## IMF Approach to Central Bank Digital Currency Capacity Development

_Policy Papers, April 11, 2023_

## Source details

**Canonical URL:** [IMF Approach to Central Bank Digital Currency Capacity Development](https://www.imf.org/en/publications/policy-papers/issues/2023/04/12/imf-approach-to-central-bank-digital-currency-capacity-development-532177)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2023/04/12/imf-approach-to-central-bank-digital-currency-capacity-development-532177/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2023/04/12/imf-approach-to-central-bank-digital-currency-capacity-development-532177/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2023/04/12/imf-approach-to-central-bank-digital-currency-capacity-development-532177/bundle-manifest.json)

## Bibliographic details
- Published: April 11, 2023
- Series: Policy Papers
- DOI: https://doi.org/10.5089/9798400240256.007

---

### Overview and Purpose
- The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability.
- Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD).
- Current IMF CBDC CD efforts have focused on:
  - facilitating peer learning
  - developing analytical underpinnings for staff advice to member countries
  - conducting CD missions aimed at helping country authorities answer questions about how to think about CBDCs
- With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance.

### Multi-year Strategy and Objectives
- The paper sketches a multi-year strategy to address frequently asked questions related to CBDC.
- Objectives include:
  - documenting emerging lessons
  - consolidating analytical findings
  - articulating policy views for IMF staff and member countries
  - developing a CBDC Handbook to systematize guidance and evidence

### IMF Approach to CBDC Capacity Development (CD)
- The paper (1) explains the IMF’s approach to CBDC CD:
  - emphasis on peer learning and analytical support
  - CD missions to help authorities frame CBDC questions
- (2) summarizes member countries’ emerging questions and challenges regarding CBDC:
  - need for context-specific analysis and policy advice
  - demand for empirical evidence from country experiments
- (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure:
  - Handbook will document emerging lessons, analytical findings, and policy views
  - governance structure to guide development and updates (details in source)

---

## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2023/english/ppea2023016.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2023/english/ppea2023016.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/policy-papers/issues/2023/04/12/imf-approach-to-central-bank-digital-currency-capacity-development-532177_