www.elibrary.imf.org
Open in
urlscan Pro
52.208.51.250
Public Scan
Submitted URL: https://www.cvent.com/api/email/dispatch/v1/click/r5lnnljbpdcg5j/w46r6d84/aHR0cHMlM0ElMkYlMkZ3d3cuZWxpYnJhcnkuaW1mLm9y...
Effective URL: https://www.elibrary.imf.org/view/journals/007/2023/016/article-A001-en.xml?cid=nl-com-compd-nn052023
Submission: On May 31 via api from US — Scanned from DE
Effective URL: https://www.elibrary.imf.org/view/journals/007/2023/016/article-A001-en.xml?cid=nl-com-compd-nn052023
Submission: On May 31 via api from US — Scanned from DE
Form analysis 6 forms found in the DOM
POST /configurable/content.configurablecontentpagebody.searchwithinform.form?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml
<form class="search-form single-query-form doc-search-form c-FormControl c-FormControl--dense c-FormControl--fullWidth" data-component-formcontrol="quickSearchTextfield" data-validate="submit" data-generator="tapestry/core/form"
action="/configurable/content.configurablecontentpagebody.searchwithinform.form?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml" method="post" id="form"><input value="nl-com-compd-nn052023" name="cid"
type="hidden"><input value="journals$002f007$002f2023$002f016$002farticle-A001-en.xml" name="t:ac" type="hidden"><input
value="d0S73Y3T4xV8GIbsspNA+nIJdmM=: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"
name="t:formdata" type="hidden">
<input value="/journals/007/007-overview.xml" name="source" id="source" type="hidden">
<div class="form-row">
<div class="c-InputLabel">Search within Journal...</div>
<div class="c-Input"><input placeholder="Search within Journal..." data-component-textfield="{"id":"quickSearchTextfield", "labelText":"Search within Journal..."}"
class="form-control search-field c-InputField" name="q" id="q_within" type="text"><button data-component-textfield-righticon="quickSearchTextfield" class="button submit-btn search-button c-InputAffix c-IconButton c-IconButton--search"
type="submit">
<span>Search</span>
</button></div>
</div>
<input value="/journals/007/2023/016/007.2023.issue-016-en.xml" name="issueUri" type="hidden">
<fieldset class="form-group radio-group">
<label class="form-label radio-label">
<input value="ISSUE" name="searchWithinTypeFilter" id="radio" type="radio"> Issue </label>
<label class="form-label radio-label">
<input value="JOURNAL" name="searchWithinTypeFilter" id="radio_0" type="radio"> Journal </label>
</fieldset>
</form>Name: viewAnnotationForm — POST /configurable/content.viewannotations.viewannotationform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=: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
<form name="viewAnnotationForm" class="annotationsForm hidden" data-validate="submit" data-generator="tapestry/core/form" data-update-zone="viewAnnotationZone"
action="/configurable/content.viewannotations.viewannotationform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=:H4sIAAAAAAAAAH2Tv2/TQBTHLy2hrVIBjVp1QmLoVsmZkJCYStMKqyZESsTA9mw/OwfnO/fdOT8WBAsdGFhgY2Bg7L/CyMCGYIYJCakTd05pSCvHkk/26aN333v3udOfrD66xhjb1sSOFKUe5BAN0DOQozY0uetxaZAkCE8jDXmE2tsXHKXpImmujf065CjinlEEKfpZLnaOcPL19/bblR9nJ0tsOWCNSGW5khb1Y8OawTMYQkuATFs9Q1ym9wO2lrgiHcjwmL1gtYCt5rbaxf84N2w3UjLhaUEQCrTfbmkHhSqe2Lx2UiXn09qwDT1QozYmUAhzqCgDY9jm/xVa++cssQ0XyHOBvAdKCQT5+Q69/PLh7NcSqz1l9SGIAsc50y4Lc8OyYTfcAn1uBAYQonCzdTeszFFbkRICco0dJR8Bt6+x7ayA113JruuiTNQipleExq1cwdx0zIEsMiQwXMlF2F5kj1T7tjO6AtsssSFw4do27WUVu1bugKwmFcCqA3wdVmUqj+0g5tYmDqI/yasKNcpUhRkoqgrTnNWyRo4UxVXkelQQWRfamJtBycxb4VtTUqTm94+f/rw6uWet8P9ZQezWjOsUWYj0+vT97ca7b2+WGLPS2OfqDvfI8EjglF9oQ5wEXD6vCt6wF4BLMNhX0TS3G6/X5s85g/FDhNjetNkG3bBzSVWQXVIpWR/4ENtc5wImF/Du1fZPe1uVrdzoYym4xG4Rtm3IxU7oKie2SuWROOonSlirL124v2vdJgHFBAAA"
method="post" id="viewAnnotationForm"><input value="nl-com-compd-nn052023" name="cid" type="hidden"><input value="journals$002f007$002f2023$002f016$002farticle-A001-en.xml" name="t:ac" type="hidden"><input
value="Mv7meoBA3bZKltGaenRUXYhEOvo=:H4sIAAAAAAAAAH2Tv2/TQBTHLy2hrVIBjVp1QmLoVsmZkJCYStMKqyZESsTA9mw/OwfnO/fdOT8WBAsdGFhgY2Bg7L/CyMCGYIYJCakTd05pSCvHkk/26aN333v3udOfrD66xhjb1sSOFKUe5BAN0DOQozY0uetxaZAkCE8jDXmE2tsXHKXpImmujf065CjinlEEKfpZLnaOcPL19/bblR9nJ0tsOWCNSGW5khb1Y8OawTMYQkuATFs9Q1ym9wO2lrgiHcjwmL1gtYCt5rbaxf84N2w3UjLhaUEQCrTfbmkHhSqe2Lx2UiXn09qwDT1QozYmUAhzqCgDY9jm/xVa cssQ0XyHOBvAdKCQT5 Q69/PLh7NcSqz1l9SGIAsc50y4Lc8OyYTfcAn1uBAYQonCzdTeszFFbkRICco0dJR8Bt6 x7ayA113JruuiTNQipleExq1cwdx0zIEsMiQwXMlF2F5kj1T7tjO6AtsssSFw4do27WUVu1bugKwmFcCqA3wdVmUqj 0g5tYmDqI/yasKNcpUhRkoqgrTnNWyRo4UxVXkelQQWRfamJtBycxb4VtTUqTm94 f/rw6uWet8P9ZQezWjOsUWYj0 vT97ca7b2 WGLPS2OfqDvfI8EjglF9oQ5wEXD6vCt6wF4BLMNhX0TS3G6/X5s85g/FDhNjetNkG3bBzSVWQXVIpWR/4ENtc5wImF/Du1fZPe1uVrdzoYym4xG4Rtm3IxU7oKie2SuWROOonSlirL124v2vdJgHFBAAA"
name="t:state:client" type="hidden"><input
value="8uo63r25WrphE5Hkcy6ig7vmY2M=:H4sIAAAAAAAAAEWOOwrCQBBAV0EbsdHSxsJ6A0IabQQbhSBCOrtJMsaVZCbsTD6ewMt4AC/lHUyX6r3q8T4/M2lDs02Z7i6vPSQFBkcmRdJd47AFIlZQxyR2cJeJEW8O7HMLFaQPtAoVivpXaFP2WLikZ1kx9SGxJ5dlSJur5xRF4jopnUjfub3Xy271nY7NKDKzfkI9FxcoUc0iekIDQQGUB7F6R/m+q9TMh4lzJn9xnM0VvwAAAA=="
name="t:formdata" type="hidden">
<input value="" name="annotationIds" type="hidden">
<input value="/view/journals/007/2023/016/article-A001-en.xml?cid=nl-com-compd-nn052023" name="redirectOnDeleteSuccess" type="hidden">
<input class="display-none" value="" id="viewAnnotationFormSubmit" type="submit">
</form>Name: editAnnotationForm — POST /configurable/content.viewannotations.editannotationform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=: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
<form name="editAnnotationForm" class="annotationsForm hidden" data-validate="submit" data-generator="tapestry/core/form"
action="/configurable/content.viewannotations.editannotationform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=: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"
method="post" id="editAnnotationForm"><input value="nl-com-compd-nn052023" name="cid" type="hidden"><input value="journals$002f007$002f2023$002f016$002farticle-A001-en.xml" name="t:ac" type="hidden"><input
