Lessons from the first implemented CBDC: the Sand dollar

For a CBDC to be successful, adaptation is essential. To date, this aspect is often missing from studies and the adaptation rate of the world's first fully implemented CBDC is low. Four lessons can be drawn from the Sand dollar case for the implementation of other CBDCs: 1) develop the most attractive CBDC possible for individual users; 2) formulate objectives for a CBDC that are large enough; 3) increase knowledge of the advantages of a CBDC over other forms of money among the general public through education, and; 4) adopt a broad time horizon.