A Survey of Research on Retail Central Bank Digital Currency

John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Khan, Tanai Khiaonarong, Majid Malaika, Hunter Monroe, Nobu Sugimoto, Hervé Tourpe and Peter Zhou

No 2020/104, IMF Working Papers from International Monetary Fund

Abstract: This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

Keywords: WP; CBDC issuance; CBDC arrangement; CBDC holding; cyber-security payment; monetary policy; money; central bank digital currencies; legal tender; payment system; cyber security; user CBDC holding; Currencies; Payment systems; Digital currencies; Legal support in revenue administration; Global; Eastern Europe; Pacific Islands; Caribbean; policy risk; CBDC pilot; CBDC payment system; CBDC transaction; cash currency management function; platform implementation decision; CBDC platform (search for similar items in EconPapers)
Pages: 66
Date: 2020-06-26
New Economics Papers: this item is included in nep-mon and nep-pay
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Citations: View citations in EconPapers (51)

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