A Guide to Central Bank Digital Currency Product Development

Fintech Notes, September 8, 2023

Source details

As central bank digital currency (CBDC) projects progress around the world, there is increased need for a project management methodology that is appropriate for CBDC.
The paper develops a CBDC-specific project management methodology that:
- establishes a common terminology, and
- offers guidance to development teams on best practices for addressing the complex requirements and risks associated with CBDC.
Centered on an original five-step approach called the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production.
Emphasizes a phased approach to CBDC research and development, with strong focus on:
- research preparation,
- experimentation and testing,
- risk management,
- stakeholder engagement, and
- cyber resilience.

Project management methodology tailored to CBDC projects, providing:
- common terminology for CBDC development efforts,
- guidance on best practices for complex requirements and risks.
Strong emphasis on experimentation and testing throughout development phases.
Risk management and cyber resilience are highlighted as central priorities.
Stakeholder engagement is emphasized across the methodology.