(2) When the user shops at a merchant, CBDC is transferred to the merchant's terminal, etc. 5  Figure 6  Expected Roles for CBDC   Effectiveness on monetary policy  The level of interest rates applied to CBDC could work as the effective lower bound of interest rates for wide-ranging financial assets?
 Resolving the crowding of cashless payment instruments  Will issuing CBDC promote the unification of all cashless payment instruments?  The crowding of cashless payment instruments will likely be resolved in the process of competition.  Maintaining the competitive environment in the retail payments market  Will issuing CBDC maintain the pressure on private sector firms to compete with each other?