Central Bank Digital Currencies: Principles and Policy Considerations (CBDC)
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- Central Bank Digital Currencies: Principles and Policy Considerations (CBDC)
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Bibliographic details
- Published: July 24, 2025
Upcoming offerings
| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
|---|---|---|---|---|---|---|
| September 21, 2026 | September 25, 2026 | Ebene, Mauritius | [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | AT 26.19 | English (French, Portuguese) | Deadline passed |
| July 19, 2027 | July 23, 2027 | Vienna, Austria | [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods) | JV 27.22 | English | Apply online by April 18, 2027 |
Course overview and scope
- Designed to give participants a foundation in central bank digital currencies.
- Assesses the business case for CBDC adoption from the perspective of users and central banks.
- Discusses motivations and introductory remarks on digitalization.
- Reviews different forms of CBDCs and presents considerations for CBDC design and a conceptual framework.
- Presents the benefits, costs and risks related to CBDCs.
- Studies CBDCs in terms of their implications for:
- financial stability and bank intermediation,
- the monetary policy transmission,
- financial inclusion.
- Devotes time to regulatory considerations at the national and international level.
- Uses case studies to reflect on and discuss country experiences, to test understanding of why some strategies succeeded while some countries have chosen not to proceed with implementation.
Target audience and qualifications
- Target Audience:
- Mid-level to senior officials in central banks and other government agencies dealing with regulation of the financial sector.
- Qualifications:
- Participants are expected to have an advanced degree in economics or finance or equivalent work experience.
Learning objectives
Upon completion of the course, participants should be able to:
- Explain the economic rationale for the use of CBDCs compared to other payment instruments.
- Use the framework presented in the course to think about the design and implementation of CBDCs.
- Use the concepts introduced in the course to assess the benefits and costs of CBDCs.
- Identify threats to financial stability and various risks based on case studies.
- Extract lessons from country pilots to try to prevent design pitfalls.
Pedagogy and practical components
- Conceptual framework and design considerations form the core analytical tools.
- Case studies enable application of concepts to country pilots and real-world decisions.
- Comparative analysis of benefits, costs, and risks supports policy judgment on whether to proceed with CBDC implementation.