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Financial Sector Policies

Virtual: Thinking through Central Bank Digital Currency (CBDC)

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Session No.: CE 22.08V

Location: Kuwait City, Kuwait

Date: February 1-3, 2022 (1 week)

Primary Language: English

Interpretation Language: Arabic

    Target Audience

    Mid- to senior-level officials working in the payment, legal, technology, monetary policy, and financial stability departments at the central bank and in positions with similar responsibilities.

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    Qualifications

    Participants should have experience in the operations and/or oversight in one or more of the following areas: payments, legal, technology, monetary policy, and financial stability.

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    Course Description

    This course, presented by the IMF's Monetary and Capital Markets Department, aims to provide a framework for balancing pros and cons of CBDC issuance and guiding design options. This course focuses on the high-level CBDC decision-making and project management process. The course is designed to be interactive by using a combination of lectures, case studies/simulations, and panel discussions. Lectures focus on the CBDC decision-making process that should be viewed as dynamic and iterative with multiple feedback loops to gradually evaluate the relevance of CBDC. The self-assessment exercises are based on systematic procedures and cover use cases, pain points, requirements, solution, feasibility, proof of concepts, and pilots. Participants, after gaining a basic understanding of the decision-making process, apply them to a hypothetical country to understand thoroughly the problem to be solved and the full array of solutions. After the hands-on self-assessment experience, results are discussed through group presentations and de-briefings. (Note: The course may be subject to further changes to accommodate remote delivery).

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    Course Objectives

    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.
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