Casting Light on Central Bank Digital Currencies


Tommaso Mancini Griffoli ; Maria Soledad Martinez Peria ; Itai Agur ; Anil Ari ; John Kiff ; Adina Popescu ; Celine Rochon

Publication Date:

November 12, 2018

Electronic Access:

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Disclaimer: This Staff Discussion Note represents the views of the authors and does not necessarily represent IMF views or IMF policy. The views expressed herein should be attributed to the authors and not to the IMF, its Executive Board, or its management. Staff Discussion Notes are published to elicit comments and to further debate.


Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.


Staff Discussion Notes No. 2018/008



Publication Date:

November 12, 2018



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