A Survey of Research on Retail Central Bank Digital Currency


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

Electronic Access:

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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.


This paper 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. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution 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.


Working Paper No. 2020/104



Publication Date:

June 26, 2020



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