	215	-	-	PUNCT
fsr-4154	434	216	level	level	NOUN
fsr-4154	434	217	india	india	PROPN
fsr-4154	434	218	bp5	bp5	PROPN
fsr-4154	434	219	fintech	fintech	PROPN
fsr-4154	434	220	startup	startup	NOUN
fsr-4154	434	221	founder	founder	NOUN
fsr-4154	434	222	,	,	PUNCT
fsr-4154	434	223	former	former	ADJ
fsr-4154	434	224	vpprivate	vpprivate	PROPN
fsr-4154	434	225	bank	bank	PROPN
fsr-4154	434	226	banking	banking	NOUN
fsr-4154	434	227	and	and	CCONJ
fsr-4154	434	228	fintech	fintech	NOUN
fsr-4154	434	229	senior	senior	ADJ
fsr-4154	434	230	level	level	NOUN
fsr-4154	434	231	india	india	PROPN
fsr-4154	434	232	bp6	bp6	PROPN
fsr-4154	434	233	consultant	consultant	NOUN
fsr-4154	434	234	and	and	CCONJ
fsr-4154	434	235	researcherpaytm	researcherpaytm	NOUN
fsr-4154	434	236	(	(	PUNCT
fsr-4154	434	237	payments	payment	NOUN
fsr-4154	434	238	startup	startup	NOUN
fsr-4154	434	239	)	)	PUNCT
fsr-4154	434	240	banking	banking	NOUN
fsr-4154	434	241	and	and	CCONJ
fsr-4154	434	242	fintech	fintech	NOUN
fsr-4154	434	243	(	(	PUNCT
fsr-4154	434	244	blockchain	blockchain	NOUN
fsr-4154	434	245	and	and	CCONJ
fsr-4154	434	246	payments	payment	NOUN
fsr-4154	434	247	)	)	PUNCT
fsr-4154	434	248	senior	senior	ADJ
fsr-4154	434	249	level	level	NOUN
fsr-4154	434	250	india	india	PROPN
fsr-4154	434	251	bp7	bp7	PROPN
fsr-4154	434	252	director	director	NOUN
fsr-4154	434	253	-	-	PUNCT
fsr-4154	434	254	fintech	fintech	NOUN
fsr-4154	434	255	organization	organization	NOUN
fsr-4154	434	256	,	,	PUNCT
fsr-4154	434	257	financial	financial	ADJ
fsr-4154	434	258	inclusion	inclusion	NOUN
fsr-4154	434	259	of	of	ADP
fsr-4154	434	260	smes	sme	NOUN
fsr-4154	434	261	and	and	CCONJ
fsr-4154	434	262	consultant	consultant	NOUN
fsr-4154	434	263	financial	financial	ADJ
fsr-4154	434	264	inclusion	inclusion	NOUN
fsr-4154	434	265	and	and	CCONJ
fsr-4154	434	266	fintech	fintech	NOUN
fsr-4154	434	267	senior	senior	ADJ
fsr-4154	434	268	level	level	NOUN
fsr-4154	434	269	india	india	PROPN
fsr-4154	434	270	financial	financial	PROPN
fsr-4154	434	271	services	services	PROPN
fsr-4154	434	272	review	review	PROPN
fsr-4154	434	273	,	,	PUNCT
fsr-4154	434	274	33(3	33(3	NOUN
fsr-4154	434	275	)	)	PUNCT
fsr-4154	434	276	78	78	NUM
fsr-4154	434	277	group	group	NOUN
fsr-4154	434	278	3	3	NUM
fsr-4154	434	279	.	.	PUNCT
fsr-4154	434	280	academic	academic	ADJ
fsr-4154	434	281	and	and	CCONJ
fsr-4154	434	282	policy	policy	NOUN
fsr-4154	434	283	experts	expert	NOUN
fsr-4154	434	284	(	(	PUNCT
fsr-4154	434	285	n=7	n=7	PROPN
fsr-4154	434	286	)	)	PUNCT
fsr-4154	434	287	expert	expert	NOUN
