The Risks and Trade-offs for Malaysia

• Bank disintermediation: Deposit flight into CBDC during stress can be managed with holding limits, tiered remuneration, and a strict two-tier design.
• Privacy and trust: Public acceptance will depend on data minimisation, clear legal firewalls, and small-value offline options that feel cash-like.
• Cyber and operational resilience: A CBDC core becomes critical infrastructure and must be engineered accordingly.
• Adoption economics: Avoid splitting acceptance between CBDC, DuitNow, and e-wallets. Interoperability first, rollout second.
• Cross-border governance: Global platforms lower costs but require clear rules on convertibility, settlement, and standards.