National Study on Central Bank Digital Currency and Stablecoin in the Maldives

The designations employed and the presentation of material on this map do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. [...] The objective of this report is to assess the opportunities, risks, and challenges for the implementation of CBDC and Stablecoin(s) in the Maldives. [...] It goes on to identify any current regulatory gaps and the monetary policy issues raised by digital currencies, the use of the sandbox concept to promote CBDC/Stablecoin products via experimentation and proof of concept projects, and how the various stakeholders, notably the government and the MMA as well as the private sector, might become involved. [...] Overall The approach which the Maldives is considering, focussed on key economic sectors, addressing the problems of an island geography and taking the opportunity to learn about the new payment technologies in a timely manner are consistent with the initiatives and views taken in the comparator countries, each of which has its own specific challenges to address. [...] In order to understand the legal gaps and changes required to the legal framework to manage a CBDC and to regulate and oversee activities of stablecoin issuers, we have conducted a brief review of MMA Laws related to the MMA and the payment systems with a view to potential implementation of CBDC in the Maldives.