Central Bank Digital Currencies: Principles and Policy Considerations (CBDC)

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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.

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.
Covers motivations and introductory remarks on digitalization.
Discusses the 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 integrity,
- financial inclusion.
Includes regulatory considerations at the national and international level.
Uses case studies to:
- reflect on and discuss country experiences,
- test understanding of how and why some strategies have been successful,
- analyze why some countries have chosen not to proceed with implementation of CBDCs yet.

Upon completion of this 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 country case studies.
Extract lessons from country pilots to try to prevent design pitfalls.