Imf Approach To Central Bank Digital Currency Capacity Development

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IMF Approach to Central Bank Digital Currency Capacity Development

International Monetary,International Monetary Fund. Monetary and Capital Markets Department
IMF Approach to Central Bank Digital Currency Capacity Development Book PDF

Author : International Monetary,International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 23 pages
File Size : 52,8 Mb
Release : 2023-04-11
Category : Business & Economics
ISBN : 9798400240256

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IMF Approach to Central Bank Digital Currency Capacity Development by International Monetary,International Monetary Fund. Monetary and Capital Markets Department Pdf

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 and developing analytical underpinnings for staff advice to member countries. CD missions have 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. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.

A Guide to Central Bank Digital Currency Product Development

Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg
A Guide to Central Bank Digital Currency Product Development Book PDF

Author : Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg
Publisher : International Monetary Fund
Page : 44 pages
File Size : 52,5 Mb
Release : 2023-09-08
Category : Business & Economics
ISBN : 9798400253690

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A Guide to Central Bank Digital Currency Product Development by Hervé Tourpe,Ashley Lannquist,Gabriel Soderberg Pdf

As central bank digital currency (CBDC) projects progress around the world, there is increased need for a project management methodology that is appropriate for CBDC. This paper develops a CBDC-specific project management methodology that establishes a common terminology and offers guidance to development teams on best practices for addressing the complex requirements and risks associated with CBDC. It is centered on an original five-step approach called the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production. The methodology emphasizes a phased approach to CBDC research and development, with strong focus on research preparation, experimentation and testing, risk management, stakeholder engagement, and cyber resilience.

Casting Light on Central Bank Digital Currencies

Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Casting Light on Central Bank Digital Currencies Book PDF

Author : Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon
Publisher : International Monetary Fund
Page : 39 pages
File Size : 52,7 Mb
Release : 2018-11-12
Category : Business & Economics
ISBN : 9781484384572

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Casting Light on Central Bank Digital Currencies by Mr.Tommaso Mancini Griffoli,Mr.Maria Soledad Martinez Peria,Mr.Itai Agur,Mr.Anil Ari,Mr.John Kiff,Ms.Adina Popescu,Ms.Celine Rochon Pdf

Digitalization is reshaping economic activity, shrinking the role of cash, and spurring new digital forms of money. Central banks have been pondering wheter and how to adapt. One possibility is central bank digital currency (CBDC)-- a widely accessible digital form of fiat money that could be legal tender. This discussion note proposes a conceptual framework to assess the case for CBDC adoption from the perspective of users and central banks. It discusses possible CBDC designs, and explores potential benefits and costs, with a focus on the impact on monetary policy, financial stability, and integrity. This note also surveys research and pilot studies on CBDC by central banks around the world.

The Rise of Public and Private Digital Money

International Monetary Fund
The Rise of Public and Private Digital Money Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 33 pages
File Size : 47,9 Mb
Release : 2021-07-29
Category : Business & Economics
ISBN : 9781513592039

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The Rise of Public and Private Digital Money by International Monetary Fund Pdf

Following the companion paper on the new policy challenges related to the adoption of digital forms of money, this paper presents an operational strategy for the IMF to continue delivering on its mandate of ensuring domestic and international financial and economic stability. The paper begins by summarizing the forces driving the adoption of digital forms of money, and the new policy questions that emerge. It then focusses on how the IMF’s core activities and output will need to evolve, including surveillance, capacity development, and analytical foundations. It ends by discusses how the IMF intends to partner with other organization, and to grow and structure internal resources to fulfill this vision.

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,Peter Zhou
A Survey of Research on Retail Central Bank Digital Currency Book PDF

Author : 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,Peter Zhou
Publisher : International Monetary Fund
Page : 66 pages
File Size : 40,6 Mb
Release : 2020-06-26
Category : Business & Economics
ISBN : 9781513547787

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A Survey of Research on Retail Central Bank Digital Currency by 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,Peter Zhou Pdf

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.

Behind the Scenes of Central Bank Digital Currency

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,Akihiro Yoshinaga
Behind the Scenes of Central Bank Digital Currency Book PDF

Author : 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,Akihiro Yoshinaga
Publisher : International Monetary Fund
Page : 35 pages
File Size : 49,5 Mb
Release : 2022-02-09
Category : Business & Economics
ISBN : 9798400201219

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Behind the Scenes of Central Bank Digital Currency by 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,Akihiro Yoshinaga Pdf

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.

Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations

Wouter Bossu,Mr.Masaru Itatani,Catalina Margulis,Arthur D. P. Rossi,Hans Weenink,Akihiro Yoshinaga
Legal Aspects of Central Bank Digital Currency Central Bank and Monetary Law Considerations Book PDF

Author : Wouter Bossu,Mr.Masaru Itatani,Catalina Margulis,Arthur D. P. Rossi,Hans Weenink,Akihiro Yoshinaga
Publisher : INTERNATIONAL MONETARY FUND
Page : 51 pages
File Size : 49,9 Mb
Release : 2020-11-20
Category : Business & Economics
ISBN : 1513561626

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Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law Considerations by Wouter Bossu,Mr.Masaru Itatani,Catalina Margulis,Arthur D. P. Rossi,Hans Weenink,Akihiro Yoshinaga Pdf

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.

Virtual Currencies and Beyond

Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Virtual Currencies and Beyond Book PDF

Author : Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes
Publisher : International Monetary Fund
Page : 42 pages
File Size : 49,8 Mb
Release : 2016-01-20
Category : Business & Economics
ISBN : 9781498321303

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Virtual Currencies and Beyond by Mr.Dong He,Mr.Karl Friedrich Habermeier,Mr.Ross B Leckow,Mr.Vikram Haksar,Ms.Yasmin Almeida,Ms.Mikari Kashima,Mr.Nadim Kyriakos-Saad,Ms.Hiroko Oura,Tahsin Saadi Sedik,Natalia Stetsenko,Ms.Concha Verdugo Yepes Pdf

New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions.

The Rise of Digital Money

International Monetary Fund
The Rise of Digital Money Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 28 pages
File Size : 45,7 Mb
Release : 2021-07-29
Category : Business & Economics
ISBN : 9781513589558

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The Rise of Digital Money by International Monetary Fund Pdf

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.

Central Bank Risk Management, Fintech, and Cybersecurity

Mr. Ashraf Khan,Majid Malaika
Central Bank Risk Management Fintech and Cybersecurity Book PDF

Author : Mr. Ashraf Khan,Majid Malaika
Publisher : International Monetary Fund
Page : 75 pages
File Size : 50,7 Mb
Release : 2021-04-23
Category : Business & Economics
ISBN : 9781513582344

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Central Bank Risk Management, Fintech, and Cybersecurity by Mr. Ashraf Khan,Majid Malaika Pdf

Based on technical assistance to central banks by the IMF’s Monetary and Capital Markets Department and Information Technology Department, this paper examines fintech and the related area of cybersecurity from the perspective of central bank risk management. The paper draws on findings from the IMF Article IV Database, selected FSAP and country cases, and gives examples of central bank risks related to fintech and cybersecurity. The paper highlights that fintech- and cybersecurity-related risks for central banks should be addressed by operationalizing sound internal risk management by establishing and strengthening an integrated risk management approach throughout the organization, including a dedicated risk management unit, ongoing sensitizing and training of Board members and staff, clear reporting lines, assessing cyber resilience and security posture, and tying risk management into strategic planning.. Given the fast-evolving nature of such risks, central banks could make use of timely and regular inputs from external experts.

Designing Central Bank Digital Currencies

Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Designing Central Bank Digital Currencies Book PDF

Author : Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia
Publisher : International Monetary Fund
Page : 38 pages
File Size : 51,9 Mb
Release : 2019-11-18
Category : Business & Economics
ISBN : 9781513519883

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Designing Central Bank Digital Currencies by Mr.Itai Agur,Mr.Anil Ari,Mr.Giovanni Dell'Ariccia Pdf

We study the optimal design of a central bank digital currency (CBDC) in an environment where agents sort into cash, CBDC and bank deposits according to their preferences over anonymity and security; and where network effects make the convenience of payment instruments dependent on the number of their users. CBDC can be designed with attributes similar to cash or deposits, and can be interest-bearing: a CBDC that closely competes with deposits depresses bank credit and output, while a cash-like CBDC may lead to the disappearance of cash. Then, the optimal CBDC design trades off bank intermediation against the social value of maintaining diverse payment instruments. When network effects matter, an interest-bearing CBDC alleviates the central bank's tradeoff.

