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Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga
Central banks are increasingly pondering whether to issue their own digital currencies to the general public, so-called retail central bank digital currency (CBDC). The majority of IMF member countries are actively evaluating CBDCs, with only a few having issued CBDCs or undertaken extensive pilots or tests. This paper shines the spotlight on the handful of countries at the frontier in the hope of identifying and sharing insights, lessons, and open questions for the benefit of the many countries following in their footsteps. Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely. However, the insights in this paper may inspire further investigation and allow countries to gain time by building on the experience of others. Importantly, the purpose of this paper is not to evaluate the courses taken by different jurisdictions, but to study and discuss their key experiences and lessons. The paper studies six advanced CBDC projects, drawing on collaboration and exchanges with the respective central banks to get insights beyond what has previously been published. Unless a specific published source is cited, all information stems from interviews and workshops with members of CBDC project teams in each jurisdiction.
Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

. Access to Payments C. Making Payments More Efficient D. Ensuring Resilience of Payments E. Reducing Illicit Use of Money F. Monetary Sovereignty G. Competition H. Summary of Policy Goals 3. Operating Model A. Central Bank and Private Sector Functions B. The Business Model of CBDC 4. Design Features A. Restrictions Aimed at Ensuring Financial Stability B. Anonymity C. Off-Line Capacity D. Cross-Border Payments Using CBDC E. Summary of Design Features 5. Technology A. Technology Suppliers B. Distributed Ledger Technology vs

Gabriel Soderberg, Ms. Marianne Bechara, Wouter Bossu, Ms. Natasha X Che, Sonja Davidovic, Mr. John Kiff, Ms. Inutu Lukonga, Mr. Tommaso Mancini Griffoli, Tao Sun, and Akihiro Yoshinaga

use of tiered CBDC wallets thus gives rise to “policy synergies” between anonymity, risk-reduction (of bank runs), and financial inclusion. C. Off-Line Capacity The ability to pay when not connected to main telecommunication systems is important to increase resilience in crisis situations, such as during natural disasters and armed conflicts. Of-line capacity is hence linked to the policy goal of resilience and is especially important in disaster-prone or geopolitically tense areas. The PBOC also emphasizes that off-line functionality is important in areas