value="Mv7meoBA3bZKltGaenRUXYhEOvo=:H4sIAAAAAAAAAH2Tv2/TQBTHLy2hrVIBjVp1QmLoVsmZkJCYStMKqyZESsTA9mw/OwfnO/fdOT8WBAsdGFhgY2Bg7L/CyMCGYIYJCakTd05pSCvHkk/26aN333v3udOfrD66xhjb1sSOFKUe5BAN0DOQozY0uetxaZAkCE8jDXmE2tsXHKXpImmujf065CjinlEEKfpZLnaOcPL19/bblR9nJ0tsOWCNSGW5khb1Y8OawTMYQkuATFs9Q1ym9wO2lrgiHcjwmL1gtYCt5rbaxf84N2w3UjLhaUEQCrTfbmkHhSqe2Lx2UiXn09qwDT1QozYmUAhzqCgDY9jm/xVa cssQ0XyHOBvAdKCQT5 Q69/PLh7NcSqz1l9SGIAsc50y4Lc8OyYTfcAn1uBAYQonCzdTeszFFbkRICco0dJR8Bt6 x7ayA113JruuiTNQipleExq1cwdx0zIEsMiQwXMlF2F5kj1T7tjO6AtsssSFw4do27WUVu1bugKwmFcCqA3wdVmUqj 0g5tYmDqI/yasKNcpUhRkoqgrTnNWyRo4UxVXkelQQWRfamJtBycxb4VtTUqTm94 f/rw6uWet8P9ZQezWjOsUWYj0 vT97ca7b2 WGLPS2OfqDvfI8EjglF9oQ5wEXD6vCt6wF4BLMNhX0TS3G6/X5s85g/FDhNjetNkG3bBzSVWQXVIpWR/4ENtc5wImF/Du1fZPe1uVrdzoYym4xG4Rtm3IxU7oKie2SuWROOonSlirL124v2vdJgHFBAAA"
name="t:state:client" type="hidden"><input
value="vo1f23p5B8P66SVYUQSSHIM6OPw=:H4sIAAAAAAAAAJ3QsUoDQRAG4ElQCcZKsbKxiKV7UZJGG4MgCkGEw8ZG5m4n58rd7ro7yZ2NrW/hE4i1fQo738EHsLWy8K6QKwJiUs0wxT/fzPMnLOc92IuNHqlk7DBKKTg2mknzwURRjlobRlZGe1H3SoJ3cGRcItBifEOC0ZJnd98XsXGUqqismTW6zPHiVElJunPhTEzeh+MoU96XMVeP2xvF1utKExpDaJcGdiY9x4wY1oe3OMEgRZ0EITulk8PCMqzVhjOZd2H3X3CmgtERVuj+n+gIPYlBVA4x5hNFqeyExGO7czltf2y+fc9I7+ABGpWs9btkIdVgXtXML6cvsjf6enpvAhQ234dgLsN1F3x1yhLDaj1bJKZKaf0Ak7OPjlcCAAA="
name="t:formdata" type="hidden">
<input value="" name="annotationId" type="hidden">
<input value="/view/journals/007/2023/016/article-A001-en.xml?cid=nl-com-compd-nn052023" name="redirectOnEditSuccess" type="hidden">
<fieldset class="p-3 m-0">
<legend>Edit Annotation</legend>
<div class="annotatedText text-body1 bg-grey-light"></div>
<textarea id="textarea" class="form-control annotatedTextarea hidden" name="textarea"></textarea>
<textarea placeholder="Comment ..." id="textarea_0" class="form-control comment w-1 border border-radius text-body1" name="textarea_0"></textarea>
<!-- Don't add line breaks in the p element. Doing so makes unwanted spaces appear. -->
<!-- OUP-1178 / Trac(oro2)-5674 -->
<p class="rules text-caption"> Character limit <span class="count">500</span>/500 </p>
<div class="formActions">
<button value=" Delete" class="delete button delete-btn c-Button c-Button--contained c-Button--primary" type="button"> Delete</button>
<button value=" Cancel" class="cancel button cancel-btn c-Button c-Button--outlined c-Button--primary" type="button"> Cancel</button>
<button value=" Save" class="save button save-btn c-Button c-Button--contained c-Button--primary" type="submit"> Save</button>
</div>
<input class="display-none" value="" id="editAnnotationFormSubmit" type="submit">
</fieldset>
</form>Name: annotationsForm — POST /configurable/content.viewannotations.annotationsform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=: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
<form name="annotationsForm" class="annotationsForm hidden" data-validate="submit" data-generator="tapestry/core/form"
action="/configurable/content.viewannotations.annotationsform?cid=nl-com-compd-nn052023&t:ac=journals$002f007$002f2023$002f016$002farticle-A001-en.xml&t:state:client=Mv7meoBA3bZKltGaenRUXYhEOvo=: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"
method="post" id="annotationsForm"><input value="nl-com-compd-nn052023" name="cid" type="hidden"><input value="journals$002f007$002f2023$002f016$002farticle-A001-en.xml" name="t:ac" type="hidden"><input
value="Mv7meoBA3bZKltGaenRUXYhEOvo=:H4sIAAAAAAAAAH2Tv2/TQBTHLy2hrVIBjVp1QmLoVsmZkJCYStMKqyZESsTA9mw/OwfnO/fdOT8WBAsdGFhgY2Bg7L/CyMCGYIYJCakTd05pSCvHkk/26aN333v3udOfrD66xhjb1sSOFKUe5BAN0DOQozY0uetxaZAkCE8jDXmE2tsXHKXpImmujf065CjinlEEKfpZLnaOcPL19/bblR9nJ0tsOWCNSGW5khb1Y8OawTMYQkuATFs9Q1ym9wO2lrgiHcjwmL1gtYCt5rbaxf84N2w3UjLhaUEQCrTfbmkHhSqe2Lx2UiXn09qwDT1QozYmUAhzqCgDY9jm/xVa cssQ0XyHOBvAdKCQT5 Q69/PLh7NcSqz1l9SGIAsc50y4Lc8OyYTfcAn1uBAYQonCzdTeszFFbkRICco0dJR8Bt6 x7ayA113JruuiTNQipleExq1cwdx0zIEsMiQwXMlF2F5kj1T7tjO6AtsssSFw4do27WUVu1bugKwmFcCqA3wdVmUqj 0g5tYmDqI/yasKNcpUhRkoqgrTnNWyRo4UxVXkelQQWRfamJtBycxb4VtTUqTm94 f/rw6uWet8P9ZQezWjOsUWYj0 vT97ca7b2 WGLPS2OfqDvfI8EjglF9oQ5wEXD6vCt6wF4BLMNhX0TS3G6/X5s85g/FDhNjetNkG3bBzSVWQXVIpWR/4ENtc5wImF/Du1fZPe1uVrdzoYym4xG4Rtm3IxU7oKie2SuWROOonSlirL124v2vdJgHFBAAA"
name="t:state:client" type="hidden"><input
value="MwT/57XJpku/lk9wR7L7dwNTMDY=:H4sIAAAAAAAAAJ2SsUoDQRCGJ4IWiQQ0WNlYxPaOxCSoaQyiWAQJHILYyN7d5LJy2T13J7mzsfUtfAKxtk9h5zv4ALZWFu4ZOSMB8VLtsgPffDP/PrzBctyGXU+KPg9Girkh2odSEAraH3OMmRCSGHEptKUxRO/rSkxREjEagFZwIFVgsYh5A7SIRahJ3TQtTyoMuWvOYSSFwWnrhPs+impPSQ+1dkbukGttcBd3W5Vk82llCQpdKBkVUjI8ZUMkWO9esTGzQyYC2yHFRdBOIoJKpuKkKuc9oxLvQSvfGCj87yGu4RaAYC0rHQl/Cm3BzgK7yYjl36JxA2q5HTPY6qxeXAf7XyjCxLRGdllLw2r+GZbLNFod1zwyj445hn7VQRpF22eT0uvG88dcQqlZIU2k+NNmQbNOXrO5fzR59Bv99/uXJYAkym9Rny66ODtMfRFMSil/AmNTh0NaAwAA"
name="t:formdata" type="hidden">
<input value="" name="selectionStartXPath" type="hidden">
<input value="" name="selectionEndXPath" type="hidden">
<input value="0" name="selectionStart" type="hidden">
<input value="0" name="selectionEnd" type="hidden">
<input value="/view/journals/007/2023/016/article-A001-en.xml?cid=nl-com-compd-nn052023" name="redirectOnCreateSuccess" type="hidden">
<!-- <input type="hidden" id="selectionTimestamp" value="2012-02-17"/> -->
<!-- <input type="text" id="selectionOwner" value="Username"/> -->
<fieldset class="p-3 m-0">
<legend>@!</legend>
<div class="annotatedText p-2 mb-2 bg-grey-light border-radius text-body1"></div>
<textarea id="textarea_1" class="form-control annotatedTextarea hidden" name="textarea_1"></textarea>
<textarea placeholder="Comment ..." id="textarea_2" class="form-control comment w-1 border border-radius text-body1" name="textarea_2"></textarea>
<!-- Don't add line breaks in the p element. Doing so makes unwanted spaces appear. -->
<!-- OUP-1178 / Trac(oro2)-5674 -->
<p class="rules text-caption"> Character limit <span class="count">500</span>/500 </p>
<div class="formActions text-align-right">
<button value="Cancel" class="cancel button cancel-btn c-Button c-Button--outlined c-Button--primary" type="button"> Cancel </button>
<button value="Save" class="save button save-btn c-Button c-Button--contained c-Button--primary" type="submit"> Save </button>
</div>
</fieldset>
</form>GET /search