fsr-4154	434	288	i	i	PROPN
fsr-4154	434	289	d	d	PROPN
fsr-4154	434	290	role	role	NOUN
fsr-4154	434	291	/	/	SYM
fsr-4154	434	292	position	position	NOUN
fsr-4154	434	293	expertise	expertise	NOUN
fsr-4154	434	294	area	area	NOUN
fsr-4154	434	295	experience	experience	VERB
fsr-4154	434	296	geographic	geographic	PROPN
fsr-4154	434	297	region	region	NOUN
fsr-4154	434	298	ap1	ap1	PROPN
fsr-4154	434	299	associate	associate	PROPN
fsr-4154	434	300	professor	professor	NOUN
fsr-4154	434	301	information	information	NOUN
fsr-4154	434	302	technology	technology	NOUN
fsr-4154	434	303	seniorlevel	seniorlevel	PROPN
fsr-4154	434	304	india	india	PROPN
fsr-4154	434	305	ap2	ap2	PROPN
fsr-4154	434	306	adjunct	adjunct	ADJ
fsr-4154	434	307	faculty	faculty	NOUN
fsr-4154	434	308	and	and	CCONJ
fsr-4154	434	309	consultant	consultant	NOUN
fsr-4154	434	310	finance	finance	NOUN
fsr-4154	434	311	and	and	CCONJ
fsr-4154	434	312	fintech	fintech	NOUN
fsr-4154	434	313	mid	mid	NOUN
fsr-4154	434	314	-	-	NOUN
fsr-4154	434	315	level	level	ADJ
fsr-4154	434	316	india	india	PROPN
fsr-4154	434	317	ap3	ap3	PROPN
fsr-4154	434	318	associate	associate	NOUN
fsr-4154	434	319	professor	professor	NOUN
fsr-4154	434	320	operations	operation	NOUN
fsr-4154	434	321	and	and	CCONJ
fsr-4154	434	322	technology	technology	NOUN
fsr-4154	434	323	senior	senior	ADJ
fsr-4154	434	324	-	-	PUNCT
fsr-4154	434	325	level	level	NOUN
fsr-4154	434	326	india	india	PROPN
fsr-4154	434	327	ap4	ap4	PROPN
fsr-4154	434	328	economist	economist	PROPN
fsr-4154	434	329	/	/	SYM
fsr-4154	434	330	resear	resear	PROPN
fsr-4154	434	331	cher	cher	PROPN
fsr-4154	434	332	policy	policy	PROPN
fsr-4154	434	333	analysis	analysis	NOUN
fsr-4154	434	334	senior	senior	ADJ
fsr-4154	434	335	-	-	PUNCT
fsr-4154	434	336	level	level	NOUN
fsr-4154	434	337	india	india	PROPN
fsr-4154	434	338	ap5	ap5	PROPN
fsr-4154	434	339	lawyer	lawyer	NOUN
fsr-4154	434	340	-	-	PUNCT
fsr-4154	434	341	private	private	ADJ
fsr-4154	434	342	firm	firm	ADJ
fsr-4154	434	343	intellectual	intellectual	ADJ
fsr-4154	434	344	property	property	NOUN
fsr-4154	434	345	,	,	PUNCT
fsr-4154	434	346	cyber	cyber	NOUN
fsr-4154	434	347	laws	law	VERB
fsr-4154	434	348	senior	senior	ADJ
fsr-4154	434	349	-	-	PUNCT
fsr-4154	434	350	level	level	NOUN
fsr-4154	434	351	india	india	PROPN
fsr-4154	434	352	ap6	ap6	NOUN
fsr-4154	434	353	economist	economist	NOUN
fsr-4154	434	354	and	and	CCONJ
fsr-4154	434	355	researcher	researcher	PROPN
fsr-4154	434	356	global	global	PROPN
fsr-4154	434	357	think	think	NOUN
fsr-4154	434	358	tank	tank	NOUN
