The Rise of Public and Private Digital Money: A Strategy to Continue Delivering on The IMF’s Mandate

Policy Papers, July 29, 2021

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The Rise of Public and Private Digital Money: A Strategy to Continue Delivering on The IMF’s Mandate

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Bibliographic details

• Published: July 29, 2021
• Series: Policy Papers
• DOI: https://doi.org/10.5089/9781513592039.007

Overview and Purpose

• Publication date: July 29, 2021
• Purpose: Presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability in the context of adoption of digital forms of money.
• Builds on: A companion paper that outlines new policy challenges related to the adoption of digital forms of money.

Major Themes and Findings

• Forces driving adoption:
  • Summarizes the forces driving the adoption of digital forms of money and the new policy questions that emerge.
• Evolution of IMF core activities and outputs:
  • Surveillance: Describes how IMF surveillance will need to evolve in response to digital money adoption.
  • Capacity development: Identifies changes required in IMF capacity development efforts.
  • Analytical foundations: Explains adjustments needed in analytical work to support policy and operations related to digital money.
• Institutional responses:
  • Partnerships: Discusses how the IMF intends to partner with other organizations to address digital money challenges.
  • Internal resources and structure: Details plans to grow and structure internal IMF resources to fulfill the strategy.

Policy Recommendations and Operational Strategy (high-level)

• Continue delivering on IMF mandate by adapting operational workstreams to digital money developments.
• Align surveillance, capacity development, and analytical foundations with policy questions arising from public and private digital money.
• Strengthen partnerships with external organizations and restructure internal resources to implement the vision.

Subjects and Keywords

• Subject: Central Bank digital currencies, Digital currencies, Financial Sector Assessment Program, Financial sector policy and analysis, Financial sector stability, International monetary system, Monetary policy, Money, Political economy, Technology
• Keywords: Central Bank digital currencies, core activity, Digital currencies, digital money adoption, Financial Sector Assessment Program, Financial sector stability, Global, IMF surveillance, IMF's mandate, International monetary system, Policy question

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