<form style="max-width:800px; background-color:inherit;" class="flex-col flex-align-center px-3 py-3 mx-auto" method="get" action="/search" id="quickLinks">
<span class="search-params" id="searchWithin">
</span>
<div style="background-color:inherit;color:inherit;" class="flex flex-col">
<div style="background-color:inherit;color:inherit;" class="c-Input">
<span class="twitter-typeahead" style="position: relative; display: inline-block; direction: ltr;"><input data-js="typeAheadInput" data-typeahead-suggest="true" data-typeahead-prefetch="true" autocomplete="off" type="text"
class="c-InputField--noLabel c-InputField js-typeahead c-InputField tt-hint" aria-label="Suggestions" readonly="" spellcheck="false" tabindex="-1"
style="position: absolute; top: 0px; left: 0px; border-color: transparent; box-shadow: none; opacity: 1; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0);"><input data-js="typeAheadInput"
data-typeahead-suggest="true" data-typeahead-prefetch="true" autocomplete="off" name="q1" placeholder="Search" id="q" type="text" class="c-InputField--noLabel c-InputField js-typeahead c-InputField tt-input" aria-label="Suggestions"
spellcheck="false" dir="auto" style="position: relative; vertical-align: top; background-color: transparent;">
<pre aria-hidden="true"
style="position: absolute; visibility: hidden; white-space: pre; font-family: "Open Sans", sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; word-spacing: 0px; letter-spacing: 0px; text-indent: 0px; text-rendering: auto; text-transform: none;"></pre>
<span class="tt-dropdown-menu" style="position: absolute; top: 100%; left: 0px; z-index: 100; display: none; right: auto;">
<div class="tt-dataset-suggestions"></div>
</span>
</span>
<button title="Search" tabindex="0" role="button" type="submit" class=" c-IconButton c-IconButton--primary c-IconButton--medium c-Icon c-Icon--search c-Icon--before c-Icon--offset c-Icon--medium submit-btn ">
</button>
</div>
<div class="flex flex-row flex-justify-btw">
<div class="search-utils flex flex-row flex-order-2" id="quickSearchItems">
<a title="Advanced search" href="/advancedsearch" tabindex="0" role="button" type="button" class=" c-Button c-Button--primary c-Button--small c-Icon c-Icon--search c-Icon--before c-Icon--offset c-Icon--medium ">Advanced search
</a>
<a id="helpBtn" class="ico-help c-IconButton c-IconButton--primary c-IconButton--help" href="/help#configurable">
<span>
Help
</span>
</a>
</div>
<div class="search-filters search-scope-selector flex flex-row flex-order-1 pt-1" id="quickSearchContextualFilters">
</div>
</div>
</div>
</form>GET /search
<form style="max-width:800px; background-color:inherit;" class="flex-col flex-align-center px-3 py-3 mx-auto" method="get" action="/search" id="quickLinks">
<span class="search-params" id="searchWithin">
</span>
<div style="background-color:inherit;color:inherit;" class="flex flex-col">
<div style="background-color:inherit;color:inherit;" class="c-Input">
<span class="twitter-typeahead" style="position: relative; display: inline-block; direction: ltr;"><input data-js="typeAheadInput" data-typeahead-suggest="true" data-typeahead-prefetch="true" autocomplete="off" type="text"
class="c-InputField--noLabel c-InputField js-typeahead c-InputField tt-hint" aria-label="Suggestions" readonly="" spellcheck="false" tabindex="-1"
style="position: absolute; top: 0px; left: 0px; border-color: transparent; box-shadow: none; opacity: 1; background: none 0% 0% / auto repeat scroll padding-box border-box rgba(0, 0, 0, 0);"><input data-js="typeAheadInput"
data-typeahead-suggest="true" data-typeahead-prefetch="true" autocomplete="off" name="q1" placeholder="Search" id="q" type="text" class="c-InputField--noLabel c-InputField js-typeahead c-InputField tt-input" aria-label="Suggestions"
spellcheck="false" dir="auto" style="position: relative; vertical-align: top; background-color: transparent;">
<pre aria-hidden="true"
style="position: absolute; visibility: hidden; white-space: pre; font-family: "Open Sans", sans-serif; font-size: 14px; font-style: normal; font-variant: normal; font-weight: 400; word-spacing: 0px; letter-spacing: 0px; text-indent: 0px; text-rendering: auto; text-transform: none;"></pre>
<span class="tt-dropdown-menu" style="position: absolute; top: 100%; left: 0px; z-index: 100; display: none; right: auto;">
<div class="tt-dataset-suggestions"></div>
</span>
</span>
<button title="Search" tabindex="0" role="button" type="submit" class=" c-IconButton c-IconButton--primary c-IconButton--medium c-Icon c-Icon--search c-Icon--before c-Icon--offset c-Icon--medium submit-btn ">
</button>
</div>
<div class="flex flex-row flex-justify-btw">
<div class="search-utils flex flex-row flex-order-2" id="quickSearchItems">
<a title="Advanced search" href="/advancedsearch" tabindex="0" role="button" type="button" class=" c-Button c-Button--primary c-Button--small c-Icon c-Icon--search c-Icon--before c-Icon--offset c-Icon--medium ">Advanced search
</a>
<a id="helpBtn" class="ico-help c-IconButton c-IconButton--primary c-IconButton--help" href="/help#configurable">
<span>
Help
</span>
</a>
</div>
<div class="search-filters search-scope-selector flex flex-row flex-order-1 pt-1" id="quickSearchContextualFilters">
</div>
</div>
</div>
</form>Text Content
Jump to Content Jump to Main Navigation
This site uses cookies, tags, and tracking settings to store information that
help give you the very best browsing experience. Dismiss this warning
Sign in IMF Sites
Browse Topics Countries Series Resources About Search
* Previous Article
IMF Approach to Central Bank Digital Currency Capacity Development
Author:
International Monetary Fund. Monetary and Capital Markets Department
International Monetary Fund. Monetary and Capital Markets Department
Search for other papers by International Monetary Fund. Monetary and Capital
Markets Department in
Current site
Google ScholarClose
Publication Date: 11 Apr 2023 eISBN: 9798400240256 Language: English Keywords:
CBDC handbook; CBDC CD; CBDC issuance; CBDC exploration; CBDC design; Central
Bank digital currencies; Global
Download PDF (439.2 KB)
* Abstract
* Full Text
* Related Publications
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.