fsr-4154	434	359	policy	policy	NOUN
fsr-4154	434	360	and	and	CCONJ
fsr-4154	434	361	research	research	NOUN
fsr-4154	434	362	senior	senior	ADJ
fsr-4154	434	363	-	-	PUNCT
fsr-4154	434	364	level	level	NOUN
fsr-4154	434	365	india	india	PROPN
fsr-4154	434	366	ap7	ap7	PROPN
fsr-4154	434	367	adjunct	adjunct	VERB
fsr-4154	434	368	faculty	faculty	NOUN
fsr-4154	434	369	and	and	CCONJ
fsr-4154	434	370	consultantdigital	consultantdigital	ADJ
fsr-4154	434	371	finance	finance	NOUN
fsr-4154	434	372	finance	finance	NOUN
fsr-4154	434	373	and	and	CCONJ
fsr-4154	434	374	technology	technology	NOUN
fsr-4154	434	375	seniorlevel	seniorlevel	NOUN
fsr-4154	434	376	india	india	PROPN
fsr-4154	434	377	note	note	NOUN
fsr-4154	434	378	:	:	PUNCT
fsr-4154	434	379	experience	experience	NOUN
fsr-4154	434	380	levels	level	NOUN
fsr-4154	434	381	are	be	AUX
fsr-4154	434	382	categorized	categorize	VERB
fsr-4154	434	383	as	as	ADP
fsr-4154	434	384	:	:	PUNCT
fsr-4154	434	385	senior	senior	ADJ
fsr-4154	434	386	level	level	NOUN
fsr-4154	434	387	:	:	PUNCT
fsr-4154	434	388	>	>	X
fsr-4154	434	389	15	15	NUM
fsr-4154	434	390	years	year	NOUN
fsr-4154	434	391	of	of	ADP
fsr-4154	434	392	experience	experience	NOUN
fsr-4154	434	393	,	,	PUNCT
fsr-4154	434	394	mid	mid	NOUN
fsr-4154	434	395	-	-	NOUN
fsr-4154	434	396	level	level	NOUN
fsr-4154	434	397	:	:	PUNCT
fsr-4154	434	398	5	5	NUM
fsr-4154	434	399	-	-	SYM
fsr-4154	434	400	15	15	NUM
fsr-4154	434	401	years	year	NOUN
fsr-4154	434	402	of	of	ADP
fsr-4154	434	403	experience	experience	NOUN
fsr-4154	434	404	shekhar	shekhar	PROPN
fsr-4154	434	405	&	&	CCONJ
fsr-4154	434	406	ramesh	ramesh	PROPN
fsr-4154	434	407	79	79	PROPN
fsr-4154	434	408	appendix	appendix	PROPN
fsr-4154	434	409	b.	b.	PROPN
fsr-4154	434	410	thematic	thematic	ADJ
fsr-4154	434	411	analysis	analysis	NOUN
fsr-4154	434	412	table	table	NOUN
fsr-4154	434	413	initial	initial	ADJ
fsr-4154	434	414	codes	code	NOUN
fsr-4154	434	415	from	from	ADP
fsr-4154	434	416	interviews	interview	NOUN
fsr-4154	434	417	sub	sub	NOUN
fsr-4154	434	418	-	-	ADJ
fsr-4154	434	419	themes	theme	NOUN
fsr-4154	434	420	main	main	ADJ
fsr-4154	434	421	-	-	PUNCT
fsr-4154	434	422	themes	theme	NOUN
fsr-4154	434	423	decline	decline	NOUN
fsr-4154	434	424	in	in	ADP
fsr-4154	434	425	physical	physical	ADJ
fsr-4154	434	426	cash	cash	NOUN
fsr-4154	434	427	usage	usage	NOUN
fsr-4154	434	428	,	,	PUNCT
fsr-4154	434	429	growth	growth	NOUN
fsr-4154	434	430	of	of	ADP
fsr-4154	434	431	digital	digital	ADJ
fsr-4154	434	432	payments	payment	NOUN
fsr-4154	434	433	,	,	PUNCT
