{
  "title": "Positioning Central Bank Digital Currency in the Payments Landscape",
  "publication": "Fintech Notes, October 2, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/fintech-notes/issues/2024/10/02/positioning-central-bank-digital-currency-in-the-payments-landscape-555743",
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  "summary": "The IMF is frequently approached by central banks seeking guidance on the balance between central bank digital currency (CBDC), fast payment systems (FPS), and electronic money (e-money) solutions.",
  "sections": [
    {
      "heading": "Scope and purpose",
      "content": "- Focus: comparison of retail CBDC (digital central bank money available to the general public) with fast payment systems (FPS) and electronic money (e-money) from a payments perspective.\n- Objective: show how CBDC may support a jurisdiction’s vision on payments in the digital age without advocating CBDC over FPS or e-money.\n- Emphasis: choices are context-specific; coexistence of FPS, e-money, and CBDC is possible through good design to meet central bank objectives such as payments efficiency and supporting financial inclusion."
    },
    {
      "heading": "Key findings and comparative observations",
      "content": "- Common policy questions the IMF is asked:\n  - Do central banks need a CBDC when already equipped with other well-established digital payments systems?\n  - For central banks with less-developed solutions: Should a central bank establish one system over the other?\n- Notable comparative points:\n  - The balance of arguments for any one system may change over time.\n  - Choice among CBDC, FPS, and e-money may not be mutually exclusive in many jurisdictions.\n  - Some benefits are unique to CBDC, such as maintaining access to central bank money in an increasingly digitalized age.\n  - Through good design, all three systems could meet central bank objectives including payments efficiency and supporting financial inclusion."
    },
    {
      "heading": "Strategic guidance and recommendations for central banks",
      "content": "- Central banks should establish a strategy that, at minimum, allows them to:\n  - Monitor trends and core benefits of multiple solutions as developments occur.\n  - Plan, adapt, and drive developments in their payments landscape.\n- Resource constraints imply trade-offs; central banks should weigh:\n  - The incremental benefits of CBDC relative to existing FPS and e-money systems.\n  - The possibility of designing interoperable and complementary arrangements among CBDC, FPS, and e-money."
    },
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      "heading": "Publication and metadata",
      "content": "- Title: Positioning Central Bank Digital Currency in the Payments Landscape\n- Authors: Manisha Patel, Safari Kasiyanto, Andre Reslow\n- Publication date: October 2, 2024\n- Series: Fintech Notes No 2024/006\n- Issue: 006\n- Volume: 2024\n- Pages: 46\n- DOI: https://doi.org/10.5089/9798400289118.063\n- Stock No: FTNEA2024006\n- ISBN: 9798400289118\n- ISSN: 2664-5912"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Central Bank digital currencies, Digital financial services, Financial markets, Monetary base, Money, Payment systems, Technology\n- Keywords: Annex I. payment system case, CBDC, central bank, Central Bank digital currencies, Central bank digital currency, digital currencies, Digital financial services, digital payments, e-money, fast payments, FPS, Global, IMF Fintech Note 2024/006, infrastructure provider, Monetary base, payment infrastructure, payment systems, positioning central bank digital currency\n\nSource: Positioning Central Bank Digital Currency in the Payments Landscape, Fintech Notes (IMF), October 2, 2024.\n\n---\n\n Content in this bundle\n\n- Positioning Central Bank Digital Currency in the Payments Landscape\n  - Positioning Central Bank Digital Currency in the Payments Landscape (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Positioning Central Bank Digital Currency in the Payments Landscape (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/fintech-notes/issues/2024/10/02/positioning-central-bank-digital-currency-in-the-payments-landscape-555743"
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    "Authors: Manisha Patel, Safari Kasiyanto, Andre Reslow",
    "Published: October 2, 2024",
    "Series: Fintech Notes",
    "DOI: https://doi.org/10.5089/9798400289118.063",
    "Focus: comparison of retail CBDC (digital central bank money available to the general public) with fast payment systems (FPS) and electronic money (e-money) from a payments perspective.",
    "Objective: show how CBDC may support a jurisdiction’s vision on payments in the digital age without advocating CBDC over FPS or e-money.",
    "Emphasis: choices are context-specific; coexistence of FPS, e-money, and CBDC is possible through good design to meet central bank objectives such as payments efficiency and supporting financial inclusion.",
    "Common policy questions the IMF is asked:",
    "Notable comparative points:",
    "Central banks should establish a strategy that, at minimum, allows them to:",
    "Resource constraints imply trade-offs; central banks should weigh:",
    "Title: Positioning Central Bank Digital Currency in the Payments Landscape",
    "Authors: Manisha Patel, Safari Kasiyanto, Andre Reslow",
    "Publication date: October 2, 2024",
    "Series: Fintech Notes No 2024/006",
    "Issue: 006",
    "Volume: 2024",
    "Pages: 46",
    "DOI: https://doi.org/10.5089/9798400289118.063",
    "Stock No: FTNEA2024006",
    "ISBN: 9798400289118",
    "ISSN: 2664-5912",
    "Subject: Central Bank digital currencies, Digital financial services, Financial markets, Monetary base, Money, Payment systems, Technology",
    "Keywords: Annex I. payment system case, CBDC, central bank, Central Bank digital currencies, Central bank digital currency, digital currencies, Digital financial services, digital payments, e-money, fast payments, FPS, Global, IMF Fintech Note 2024/006, infrastructure provider, Monetary base, payment infrastructure, payment systems, positioning central bank digital currency",
    "**Positioning Central Bank Digital Currency in the Payments Landscape**"
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