ABSTRACT
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.
INTRODUCTION
1. The growing interest in CBDC is truly global. Recent surveys have provided
insights into the widespread exploration of CBDCs as well as the reasoning
behind it. The Bank for International Settlements' (BIS) most recent CBDC
survey, conducted in 2021, covered a record 81 central banks, representing close
to 76 percent of the world's population and 94 percent of global economic output
(BIS 2022). The survey found that nine out of 10 central banks are now exploring
CBDCs, with half developing or running concrete experiments. The survey also
showed that more than two-thirds of central banks are likely to issue a retail
CBDC in the short or medium term (within the next six years). The Atlantic
Council (2023) separately tracks CBDC developments in 119 countries and
indicates similar results.
2. CBDC explorations have accelerated during the COVID-19 pandemic, often in
response to the emergence of crypto assets.1 The reasons for exploring CBDC
differ somewhat between advanced economies (AEs) and EMDEs, however. Overall,
CBDC work in AEs is driven primarily by the desire to maintain and strengthen
the institutional underpinnings of modern monetary systems in the digital age,
to promote competition in the payment systems, and to facilitate tokenization of
finance. In addition to these considerations, CBDC work in EMDEs is also driven
by financial inclusion-related motivations. Over the past two years,
cross-border payment efficiency has become a more important motivation for CBDC
work in EMDEs.
3. Amid rising global interest in CBDC, demand from IMF member countries for CD
in the area of CBDC has increased sharply. Over 40 requests for assistance from
low-income countries and large emerging market economies in all regions have
been received since 2020 (Figure 1). More requests are anticipated. Ongoing
bilateral CD and regional workshops have taken place in many countries, covering
a broad array of topics, ranging from objectives and design choices to pilots
and analysis of macrofinancial impacts.
View Full Size
Figure 1.
Regional Distribution of CBDC CD Requests
(As of February 2023)
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF Staff.
* Download Figure
* Download figure as PowerPoint slide
Figure 1.
Regional Distribution of CBDC CD Requests
(As of February 2023)
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF Staff.
* Download Figure
* Download figure as PowerPoint slide
4. In July 2021 the IMF Executive Board approved a digital money strategy which
recognizes the macro relevance of digital money and fintech developments,
requires the institution to assist and advise countries in this space, and gives
it the means to do so (IMF 2021). As outlined in this strategy, the IMF has a
mandate to ensure that widespread adoption of digital money fosters domestic and
international economic and financial stability. The IMF must monitor, and advise
on, this rapid and complex transition for all members. CBDC, in particular, has
implications for monetary policy, financial stability, and the international
monetary system (IMS).
5. Against this backdrop, this paper sketches a multi-year strategy to address
frequently asked questions related to CBDC and outlines the process of
developing a CBDC Handbook. Targeted and forward-leaning CD engagements must
rely on solid foundations. They must be grounded in country experiences, in
careful analysis, and in broad consultation.2 The foundations will also need to
be updated regularly in such a rapidly evolving field. To document emerging
lessons, analytical findings, and policy views, IMF staff propose to produce a
CBDC Handbook. This 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.
CURRENT APPROACH TO CBDC CAPACITY DEVELOPMENT
6. The IMF is a global leader in CD delivery, providing tailored, actionable,
and sound technical advice to member countries, grounded in thorough analysis,
experience, and lessons from the field. CBDC CD differs from that traditionally
offered by the IMF on other topics. CBDC is a new and rapidly changing topic
with limited real-world experience. IMF CBDC CD efforts have focused on
facilitating peer learning and developing analytical underpinning for staff
advice to member countries. It is therefore a process of collaboration between
the IMF and member countries. The MCM Technical Assistance Annual Report 2022
(IMF 2022a) highlights the work performed during the year by a team of experts,
supporting member countries in their thinking, design, and implementation of
CBDCs both bilaterally and regionally.
7. Currently, bilateral CD on CBDC provides hands-on advice to countries that
seek assistance. Regional workshops help build awareness and share experiences
and lessons. Bilaterally, engagements in CBDC exploration have taken place in
almost 30 countries (see Box 1 for an example on bilateral engagement). CBDC
workshops were delivered in the African region, Caribbean region, and in Asia
Pacific countries. Topics included an overview of objectives; macrofinancial
implications; legal, technology, and interoperability issues; as well as country
experiences and lessons. All these bilateral and regional workshops have
involved multiple IMF departments.
Box 1.
CBDC CD to the Central Bank of Jordan
At the request of the Central Bank of Jordan (CBJ), the IMF provided assistance
to the CBJ to explore CBDC and lay the foundation for a feasibility study.
Starting in late 2021, the mission took place in three phases, including
knowledge-sharing seminars, peer-learning workshops, and fieldwork. The mission
team consisted of IMF staff from multiple departments and a short-term external
consultant.
Knowledge-sharing seminars
The mission first hosted for the CBJ staff weekly virtual seminars over two
months. The seminars covered conceptual and operational issues related to CBDC,
including opportunities, challenges, design options, technology and
cybersecurity risks, legal and regulatory frameworks, and macrofinancial
implications. This phase helped the authorities identify the issues they would
need to consider in a possible feasibility study of CBDC.
Peer-learning workshops
During the second phase, the mission offered virtual workshops featuring four
guest speakers from other central banks who shared their experiences and
insights from their CBDC experiments. These workshops enabled the CBJ to
exchange views with other jurisdictions on key elements of their CBDC
thinking-through process. The workshops helped CBJ staff deepen its
understanding of CBDC design and benefit from lessons learned by other central
banks.
Fieldwork
During the third phase, the mission conducted a detailed analysis of use cases,
opportunities, and challenges through a combination of virtual and in-person
discussions. During the fieldwork in Amman, the mission held in-depth
discussions with market participants and officials of the relevant authorities.
This phase resulted in two technical assistance reports on key findings and
recommendations. The reports address a range of issues, including the payment
landscape and pain points; opportunities and challenges associated with
wholesale and retail CBDCs; the requirements for technology, cybersecurity,
legal, and regulatory issues in preparation for a potential CBDC; and a
recommended course of action in the short to medium term.[1]
1A high-level summary of the report on retail CBDC exploration has been
published. Jordan: Retail Central Bank Digital Currency Exploration (imf.org).
8. Bilateral CD and regional workshops are being complemented by analytical work
intended to strengthen policy lines and provide empirical support. To date, IMF
CD has mostly focused on bringing countries up to speed by discussing relatively
general questions related to CBDC. However, demand is shifting, as policymakers
are now considering CBDC more concretely. IMF CD will need to evolve to provide
increased value-added advice that is more tailored to country circumstances and
is more solidly anchored in empirical and analytical work, and strengthen
synergies with surveillance (Figure 2). This shift will require IMF advice to be
more normative and anchored in policy experience and frameworks in future CD.3
In turn, this will require more consultation with member countries and the IMF
Executive Board, as well as a means to consolidate and share insights.
View Full Size
Figure 2.
Shifting into a High Value-Added CD
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF staff.
* Download Figure
* Download figure as PowerPoint slide
Figure 2.
Shifting into a High Value-Added CD
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF staff.
* Download Figure
* Download figure as PowerPoint slide
9. The IMF will prioritize CBDC CD to countries. The IMF is currently meeting
requests with budget augmentation and donor funding to ensure evenhandedness.