fsr-4154	434	434	upi	upi	PROPN
fsr-4154	434	435	success	success	NOUN
fsr-4154	434	436	and	and	CCONJ
fsr-4154	434	437	adoption	adoption	NOUN
fsr-4154	434	438	,	,	PUNCT
fsr-4154	434	439	alternative	alternative	ADJ
fsr-4154	434	440	source	source	NOUN
fsr-4154	434	441	of	of	ADP
fsr-4154	434	442	digital	digital	ADJ
fsr-4154	434	443	payments	payment	NOUN
fsr-4154	434	444	,	,	PUNCT
fsr-4154	434	445	need	need	VERB
fsr-4154	434	446	for	for	ADP
fsr-4154	434	447	payment	payment	NOUN
fsr-4154	434	448	infrastructure	infrastructure	NOUN
fsr-4154	434	449	update	update	NOUN
fsr-4154	434	450	changes	change	NOUN
fsr-4154	434	451	in	in	ADP
fsr-4154	434	452	payment	payment	NOUN
fsr-4154	434	453	behaviour	behaviour	NOUN
fsr-4154	434	454	,	,	PUNCT
fsr-4154	434	455	digital	digital	ADJ
fsr-4154	434	456	payment	payment	NOUN
fsr-4154	434	457	evolution	evolution	NOUN
fsr-4154	434	458	,	,	PUNCT
fsr-4154	434	459	infrastructure	infrastructure	NOUN
fsr-4154	434	460	update	update	NOUN
fsr-4154	434	461	need	need	NOUN
fsr-4154	434	462	and	and	CCONJ
fsr-4154	434	463	status	status	NOUN
fsr-4154	434	464	of	of	ADP
fsr-4154	434	465	cbdc	cbdc	NOUN
fsr-4154	434	466	implementation	implementation	NOUN
fsr-4154	434	467	technology	technology	NOUN
fsr-4154	434	468	platform	platform	NOUN
fsr-4154	434	469	choices	choice	NOUN
fsr-4154	434	470	,	,	PUNCT
fsr-4154	434	471	security	security	NOUN
fsr-4154	434	472	requirements	requirement	NOUN
fsr-4154	434	473	,	,	PUNCT
fsr-4154	434	474	privacy	privacy	NOUN
fsr-4154	434	475	concerns	concern	NOUN
fsr-4154	434	476	,	,	PUNCT
fsr-4154	434	477	programmability	programmability	NOUN
fsr-4154	434	478	,	,	PUNCT
fsr-4154	434	479	interest	interest	NOUN
fsr-4154	434	480	bearing	bear	VERB
fsr-4154	434	481	vs	vs	ADP
fsr-4154	434	482	noninterest	noninter	ADJ
fsr-4154	434	483	bearing	bearing	NOUN
fsr-4154	434	484	,	,	PUNCT
fsr-4154	434	485	user	user	NOUN
fsr-4154	434	486	interface	interface	NOUN
fsr-4154	434	487	design	design	PROPN
fsr-4154	434	488	,	,	PUNCT
fsr-4154	434	489	blockchain	blockchain	PROPN
fsr-4154	434	490	advantages	advantage	NOUN
fsr-4154	434	491	,	,	PUNCT
fsr-4154	434	492	distribution	distribution	NOUN
fsr-4154	434	493	models	model	NOUN
fsr-4154	434	494	technology	technology	NOUN
fsr-4154	434	495	architecture	architecture	NOUN
fsr-4154	434	496	security	security	NOUN
fsr-4154	434	497	framework	framework	NOUN
fsr-4154	434	498	financial	financial	ADJ
fsr-4154	434	499	functions	function	NOUN
fsr-4154	434	500	user	user	NOUN
fsr-4154	434	501	experience	experience	NOUN
