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Cover Finance & Development
Picture this the Ascent of CBDCs
International Monetary Fund. Communications Department

now. And, issuing CBDCs comes with risks that central banks need to consider. Users might withdraw too much money from banks all at once to purchase CBDCS, which could trigger a crisis. Central banks will also need to weigh their capacity to manage risks posed by cyberattacks, while also ensuring data privacy and financial integrity. FD ANDREW STANLEY is on the staff a of Finance & Development Gaining currency Source: CBDC Tracker (cbdctracker.org). The chart shows the status of CBDCs worldwide by month. Proof of concept = advanced research stage

Keywords:
status of CBDCs; wholesale CBDCs; electronic form of cash; development stage; Central Bank digital currencies; Global
Cover FinTech Notes
Front Matter
Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, Yong Sarah Zhou, and Ankita Goel

– Keeping up with Crypto Assets Category V Cambodia – Leveraging Technology Used for CBDCs Category VI Pacific Island Countries – Testing the Waters Category VII International Integration (project mBridge & Dunbar) – Strength in Numbers Annex III Survey Questions References FIGURES Figure 1 Prominence of CBDCs and Crypto in the Asia-Pacific Region Figure 2 Synopsis of the Survey Figure 3 Status of CBDC Projects in Asia-Pacific Region (excluding Pacific Islands) Figure 4 Timeline of Stages in CBDC Adoption Figure 5 Interest in CBDCs Figure 6

Keywords:
Asia-Pacific region; fact VI; fact X; Central Bank digital currencies; Virtual currencies; Blockchain and DLT; Asia and Pacific; Pacific Islands
Cover IMF Working Papers
Front Matter
Mr. John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Mr. Ashraf Khan, Mr. Tanai Khiaonarong, Majid Malaika, Mr. Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou

discussing how to address up-front cybersecurity risks at the business, process, and infrastructure layers. Central banks considering moving beyond the pilot stage are deliberating whether to spell out the status of CBDC as legal tender in the appropriate laws and regulations. Some central banks may find that their governance frameworks need amending to accommodate CBDC issuance (addressing objectives and functions, technical requirements, internal organization requirements, and arrangements for transparency and accountability). Regulatory and supervisory frameworks may

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
Cover FinTech Notes
Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey
Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, and Yong Sarah Zhou
Drawing on survey responses from 34 Asian economies and country case studies, this note takes stock of recent developments related to central bank digital currencies (CBDCs) and crypto assets in Asia. The survey finds that there is significant heterogeneity in terms of stage of development, but the emergence of private crypto assets has created an impetus to consider CBDCs. While most countries are engaged in research and development, with some at advanced stages of testing and pilots, very few countries are likely to issue CBDCs in the near-to-medium term, reflecting the still considerable uncertainties. Still, country experiences so far provide some key insights for others in their journey in this area.
Keywords:
Blockchain; cash; central bank digital currency; crypto asset; distributed ledger technology; payments; Asia-Pacific region; fact XI pic; fact II interest in CBDC development; fact III central banks; fact IX challenge; fact XII; Central Bank digital currencies; Virtual currencies; Digital currencies; Payment systems; Financial inclusion; Asia and Pacific; Pacific Islands; Global
Cover Policy Papers
The Rise of Digital Money: A Strategic Plan to Continue Delivering On The IMF’s Mandate
International Monetary Fund
Rapid technological innovation is ushering in a new era of public and private digital money, bringing about major benefits in terms of efficiency and inclusion. To reap the full benefits and manage risks, authorities around the world will have to address new policy challenges. These are widespread, complex, rapidly evolving, and have profound implications. This paper identifies the main challenges currently arising regarding consumer protection and financial integrity, domestic financial and economic stability, as well as the stability and efficiency of the international monetary system. The paper argues that many of these challenges intersect the Fund’s mandate. The Fund must therefore monitor, and advise on, this rapid and complex transition for all members. The paper ends with a broad vision of how to deliver on this mandate and serve its members, including by enhancing resources, and collaborating closely with other institutions. This is the first of two papers, the second of which lays out a more detailed operational strategy.
Keywords:
IMF's mandate; transparency policy; paper at-a-Glance; issued digital money provider; digital money adoption; Digital currencies; Financial sector stability; Central Bank digital currencies; Virtual currencies; Currencies; Global
Cover FinTech Notes
Behind the Scenes of Central Bank Digital Currency: Emerging Trends, Insights, and Policy Lessons
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.
Keywords:
digital currency; central banks; fintech; CBDC; cross-border payments; distributed ledger technology; off-line capacity; anonymity; Sand Dollar; e-CNY; DCash; e-krona; e-peso; technology supplier; ensuring resilience; CBDC communication; technology choice; central bank representative; Central Bank digital currencies; Currencies; Blockchain and DLT; Caribbean
Cover IMF Working Papers
Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations
Wouter Bossu, Mr. Masaru Itatani, and Arthur D. P. Rossi
This paper analyzes the legal foundations of central bank digital currency (CBDC) under central bank and monetary law. Absent strong legal foundations, the issuance of CBDC poses legal, financial and reputational risks for central banks. While the appropriate design of the legal framework will up to a degree depend on the design features of the CBDC, some general conclusions can be made. First, most central bank laws do not currently authorize the issuance of CBDC to the general public. Second, from a monetary law perspective, it is not evident that “currency” status can be attributed to CBDC. While the central bank law issue can be solved through rather straithforward law reform, the monetary law issue poses fundmental legal policy challenges.
Keywords:
Central Bank Digital Currency; CBDC; Blockchain; Cryptocurrency; Crypto assets; WP; central bank law; monetary unit; book money; digital currency; law reform; token-based CBDC; Central Bank digital currencies; Currencies; Central bank legislation; Legal support in revenue administration; Payment systems
Cover IMF Working Papers
A Survey of Research on Retail Central Bank Digital Currency
Mr. John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Mr. Ashraf Khan, Mr. Tanai Khiaonarong, Majid Malaika, Mr. Hunter K Monroe, Nobu Sugimoto, Hervé Tourpe, and Peter Zhou
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
Cover Finance & Development
Finance & Development, September 2022
International Monetary Fund. Communications Department
Finance & Development, September 2022
Keywords:
money revolution; DeFi protocol; blockchain technology; cybersecurity risk; form of digital money; Virtual currencies; Blockchain and DLT; Central Bank digital currencies; Digital currencies; Payment systems; Global; Africa; Sub-Saharan Africa; Europe; Southeast Asia
Cover FinTech Notes
Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a Regional Survey
Mrs. Sarwat Jahan, Ms. Elena Loukoianova, Mr. Evan Papageorgiou, Ms. Natasha X Che, Ankita Goel, Mike Li, Umang Rawat, Yong Sarah Zhou, and Ankita Goel

developments and learnings from peers. Although Cambodia does not see the need for a CBDC per se, it has leveraged related technologies such as blockchains and DLTs to boost mobile payments. The wide spectrum of countries on the path to adoption reflects many factors, including different motivations and concerns, which are discussed further in this paper. Figure 3. Status of CBDC Projects in Asia-Pacific Region (excluding Pacific Islands) Source: IMF Survey on CBDC and crypto assets. Note: The pie-chart excludes Pacific Island Countries. Fact II. Interest

Keywords:
CBDC development; CBDC project; CBDC decision; CBDC system; CBDC ecosystem