With increasing demand, however, the IMF will need to prioritize CBDC CD by
taking a risk-management approach to countries that are systemically important
and to countries that are fast-tracking CBDC developments but have relatively
high-capacity constraints or weak regulatory standards. The IMF will also give
priority to answering the most pressing and frequently asked questions.
10. The IMF will collaborate with other international organizations in
delivering CD. Other institutions also work on CBDC, but with different focuses.
The BIS, with 63 members, fosters collaboration on innovative financial
technology and explores concrete solutions involving CBDC (BIS 2018), but does
not directly serve a majority of the EMDEs, including through CD. The World Bank
has an active CD program to aid its members to achieve their developmental goals
and provides a decisionmaking framework about CBDC from the perspective of
payment systems and services (World Bank 2021). The IMF will join hands with
these institutions in providing CD in particular by drawing on their expertise.
The IMF will also collaborate with standard setting bodies on the development of
policy views on which CD is based and will ensure consistency of CBDC CD with
the relevant international standards. The IMF is dedicated to complementing the
work of other organizations, while delivering on its mandate and avoiding
duplication of work.
11. A concrete example of IMF collaboration with other international
organizations is the provision of CD to enhance cross-border payments. To help
achieve the targets of the G20 roadmap to enhance cross-border payments, the G20
has tasked the IMF and the World Bank, in close collaboration with the Committee
on Payments and Market Infrastructures (CPMI) and the Financial Stability Board
(FSB), to jointly develop a technical assistance program. As CBDC can
potentially provide a new way to conduct cross-border payments with large
efficiency gains, factoring an international dimension into CBDC design will be
an important component of the roadmap. In addition, the technical assistance
program will help address other frictions in cross-border payments. Developing
such a program will involve conducting outreach to countries alongside the World
Bank, BIS, CPMI, and FSB, developing materials where opportunities to support
cross-border payments have been identified, establishing a roster of
cross-border payments experts and undertaking technical assistance missions.
When collaborating with other institutions, the IMF is ultimately responsible
and accountable to the IMF Executive Board, as elaborated in the section below
on “governance.”
WHAT QUESTIONS DO AUTHORITIES HAVE ON CBDC?
12. Questions related to CBDC vary depending on country circumstances and
familiarity with CBDC. While many countries have only begun their exploration of
the topic, some are already considering CBDC design. And a few countries are
exploring proof of assumptions (PoA) and pilots with a view to a potential
issuance of CBDCs.4 Meanwhile, most countries are conducting analytical work,
for instance, to investigate the macrofinancial implications. Authorities'
questions can be categorized into four groups. The first three groups of
questions are building blocks, and the fourth group includes important policy
issues that must be carefully considered before implementation. These
categorizations are imperfect, however, as questions across groups are related
to each other and new questions are constantly evolving as technology and
experience evolve.
13. The first group of questions is about exploration. Examples include: What
are the policy objectives of CBDC and alternative payment instruments? What are
the use cases? What are the pros, cons, and risks of CBDC? What lessons are
other countries learning? What are the frameworks, methodologies, and toolkits
to guide countries to make decisions? What are the pros and cons of crossborder
use of CBDCs? What are the necessary infrastructures and institutions required
to issue CBDCs? What are the implementation costs of CBDCs? What are potential
adoption levels?
14. The second group of questions is about design options. Examples include: How
do design features (for example, tiered wallets and offline functionality)
relate to the objectives pursued? What are the respective roles of the public
and private sectors in designing and implementing a CBDC? What are the
approaches to data management? What incentives are necessary to encourage
intermediaries to participate in CBDC arrangements and to ensure cost recovery?
How to encourage adoption by merchants and consumers? Which technologies are
relevant and what are their pros and cons? How would a central bank ensure
cybersecurity? How can an environmentally friendly CBDC be designed? Does the
existing legal framework provide the necessary foundation for a robust CBDC
issuance? Does the existing legal framework related to the central bank's
internal governance and risk management allow for an adequate governance and
risk management of the CBDC issuance? Which regulations and laws need to be in
place to support CBDC and contain risks?
15. The third group of questions is about project management and organization.
Examples include: How to set up PoA and pilots? How can pilots be designed to
test specific policy hypotheses? What granular data on payment market need to be
collected to understand potential benefits risks and assess CBDC performance and
adoption? What is the operational capacity of central banks and their partners?
How to communicate with all stakeholders? What are the governance and risk
management arrangements as well as implementation considerations?
16. The fourth group of questions is about macrofinancial implications of CBDC.
Examples include: What are the implications for monetary policy transmission and
operation, financial stability, the role and stability of banks, market
structure and contestability, capital flows and capital flow management
considerations, and external stability? What are the implications for
cross-border payments and how to achieve interoperability with other CBDCs?
Importantly, how could CBDC be designed—and how could it leverage multilateral
payment platforms—to strengthen the stability and efficiency of the IMS? What
are the roles of CBDC in promoting financial inclusion? How do data management
practices affect market structure and private sector involvement?
OVERVIEW OF THE CBDC HANDBOOK
A. WHAT IS THE HANDBOOK?
17. The CBDC Handbook is intended to be a reference to help countries get up to
speed, serve as a basis for CD delivery, and provide a focal point for
analytical work. Multiple IMF departments with different expertise on CBDC will
collaborate on the project, and input and experience from country authorities
will be widely sought. The intended audience is medium-to high-level
policymakers in central banks and ministries of finance, and to some extent in
other government agencies. The Handbook will also be written for IMF staff and
experts who join CD missions. It does not constitute an endorsement of any CBDC
issuance by the IMF, and the choice of issuing a CBDC remains with the
authorities themselves. The reference will synthesize knowledge from a variety
of sources, including IMF staff research published as Fintech Notes, Selected
Issues Papers, and publications by other international organizations and
academia.5 It will add value to the existing literature by presenting CBDC
material in a way that addresses the practical needs of decision makers in
central banks.
18. The Handbook will mostly be descriptive rather than prescriptive, offering
information, experience, empirical findings, and frameworks to evaluate CBDC.
Most statements and analysis will be conditional on countries having specific
policy objectives. The Handbook will not recommend that countries adopt one
objective over another. The Handbook will help central banks think through and
evaluate the decision of whether to issue a CBDC. It will enable tailored
application and will relate concrete and tested messages of practical relevance
to countries.
19. The CBDC Handbook chapters will be produced sequentially. The Handbook will
be a “living” document, with four to five new chapters (from a total of about
20) added each year over four to five years and existing chapters updated as new
experience emerges and policy views evolve. An initial wave of chapters will be
published before the 2023 Annual Meetings. These chapters will be chosen on the
following basis: (1) they provide a methodological framework for conducting CBDC
exploration; (2) they address the most common requests that IMF staff encounter
in CD engagement; and (3) they are based on relatively well-established
knowledge and experiences of CBDC.
B. WHY PUT TOGETHER A HANDBOOK NOW?
20. The strong and widespread interest in CBDC has resulted in a rapidly
increasing number of requests for IMF guidance from central banks around the
world. As outlined earlier, the IMF has been actively providing assistance
through bilateral CD and regional workshops. At the same time, IMF staff has
been developing analytical work on the issues relevant for countries considering
CBDC issuance. The Handbook, by encouraging the synergy between CD and
analytical work, can be used to guide countries that are exploring CBDC and
strengthen central banks' capacity building in CBDC.
21. To help implement the digital money strategy, a new Monetary and Capital
Markets (MCM) CD Strategy 2022-25 was also published in February 2022 (IMF
2022b).6 One key element of the strategy is for the IMF to maximize the impact
of CD work by providing demand-driven CD tailored to individual country needs.
Another is that the IMF provides highly specialized CD across key financial
sector topics and works to continuously maintain up-to-date skills and develop
new expertise to assist member countries in traditional and emerging growth
areas.
