How Does Alisa DiCaprio Define Stakeholders and Competitors in the Context of Central Bank Digital Currency?

Defining the Stakeholder Landscape: Alisa DiCaprio’s Perspective on CBDCs

In the realm of central bank digital currencies (CBDCs), Alisa DiCaprio, Chief Economist at R3, emphasizes the importance of stakeholder inclusivity. She believes that the definition of stakeholders extends beyond the central bank, embracing the underbanked, fintech companies, entrepreneurs, and merchants.

Underbanked and Fintech: Empowered by CBDCs

DiCaprio recognizes that CBDCs offer a gateway to financial inclusion for the underbanked population, who often face obstacles in accessing traditional banking services. She envisions CBDCs as a tool for empowering small businesses and entrepreneurs, enabling them to participate more effectively in the digital economy.

Fintechs as Partners: Facilitating Innovation

Fintech companies play a pivotal role in developing innovative solutions for the implementation and adoption of CBDCs. DiCaprio views them as valuable partners, bringing their expertise in digital finance and the ability to connect with a wider audience. By collaborating with fintechs, central banks can tap into the latest technological advancements and create CBDCs that meet the needs of modern consumers.

Defining Competitors: Beyond Traditional Finance

DiCaprio cautions against limiting the definition of competitors to traditional financial institutions. She highlights the emergence of non-financial companies, such as technology giants and social media platforms, that are expanding into the digital payments space. These companies possess the resources and reach to potentially challenge central banks in the digital currency arena.

Success Built on Collaboration and Credibility

DiCaprio believes that the success of CBDCs hinges on political buy-in and the perception of the team behind them. She emphasizes the need to build a credible and influential team, capable of shaping the perception of CBDCs.

Case Study: Central Bank of the United Arab Emirates

DiCaprio’s expertise has played a significant role in R3’s partnership with the Central Bank of the United Arab Emirates (CBUAE). She guided the bank in adopting CBDC technology to address cross-border payment challenges and enhance financial inclusion.


Alisa DiCaprio’s inclusive approach to defining stakeholders and competitors provides a comprehensive framework for understanding the CBDC landscape. By embracing a broad range of partners and considering the potential impact on the underbanked and fintechs, central banks can create CBDCs that meet the evolving needs of the digital economy and foster financial inclusion.

By Divya

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