## A Guide to Central Bank Digital Currency Product Development

_Fintech Notes, September 8, 2023_

## Source details

**Canonical URL:** [A Guide to Central Bank Digital Currency Product Development](https://www.imf.org/en/publications/fintech-notes/issues/2023/09/08/a-guide-to-central-bank-digital-currency-product-development-538496)

## Other formats

- [Markdown version](/en/publications/fintech-notes/issues/2023/09/08/a-guide-to-central-bank-digital-currency-product-development-538496/index.md)
- [Structured JSON version](/en/publications/fintech-notes/issues/2023/09/08/a-guide-to-central-bank-digital-currency-product-development-538496/index.json)
- [Bundle manifest](/en/publications/fintech-notes/issues/2023/09/08/a-guide-to-central-bank-digital-currency-product-development-538496/bundle-manifest.json)

## Bibliographic details
- Authors: Hervé Tourpe, Ashley Lannquist, Gabriel Soderberg
- Published: September 8, 2023
- Series: Fintech Notes
- DOI: https://doi.org/10.5089/9798400253690.063

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### Summary and purpose
- 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.

### The 5P Methodology (core framework)
- Preparation
- Proof-of-concept
- Prototypes
- Pilots
- Production

### Major themes and guidance
- 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.

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## Content in this bundle

- **Ftnea2023007**
  - [Ftnea2023007 (Markdown version)](/-/media/files/publications/ftn063/2023/english/ftnea2023007.pdf.md){rel="alternate" type="text/markdown"}
  - [Ftnea2023007 (PDF)](/-/media/files/publications/ftn063/2023/english/ftnea2023007.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/fintech-notes/issues/2023/09/08/a-guide-to-central-bank-digital-currency-product-development-538496_