22. CBDC represents a significant growth area in the CD strategy, which notes
that requests for IMF advice are wide-ranging depending on domestic capacity and
progress. CBDC CD projects are designed to adapt to these circumstances while
never losing sight of the macrofinancial impacts of CBDC design, legal
considerations, and regulatory frameworks. Identifying and answering countries'
analytical questions through the CBDC Handbook could not only help the
authorities make well-informed decisions but also help clarify the IMF's stance
on CBDC issues. CBDC CD can help build capacity so countries can leverage
macrofinancial benefits while containing risks, and indirectly benefit other
countries by taking into account spillover effects and strengthening the IMS.
The CBDC Handbook will therefore contribute to the overall MCM CD strategy, and
enhance the synergy between bilateral CD and analytical work.
23. The CBDC Handbook as a “living” document will facilitate CD delivery as
knowledge on CBDC evolves. CBDC is a new topic and experimentation is advancing
quickly. By nature, waiting for all questions to be answered and best practices
to be established before providing advice will not satisfy emerging country
needs. The Handbook is thus designed to capture the existing body of knowledge
and to update it regularly.
C. HOW WILL THE IMF COLLABORATE WITH MEMBER COUNTRIES AND OTHER INTERNATIONAL
ORGANIZATIONS?
24. The Handbook will facilitate the IMF's collaboration with other
international organizations. For one, the Handbook will build on the work that
began under the UK Presidency of the G7 and that yielded the Public Policy
Principles for Retail Central Bank Digital Currencies (G7 2021). That report
emphasizes the need for CBDCs to be grounded in transparency, rule of law, and
sound economic governance while supporting the ability of central banks to
fulfill their mandates for monetary and financial stability. Prior work by the
BIS and selected advanced-economy central banks, Central Bank Digital
Currencies: Foundational Principles and Core Features (BIS 2020), is also
relevant.
25. The Handbook will also facilitate the IMF's collaboration with member
countries. The ongoing bilateral CD, regional workshops, and Handbook will
reinforce and enrich each other. Member countries have studied CBDC extensively
and valuable experience can be drawn. This experience will guide the development
of the Handbook, with fieldwork essential to refining and tailoring analytical
results. Ultimately, lessons and results that are sufficiently general will be
extracted and published in the Handbook to build the analytical backbone for
further CD. As discussed in the later section on governance, extensive
consultation on the Handbook chapters will facilitate broad buy-in and the
sharing of important lessons. The CBDC Handbook will build on existing global
initiatives, encourage international cooperation, and help extract common
practices.7
D. WHO WILL FUND THE HANDBOOK?
26. The Government of Japan is a major partner and donor to fund the Handbook.
The purpose of this Japan subaccount (JSA) CBDC Funding Program is to support
country authorities' CBDC initiatives with CD, outreach and knowledge sharing
with a focus on EMDEs, and specifically the analytical underpinnings, with the
Handbook being the major output. The Handbook's ultimate objective is to
strengthen central banks' capacity in CBDC to avoid a digital divide. The CBDC
Handbook is envisaged to be a key component in achieving this aim.8
THEMATIC AREAS OF THE CBDC HANDBOOK
27. The Handbook chapters will be grouped in the following subject areas (Annex
1):
A. OBJECTIVES AND FRAMEWORK
28. The first chapter will “position” CBDC. This chapter will introduce CBDC
conceptually and differentiate it from alternative payment instruments,
including fast payments and e-money. It will explore whether CBDC is superior to
alternatives and discuss the reasons to consider CBDC if other digital means of
payment have been widely adopted. In addition, the chapter will look ahead to
the role of CBDC in supporting a broader digitalization of the economy.
29. The second chapter will identify pain points and objectives. This chapter
will examine the pain points and policy drivers related to payment and financial
systems in member countries (see Box 2 for an example on addressing pain
points). It will evaluate how CBDC can address the gaps in the existing payment
systems. The chapter will also discuss various objectives, such as promoting
digitalization and financial inclusion, improving efficiency, ensuring
resilience, reducing illicit use of money, fostering competition, and securing
monetary sovereignty.
Box 2.
CBDC CD to the Banco Central de Reserva del Peru
Leapfrogging through CBDC
The Banco Central de Reserva del Perú (BCRP) has a vision for all citizens to
have safe, convenient, and efficient access to digital payments. Even though
numerous digital payment systems do exist, uptake is low, and nearly half the
population is still unbanked. The main challenges lie both on the demand and
supply sides. Demand side factors include high informality, low levels of
financial literacy, and distrust in the financial system. On the supply side,
there are limited mobile and internet coverage penetration and access points in
rural areas. Lack of competition has also led to high fees for merchants and a
lack of interoperability between retail payment instruments. In combination,
these significant and complex issues kept the dependence on and stickiness to
cash.
With the emergence of CBDC, the BCRP sees the opportunity to provide a platform
built as a public good, without dependency on legacy systems, to address the
digital divide. Authorities turned to the IMF for assistance. The main goal was
to strengthen their capacity to assess the feasibility of CBDC.
Challenging Underlying Assumptions: A “Design Thinking” Approach
The IMF mission deployed a “design thinking” approach—stepping back, asking
tough questions, and openly challenging underlying assumptions. Through this
process, some of the reasons for the reliance on cash by different stakeholders
were assessed. The BCRP agreed that the voice of the stakeholders needed to be
heard even more and requested that the mission engage with various stakeholders
to further deepen understanding of root causes of pain points.
Learning from Stakeholders
Two parallel research studies investigated stakeholders' perspectives on the
current state of the environment and gathered insights into stakeholders' daily
payments experience and behaviors. In the first study, 29 toplevel leaders of 21
financial institutions and regulators were interviewed. In parallel, 27
citizens, from both rural and urban areas, were interviewed. The findings
highlighted motivational, capacity, and behavioral factors that may inhibit the
adoption of digital payment instruments.
Proceeding Steadily: Developing a Clear Roadmap, a White Paper, and an
Innovation Challenge
A scoping mission with the BCRP during 2022 helped develop a roadmap for CBDC
exploration. The mission team advised the BCRP not to rush and adopt an
iterative, phased approach. The BCRP was encouraged to draft a white paper about
the problems identified during the first mission. Further, the BCRP requested
assistance to develop capacity to design and execute an innovation challenge. A
follow-up mission has produced an operating manual to assist the BCRP in better
understanding the requirements, resources, and process for designing and
executing an innovation challenge. The challenge will help the BCRP assess how
their main payment system policy challenges may be addressed.
30. The third chapter will consider a framework to guide countries through the
process of evaluating CBDC. This chapter will depict the key elements that
policymakers need to consider in order to make well-informed decisions on
whether and how to issue CBDCs. It will discuss a high-level CBDC
decision-making process and describe how a detailed feasibility study can be
organized. The chapter will also provide a thinking-through process by covering
potential policy objectives, foundational capacity of the central bank, risk and
impact considerations, design choices, technology experimentation and
implementation, project management, as well as legal foundations, regulation,
and supervision. Moreover, it will examine the interconnections among different
elements to ensure adoption and mitigate risks.
B. FOUNDATIONAL REQUIREMENTS AND READINESS
31. The fourth chapter will analyze the legal foundation needed for the issuance
of a CBDC. Countries ask whether their existing legal framework provides them
with the adequate foundation for a robust CBDC issuance and, if not, when should
they bring the necessary amendments. A robust CBDC issuance needs to have a
solid foundation in both public and private law. Without it, the CBDC issued
would lack the legal certainty it needs to be trusted. Further, such legal
foundation must exist before CBDC issuance. Central banks must also assess the
potential financial integrity risks and develop the necessary mitigating
measures.
32. The fifth chapter will discuss central bank cyber readiness and resilience.
This chapter will highlight best practices to build a secure and resilient CBDC
ecosystem. In addition, the chapter will discuss how to strengthen cyber
resilience through the internal organization of the central bank and central
bank governance that is provided for and governed by existing central bank laws
(such as a decision-making process, accountability, and committees).
