Citi Payments Perspectives

10 Treasury and Trade Solutions Citi Payments Perspectives Global Initiatives Payments Infrastructure Developments Regional Developments (North America) Emerging Payments and Digital Assets A great deal of work is underway across central banks and regulators around the world as they pursue exploring Central Bank Digital Currencies (CBDCs) and digital asset technology. There are currently 87 countries around the world exploring, experimenting and in the process of implementing these structures. Efforts by Bank of England and Federal Reserve Bank (among others) to consult the industry in this area will help to ensure that the design has the maximum benefit for the industry and limits any second order unintended consequences and disintermediation. CBDC Exploration * To date, there are 9 nations that have so far reached the point where they’re actually launching their own CBDC, with Nigeria being the latest one to make the move. The e-Naira is the first to originate outside of the shores of the Caribbean, with the other 8 being made up of 7 ECCU countries and the Bahamas. The EC Dollar is the CBDC launched by the Eastern Caribbean Central Bank (ECCB), which has been in existence since March of 2021. This was in collaboration with DCash, bringing the currency to the islands of Antigua, Grenada, Barbuda, Saint Lucia, Saint Kitts, and Nevis. Around 5 months later, this was expanded to include the Grenadines and St Vincent, with December 2021 seeing the system being rolled out to the Commonwealth of Dominica and Montserrat. As of this point, this particular CBDC now serves a total of 7 countries. Source: https://www.atlanticcouncil.org/cbdctracker Live* In Pilot Phase In Development Phase In Research Phase Continued � Global Initiatives Financial Stability Board (FSB) Enhancing Cross-Border Payments Roadmap Emerging Payments and Digital Assets Payments Infrastructure Developments ISO 20022 SWIFT Transformation Instant Payments Financial Market Infrastructure (FMI) Interlinkage Initiatives Regional Developments (North America) Immediate Cross-Border Payments (IXB) TCH Request for Pay (RFP) Bill Pay Latest on Fed/CHIPS ISO Timelines Lynx — Canadian High-Value Payment System Glossary