As the digitalization of finance accelerates, discussions on the adoption of Central Bank Digital Currencies (CBDCs) are gaining momentum, particularly among G20 nations. This development calls for examining the potential impacts of CBDC implementation on both domestic and international financial markets and capital flow, alongside exploring appropriate response strategies. Upon reviewing the status and background of CBDC adoption among G20 countries, setting up a unified CBDC platform for this group in the short term is highly unfeasible. Instead, some emerging economies are expected to introduce retail CBDCs to enhance payment infrastructure or conduct experiments linking wholesale CBDCs for cross-border payments. Should CBDCs be adopted globally, the speed and scale of international capital movements could increase, potentially amplifying the volatility of capital flows and currency values. In order to ensure the effectiveness of capital flow management policies already in place, it is crucial to foster close cooperation between major central banks on CBDC integration. Moreover, efforts should be made to maximize the benefits of the new payment systems introduced by CBDCs. These efforts include revising financial regulations and upgrading infrastructure by implementing open foreign exchange regulations, maintaining balanced oversight of fintech firms, and enhancing the efficiency of existing payment and settlement infrastructures.

Abstract
Preface
Summary

Chapter 1. Introduction

Chapter 2. Existing Discussions on the Economic Impact of CBDCs
　Section 1. Major International Organizations
　Section 2. Central Banks of Key Countries
　Section 3. Academic Discussions on CBDCs

Chapter 3. Status of CBDC Adoption in G20 Countries
　Section 1. Country-by-Country Overview of CBDC Adoption
　Section 2. Characteristics of CBDC Adoption by Country

Chapter 4. Impact of CBDC Adoption on Cross-Border Capital Flows
　Section 1. Scenario Setting
　Section 2. Key Issues and Domestic Implications

Chapter 5. Policy Implications
　Section 1. Capital Flow Management and Foreign Exchange Policy
　Section 2. Domestic Financial Policy
　Section 3. International Cooperation Tasks

Chapter 6. Conclusion

References