33. The sixth chapter will examine capacity within central banks. This chapter
will relate experiences from central banks in setting up teams and building
internal capacity to evaluate CBDC projects. It will cover design of
institutions, points of inflection when teams typically grow, the decision to
build in-house through hiring or acquiring resources versus outsourcing, and the
skillset useful at each stage of CBDC evaluation. The chapter will discuss the
potential risks for the central bank and the capacities the central bank needs
to assess and mitigate these risks. The chapter will also identify the features
of a robust governance and risk management framework for the evaluation and
deployment of CBDC.
34. The seventh chapter will focus on addressing new challenges to regulation
and supervision. This chapter will cover effective oversight and supervision of
CBDC to ensure compliance with the CPSS-IOSCO Principles for Financial Market
Infrastructures (PFMI) as well as international standards applying to service
providers, depending on CBDC design. The chapter will also discuss how to
develop, implement, and communicate oversight and supervision policies. It will
review institutional designs to support oversight and supervision while keeping
these separate from operational functions. In addition, the chapter will discuss
the legal framework relevant to financial intermediaries involved in the
issuance, distribution, and holding of CBDC as well as the interaction between
CBDC and payments laws. Also, the chapter will cover the legal amendments needed
to strengthen supervision and regulation and financial integrity.
C. DESIGN PROCESS, CONSIDERATIONS, AND CHOICES
35. The eighth chapter will look at how design choices affect policy objectives
and risk management. This chapter will identify design choices, such as
operating model, limits in holding, programmability, interest bearing, and
degree of centralization. It will then map these design choices into CBDC
objectives and risks and identify apparent tradeoffs. For instance, tiered
wallets protect privacy but risk undermining financial integrity or capital flow
management measures (CFMs); or limits on CBDC balances to mitigate
disintermediation risk might discourage the adoption of CBDCs.
36. The ninth chapter will delve into business models and adoption. This chapter
will clarify how the public sector can incentivize the private sector, such as
banks, nonbank payment service providers, and technology vendors, to provide
CBDC services. Access to transactions data will likely play a key role. The
chapter will identify CBDC features and related programs that affect CBDC
adoption, such as subsidies or communication strategies. Finally, it will
examine the costs of CBDC development and maintenance.
37. The tenth chapter will cover the financial integrity risks associated with
CBDC issuance. Different design choices will have an impact on a country's
anti-money laundering and combating the financing of terrorism (AML/CFT) regime
and its implementation. Further, as with other forms of money, CBDCs may pose
money laundering and terrorism financing (ML/TF) risks. This chapter will
analyze the financial integrity implications and ML/TF risks related to various
CBDC design features. It will discuss whether the central bank or the CBDC
service providers will be responsible for mitigating financial integrity risks.
Jurisdictions should conduct an ML/TF risk assessment prior to launching CBDC.
This chapter will explain that they may need to update their AML/CFT frameworks,
ensure that relevant actors in a CBDC ecosystem are regulated and subject to
AML/CFT obligations and oversight, ensure that AML/CFT requirements are properly
implemented in a CBDC context, and ensure that law enforcement bodies are able
to investigate and prosecute offenses involving CBDC, or generating criminal
proceeds in CBDCs, and seize, freeze, or confiscate such proceeds.
38. The eleventh chapter will consider the tradeoff between data use and privacy
protection. This chapter will first discuss what data are generated by CBDC
transactions and which institutions might have access to it. It will then
observe the risks arising from accessing and storing data. Then the chapter will
investigate the tradeoff between data use and privacy protection, with a focus
on macrofinancial implications, such as on market structure and contestability.
In addition, the chapter will discuss how privacy-enhancing technologies can
shift this tradeoff, unlocking greater economic value of data while maintaining
privacy. How countries manage this tradeoff will depend on country-specific
circumstances and domestic considerations.
39. The twelfth chapter will consider how CBDC can facilitate (or undermine) the
implementation of CFMs. This chapter will be split into two parts, one focused
on designing CBDC to support CFMs and the other on adapting CFMs to foreign
CBDCs. The chapter will concentrate on programming CFMs into CBDCs or into the
platforms used to exchange CBDCs across borders.9
D. PROJECT APPROACHES AND TECHNOLOGY
40. The thirteenth chapter will consider how to implement a robust CBDC project
management process that is in line with the decision-making framework. This
chapter will explore the five steps to project management: (1) preparation
(scoping, defining success criteria, feasibility, assessing capacity and risks);
(2) PoA (assumptions validation); (3) prototypes (technologies and partners
selection); (4) pilots (real production situation); and (5) production (final
issuance and operation). The chapter will describe the objectives, stakeholders,
methodology, and options to properly run PoA, prototypes, and pilots, exploiting
data on CBDC use in the pilot to shed light on adoption, risks, and new
opportunities (see Box 3 for an example on pilots). The chapter will also
discuss legal considerations, specifically in terms of distribution of legal
responsibilities and liabilities between central banks and technology vendors;
outsourcing rights; and obligations. In addition, it will provide an evaluation
methodology of a CBDC project and a final pre-launch checklist that covers risk
management and cybersecurity readiness, including a business continuity plan.
Box 3.
CBDC CD to the Bangko Sentral ng Pilipinas
Piloting a Wholesale CBDC
The Philippine central bank— Bangko Sentral ng Pilipinas (BSP)—has made
significant progress in preparing to pilot a wholesale Central Bank Digital
Currency (wCBDC) under the umbrella of Project CBDCPh. This is an offshoot of
the BSP's study of the use cases for a CBDC to potentially address the pain
points of the national payment system, namely the enhancement of cross-border
payments, settlement of equity transactions in central bank money, and the
automation of intraday liquidity management. The Project aims to first build the
necessary capacity within the BSP and in its supervised financial institutions
by allowing them to gain hands-on knowledge of a wCBDC system. It focuses on
domestic fund transfers among a limited number of financial institutions, the
learnings of which shall serve as inputs in drafting a roadmap for pursuing
future CBDC projects aimed to further enhance the national payment system.
IMF's Proactive Engagements
An IMF mission conducted a virtual engagement where the mission team provided
the BSP with relevant training sessions and workshops, covering the legal and
macrofinancial implications, as well as technology and design considerations of
a CBDC. The virtual engagement also included feedback and comments on the
features and specifications of the prototype under Project CBDCPh. The IMF team
subsequently conducted a field mission to help authorities assess the value
proposition and use cases of a possible wCBDC in the Philippines.
Involving Stakeholders Early
Industry consultation is key. Market participants are enthusiastic about the
project and wCBDC's potential to spur further development of the Philippine
payments system and financial markets. Participants were uniformly appreciative
of the efforts the BSP is undertaking to stay at the cutting edge of payments
system development. The pain points most acutely felt by market participants are
in the areas of debt securities settlements and cross-border payments. Testing
interbank payments, the use of wCBDC in settling tokenized securities
transactions and cross-border payments involving a Peso wCBDC and a foreign
wCBDC platform look like strong candidates for future exploration and testing.
41. The fourteenth chapter will provide a review of the technology landscape,
CBDC technology “stack,” and how to deal with vendors. The chapter on
“Technology Landscape and Innovation” will discuss the relevant technologies and
digital infrastructure for CBDC and the role technology can play in achieving
objectives. It will explain ways to explore relevant technologies (such as labs,
PoA, hackathons, call for tender) and include considerations about fostering
innovation. The chapter will also explain how to approach typical technical
questions, such as (1) distributed ledger technology (DLT) and non-DLT; (2)
offline access; (3) programmability; and (4) resilience.
E. POTENTIAL MACROFINANCIAL IMPLICATIONS
42. The fifteenth chapter will focus on CBDC's role in promoting financial
inclusion. Many central banks' stated policy goal is improved financial
inclusion, especially in emerging market and low-income economies. CBDC may
improve financial inclusion, including by enhancing cross-border payments.
However, CBDC may also face limitations and can undermine financial inclusion.
This chapter will discuss these potential effects and identify the design
features most prone to improving inclusion. The chapter will end by reviewing
complementary strategies to target the unbanked.
