A Survey of Research on Retail Central Bank Digital Currency

By John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, Peter Zhou

June 26, 2020

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John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou. A Survey of Research on Retail Central Bank Digital Currency, (USA: International Monetary Fund, 2020) accessed December 24, 2024

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

Subject: Banking, Central Bank digital currencies, Currencies, Digital currencies, Financial markets, Legal support in revenue administration, Money, Payment systems, Revenue administration, Technology

Keywords: Caribbean, Cash currency management function, CBDC arrangement, CBDC holding, CBDC issuance, CBDC payment system, CBDC pilot, CBDC platform, CBDC transaction, Central bank digital currencies, Currencies, Cyber security, Cyber-security payment, Digital currencies, Eastern Europe, Global, Legal support in revenue administration, Legal tender, Monetary policy, Money, Pacific Islands, Payment system, Payment systems, Platform implementation decision, Policy risk, User CBDC holding, WP

Publication Details

Pages:

66
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2020/104
Stock No:

WPIEA2020104
ISBN:

9781513547787
ISSN:

1018-5941

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