A Survey of Research on Retail Central Bank Digital Currency
IMF Working Papers, June 26, 2020
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- A Survey of Research on Retail Central Bank Digital Currency
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Bibliographic details
- Authors: John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, Peter Zhou
- Published: June 26, 2020
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781513547787.001
Summary
- Examines key considerations around central bank digital currency (CBDC) for use by the general public based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders.
- Reviews reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations.
- Contributes to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.
- Disclaimer: "IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management."
Authors and Publication
- Authors: John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, Peter Zhou
- Publication date: June 26, 2020
- Series: Working Paper No. 2020/104
- Issue: 104
- Volume: 2020
- Pages: 66
- DOI: https://doi.org/10.5089/9781513547787.001
- Stock No: WPIEA2020104
- ISBN: 9781513547787
- ISSN: 1018-5941
Major Themes and Areas Covered
- Reasons for exploring retail CBDC issuance:
- Motivations drawn from recent research, central bank experiments, and stakeholder discussions.
- Policy and design considerations:
- Operational design trade-offs and implications for monetary policy and financial stability.
- Legal, governance, and regulatory perspectives:
- Legal tender status, institutional responsibilities, and regulatory frameworks relevant to retail CBDC.
- Cybersecurity and risk considerations:
- Cybersecurity risks and other operational risks associated with CBDC platforms and payment systems.
- Framework and project management perspective:
- A structured framework to organize discussions on issuing CBDC with an operational focus and project management orientation.
Subjects and Keywords
- Subjects: Banking, Central Bank digital currencies, Currencies, Digital currencies, Financial markets, Legal support in revenue administration, Money, Payment systems, Revenue administration, Technology
- Keywords: Caribbean, cash currency management function, CBDC arrangement, CBDC holding, CBDC issuance, CBDC payment system, CBDC pilot, CBDC platform, CBDC transaction, central bank digital currencies, Currencies, cyber security, cyber-security payment, Digital currencies, Eastern Europe, Global, Legal support in revenue administration, legal tender, monetary policy, money, Pacific Islands, payment system, Payment systems, platform implementation decision, policy risk, user CBDC holding, WP
Presentation and Availability
- Format: IMF Working Papers
- Options noted on the page: Download PDF; More Formats on IMF eLibrary; Order a Print Copy; Create Citation
- Example citation format shown: John Kiff et al., "A Survey of Research on Retail Central Bank Digital Currency", IMF Working Papers 2020, 104 (2020), accessed 9/13/2026, https://doi.org/10.5089/9781513547787.001
Content derived from the IMF web landing page for "A Survey of Research on Retail Central Bank Digital Currency", IMF Working Paper No. 2020/104 (June 26, 2020).
Content in this bundle
- Working Paper