The Rise of Digital Money

Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
The Rise of Digital Money Book PDF

Author : Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli
Publisher : International Monetary Fund
Page : 20 pages
File Size : 42,5 Mb
Release : 2019-07-15
Category : Business & Economics
ISBN : 9781498324908

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The Rise of Digital Money by Mr.Tobias Adrian,Mr.Tommaso Mancini Griffoli Pdf

This paper marks the launch of a new IMF series, Fintech Notes. Building on years of IMF staff work, it will explore pressing topics in the digital economy and be issued periodically. The series will carry work by IMF staff and will seek to provide insight into the intersection of technology and the global economy. The Rise of Digital Money analyses how technology companies are stepping up competition to large banks and credit card companies. Digital forms of money are increasingly in the wallets of consumers as well as in the minds of policymakers. Cash and bank deposits are battling with so-called e-money, electronically stored monetary value denominated in, and pegged to, a currency like the euro or the dollar. This paper identifies the benefits and risks and highlights regulatory issues that are likely to emerge with a broader adoption of stablecoins. The paper also highlights the risks associated with e-money: potential creation of new monopolies; threats to weaker currencies; concerns about consumer protection and financial stability; and the risk of fostering illegal activities, among others.

Monetary and Exchange System Reforms in China

Mr.Bernard Laurens,Mr.Hassanali Mehran,Mr.Marc Quintyn,Mr.Tom Nordman
Monetary and Exchange System Reforms in China Book PDF

Author : Mr.Bernard Laurens,Mr.Hassanali Mehran,Mr.Marc Quintyn,Mr.Tom Nordman
Publisher : International Monetary Fund
Page : 108 pages
File Size : 40,7 Mb
Release : 1996-09-26
Category : Business & Economics
ISBN : 1557755620

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Monetary and Exchange System Reforms in China by Mr.Bernard Laurens,Mr.Hassanali Mehran,Mr.Marc Quintyn,Mr.Tom Nordman Pdf

In 1978, China embarked on a gradual but far-reaching reform of its economic system. This paper focuses on the achievements so far in reforming the financial sector, the legal framework for financial transactions, the payments system, and the monetary policy and foreign exchange system. It also analyzes the tasks ahead to achieve the goals set in these areas for the year 2000.

A Central Bank's Guide to International Financial Reporting Standards

Mr. Rudy Wytenburg,Mr. Robin V Darbyshire,Ms. Anjeza Beja
A Central Bank s Guide to International Financial Reporting Standards Book PDF

Author : Mr. Rudy Wytenburg,Mr. Robin V Darbyshire,Ms. Anjeza Beja
Publisher : International Monetary Fund
Page : 145 pages
File Size : 46,6 Mb
Release : 2021-04-05
Category : Business & Economics
ISBN : 9781513563602

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A Central Bank's Guide to International Financial Reporting Standards by Mr. Rudy Wytenburg,Mr. Robin V Darbyshire,Ms. Anjeza Beja Pdf

About one-quarter of the world’s central banks apply IFRS with approximately a quarter more looking to IFRS for further guidance where their local standards do not provide enough guidance. Given the varied mandates and types of policy operations undertaken by central banks, there also exists significant variation in practice, style, and the extent of the financial disclosures in both the primary statements and in the note disclosures. By their nature, central banks are unique in their jurisdiction and so do not always have local practices and examples they can follow. Although the major accounting firms have created model disclosures intended for commercial banks, these are often not totally appropriate for a central bank. The application of IFRS across central banks differs based on the mandate of the central bank and the capacity of the accounting profession in the specific jurisdiction. An analysis of international practices, such as those undertaken in preparing these model statements, may help address questions about the structure of the statements themselves as well as the organization of the note disclosures. As a consequence, each central bank following IFRS has largely developed its own disclosures with only limited reference to others. Input from the external auditors has been significant, but some of this has been determined by the approach used by the specific auditor’s style for commercial banks rather than central banks. Auditors do not always fully appreciate the differences between a commercial bank and a central bank, which has a different role and undertakes transactions to meet its policy objectives. This has often led to an over emphasis of items not material in the context of a central bank and insufficient disclosures on operations or accountabilities specific to the functions of the central bank.

International Monetary Fund Annual Report 2021

International Monetary Fund. Secretary's Department
International Monetary Fund Annual Report 2021 Book PDF

Author : International Monetary Fund. Secretary's Department
Publisher : International Monetary Fund
Page : 74 pages
File Size : 43,7 Mb
Release : 2021-10-04
Category : Business & Economics
ISBN : 9781513568812

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International Monetary Fund Annual Report 2021 by International Monetary Fund. Secretary's Department Pdf

A recovery is underway, but the economic fallout from the global pandemic could be with us for years to come. With the crisis exacerbating prepandemic vulnerabilities, country prospects are diverging. Nearly half of emerging market and developing economies and some middle-income countries are now at risk of falling further behind, undoing much of the progress made toward achieving the UN Sustainable Development Goals.