## Central Bank Operations in a world of Digital Money

## Source details

**Canonical URL:** [Central Bank Operations in a world of Digital Money](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2022/cbodmsa22-38)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/sa/2022/cbodmsa22-38/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/sa/2022/cbodmsa22-38/index.json)
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## Bibliographic details
- Session: SA 22.38
- Location: New Delhi, India
- Dates: September 26-30, 2022 (1 week)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

---

### Training program overview
- Title: "Central Bank Operations in a world of Digital Money"
- Newly designed course for the SARTTAC member countries.
- Target Audience:
  - Central bank staff involved in monetary policy, monetary policy implementation & digital money.
- Qualifications: None
- Session details:
  - Session No.: SA 22.38
  - Location: New Delhi, India
  - Date: September 26-30, 2022 (1 week)
  - Delivery Method: In-person Training
  - Primary Language: English
  - Status: Deadline passed

### Course description — scope and analytical focus
- The course addresses the rise of new and proposed forms of digital money, including:
  - CBDC
  - Stablecoins
  - Payment service providers
- Emphasis on how these innovations imply unprecedented changes in retail and wholesale payments systems.
- Analytical distinctions highlighted:
  - The significance of alternative payment arrangements differs depending on whether the monetary authority:
    - Conducts a traditional policy intended to affect overall real interest rates, or
    - Conducts quantitative easing or tightening.
  - It also differs depending on whether the authority implements policy by:
    - Targeting nominal interest rates, or
    - Targeting monetary aggregates.
- Core questions and foci:
  - The extent to which these innovations upend the role of and implementation of monetary policy.
  - Monetary policy implementation implications of introducing CBDCs and bank and nonbank stablecoins into an economy.
  - Focus on the interest rate channel and whether digital money will change monetary policy and central bank operations.
  - Redefinition of monetary aggregates to take into account new payment assets.
  - Lectures on currency-in-circulation (CiC) trends globally and impacts on central bank operations, including:
    - Seigniorage
    - Transactional velocity of digital money
    - Sterilization
    - Parallels between CiC and CBDC

### Course objectives
- Upon completion, course participants will:
  - be familiar with the different forms of digital money (inside & outside money, private & public money)
  - will understand the challenges and implications of new forms of digital money for monetary policy implementation

---


## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Institutional Sector Accounts-Advanced - Blended (ISA-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/hq/2027/isa-ahq27-02)
- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2022/cbodmsa22-38_