fsr-4154	434	502	critical	critical	ADJ
fsr-4154	434	503	design	design	NOUN
fsr-4154	434	504	elements	element	NOUN
fsr-4154	434	505	upi	upi	PROPN
fsr-4154	434	506	comparison	comparison	NOUN
fsr-4154	434	507	,	,	PUNCT
fsr-4154	434	508	existing	exist	VERB
fsr-4154	434	509	payment	payment	NOUN
fsr-4154	434	510	systems	system	NOUN
fsr-4154	434	511	limitations	limitation	NOUN
fsr-4154	434	512	,	,	PUNCT
fsr-4154	434	513	role	role	NOUN
fsr-4154	434	514	of	of	ADP
fsr-4154	434	515	banks	bank	NOUN
fsr-4154	434	516	,	,	PUNCT
fsr-4154	434	517	settlement	settlement	NOUN
fsr-4154	434	518	efficiency	efficiency	NOUN
fsr-4154	434	519	,	,	PUNCT
fsr-4154	434	520	operational	operational	ADJ
fsr-4154	434	521	costs	cost	NOUN
fsr-4154	434	522	payment	payment	NOUN
fsr-4154	434	523	system	system	NOUN
fsr-4154	434	524	impacts	impact	NOUN
fsr-4154	434	525	,	,	PUNCT
fsr-4154	434	526	banking	banking	NOUN
fsr-4154	434	527	sector	sector	NOUN
fsr-4154	434	528	transformation	transformation	NOUN
fsr-4154	434	529	,	,	PUNCT
fsr-4154	434	530	infrastructure	infrastructure	NOUN
fsr-4154	434	531	development	development	NOUN
fsr-4154	434	532	implications	implication	NOUN
fsr-4154	434	533	for	for	ADP
fsr-4154	434	534	financial	financial	ADJ
fsr-4154	434	535	systems	system	NOUN
fsr-4154	434	536	cross	cross	ADJ
fsr-4154	434	537	-	-	ADJ
fsr-4154	434	538	border	border	ADJ
fsr-4154	434	539	capabilities	capability	NOUN
fsr-4154	434	540	,	,	PUNCT
fsr-4154	434	541	cbdc	cbdc	VERB
fsr-4154	434	542	bridge	bridge	NOUN
fsr-4154	434	543	potential	potential	NOUN
fsr-4154	434	544	,	,	PUNCT
fsr-4154	434	545	programmability	programmability	NOUN
fsr-4154	434	546	benefits	benefit	NOUN
fsr-4154	434	547	,	,	PUNCT
fsr-4154	434	548	financial	financial	ADJ
fsr-4154	434	549	inclusion	inclusion	NOUN
fsr-4154	434	550	opportunities	opportunity	NOUN
fsr-4154	434	551	,	,	PUNCT
fsr-4154	434	552	last	last	ADJ
fsr-4154	434	553	-	-	PUNCT
fsr-4154	434	554	mile	mile	NOUN
fsr-4154	434	555	access	access	NOUN
fsr-4154	434	556	international	international	ADJ
fsr-4154	434	557	settlements	settlement	NOUN
fsr-4154	434	558	,	,	PUNCT
fsr-4154	434	559	specialised	specialised	ADJ
fsr-4154	434	560	applications	application	NOUN
fsr-4154	434	561	,	,	PUNCT
fsr-4154	434	562	inclusion	inclusion	NOUN
fsr-4154	434	563	initiatives	initiative	NOUN
fsr-4154	434	564	future	future	ADJ
fsr-4154	434	565	cbdc	cbdc	VERB
fsr-4154	434	566	use	use	NOUN
fsr-4154	434	567	cases	case	NOUN
fsr-4154	434	568	in	in	ADP
fsr-4154	434	569	financial	financial	ADJ
fsr-4154	434	570	services	service	NOUN