43. The sixteenth chapter will cover the potential implications of CBDC for
monetary policy transmission in different monetary policy regimes. Most
countries are investigating the implications of CBDC for monetary policy
transmission, depending on economic environments, design choices, and monetary
policy regime. This chapter will analyze the likely impact of CBDC on several
channels of monetary policy transmission (for example, the interest rate,
credit, exchange rate, and asset price channels) and according to the three
predominant monetary policy regimes of the world: (1) inflation targeting; (2)
exchange rate targeting; and (3) monetary aggregate targeting.
44. The seventeenth chapter will provide a framework and analytical tools for
appraising the impact of CBDC on bank disintermediation and financial stability.
This chapter will investigate financial stability issues, such as the impact on
bank runs, bank funding costs and structure, and currency runs. The chapter will
also discuss how policymakers should anticipate potential issues for financial
stability and make design choices that can help safeguard the functioning of the
financial system.
45. The eighteenth chapter will consider the opportunities and risks associated
with crossborder use of CBDC and potential designs for cross-border payments.
Work on CBDC is increasingly driven by ways to improve cross-border payments
efficiency. The chapter will begin by considering models to leverage CBDC to
increase the speed, transparency, and accessibility of cross-border payments and
reduce their costs. The chapter will then consider implications for the level
and volatility of capital flows. It will also support the IMF's (and the World
Bank's) mandate to provide technical assistance on leveraging CBDC to enhance
cross-border payments per Building Block 19 of the G20 Roadmap (FSB 2020).
46. The nineteenth chapter will discuss the impact of CBDC on the financial
sector's market structure and contestability, as well as the role of banks and
nonbanks. This chapter will explore how CBDC could compete with different
existing forms of payment instruments: from cash and commercial bank deposits to
e-money and cryptocurrencies. The chapter will draw on specific country
experiences and investigate how the introduction of a CBDC could potentially
increase contestability in the payments system.10
GOVERNANCE
47. The CBDC Handbook chapters will be limited to topics within the IMF's
mandate. The IMF has a mandate to ensure that widespread adoption of digital
money fosters domestic and international economic and financial stability. The
CBDC Handbook chapters will also underpin the implementation of the digital
money strategy (IMF 2021).
48. The development of the Handbook will follow a three-part process to ensure
broad buy-in and a comprehensive rendering of country experiences and lessons.
First, staff will develop a Fintech Note for each chapter and seek comments from
within and outside the IMF. Consultation on the Fintech Notes with external
parties—policymakers, academicians, and members of other international
institutions—will take place through presentations at conferences and seminars,
as well as through comments on drafts.
49. Second, staff will brief the IMF Executive Board on key policy messages
stemming from the Fintech Notes. Not all Fintech Notes will relay new policy
messages, though some will—such as Fintech Notes on monetary policy and
financial stability. Once a sufficient number of Fintech Notes with new policy
messages has been published, staff will brief the IMF Executive Board on those
messages to seek high-level feedback and support.
50. Finally, new Handbook chapters will be published each year around the time
of the Annual Meetings. Chapters will build on the Fintech Notes and be labeled
as such and added to the online CBDC Handbook. Outreach will ensure that
countries are informed of new chapters as they are released. In addition,
existing chapters will be updated as knowledge and experience build.
CONCLUSIONS
51. The global interest in CBDC is unprecedented, with exploration taking place
around the world. Yet, there exist few real-world examples of CBDCs to learn
from. IMF member countries are looking for answers and lessons from other
members.
52. This is reflected in the sharp increase in demand from member countries for
CBDC CD. Through bilateral CD and regional workshops, IMF staff are developing a
solid analytical and practical understanding of the issues that are relevant for
countries considering CBDC issuance. Having collected questions through various
missions, the IMF, with its global membership, is in a prime position to assist
policymakers contemplating CBDC and strengthen central banks' capacity building
in CBDC.
53. This paper sets out a plan to develop the CBDC Handbook to address the
issues that are most important for countries to tackle. In doing so, it aims to
focus the attention of policymakers on and foster convergence around an
analytical and implementation agenda for CBDC. The IMF staff intends to pursue
this agenda and draw on insights from policymakers, academicians, and other
international organizations. Emerging knowledge and experiences will be collated
as chapters of a CBDC Handbook, which will serve as the basis of IMF CBDC CD
engagement.
54. The Handbook is a substantial and dynamic undertaking—about 20 chapters are
envisaged over the next four to five years, with four to five chapters produced
per year. The Handbook will be a “living” document, with published chapters
updated and new chapters added as new experiences emerge and policy views
evolve. Ultimately, IMF CBDC CD will help countries make as well-informed
decisions as possible when taking the major step to design and issue their own
CBDC.
ANNEX 1. CBDC HANDBOOK TENTATIVE TABLE OF CONTENTS
Objectives and framework
Chapter 1. Digital Money: Positioning CBDC
Chapter 2. Identifying Pain Points and Objectives
Chapter 3. Elements of Thinking through CBDC
Foundational Requirements and Readiness
Chapter 4. Legal Considerations of Central Bank Digital Currency
Chapter 5. Operational and Cyber Resilience of the Central Bank and the Security
Assurance Activities
Chapter 6. Required Capacity within Central Banks
Chapter 7. Regulation and Supervision
Design Process, Considerations, and Choices
Chapter 8. Design Choices
Chapter 9. Business Models and Adoption
Chapter 10. Financial Integrity Considerations
Chapter 11. Data Use and Privacy Protection
Chapter 12. Capital Flow Management Measures
Technology and Project Approaches
Chapter 13. Project Management: Preparation, Proof of Assumptions, Pilots,
Prototypes, and Production
Chapter 14. Technology Landscape and Innovation
Potential Macrofinancial Impacts
Chapter 15. CBDC's Role in Promoting Financial Inclusion
Chapter 16. Evaluating the Impact on Monetary Policy Transmission
Chapter 17. Evaluating the Impact on Bank Disintermediation and Financial
Stability
Chapter 18. Cross-Border Payments
Chapter 19. Financial-Sector Market Structure and Contestability
REFERENCES
* Atlantic Council. 2023. Central Bank Digital Currency Tracker. Accessed on
January 15, 2023. www.atlanticcouncil.org/cbdctracker.
Atlantic Council. 2023. Central Bank Digital Currency Tracker. Accessed on
January 15, 2023. www.atlanticcouncil.org/cbdctracker.)| false
* Search Google Scholar
* Export Citation
* Bank for International Settlements (BIS). 2018. Central bank digital
currencies. Basel.
Bank for International Settlements (BIS). 2018. Central bank digital
currencies. Basel.)| false
* Search Google Scholar
* Export Citation
* Bank for International Settlements (BIS). 2020. Central Bank Digital
Currencies: Foundational Principles and Core Features. Basel.
Bank for International Settlements (BIS). 2020. Central Bank Digital
Currencies: Foundational Principles and Core Features. Basel.)| false
* Search Google Scholar
* Export Citation
* Bank for International Settlements (BIS). 2021. Central Bank Digital
Currencies for Cross-border Payments: Report to the G20.” Basel.
Bank for International Settlements (BIS). 2021. Central Bank Digital
Currencies for Cross-border Payments: Report to the G20.” Basel.)| false
* Search Google Scholar
* Export Citation
* Bank for International Settlements (BIS). 2022. “Gaining momentum—Results of
the 2021 BIS survey on central bank digital currencies.” BIS Papers 125.
Basel.
Bank for International Settlements (BIS). 2022. “Gaining momentum—Results
of the 2021 BIS survey on central bank digital currencies.” BIS Papers
125. Basel.)| false
* Search Google Scholar
* Export Citation
* Financial Stability Board (FSB). 2020. “Enhancing Cross-border Payments:
Stage 3 roadmap.” Basel.
Financial Stability Board (FSB). 2020. “Enhancing Cross-border Payments:
Stage 3 roadmap.” Basel.)| false
* Search Google Scholar
* Export Citation
* Financial Stability Board (FSB). 2023. “G20 Roadmap for Enhancing
Cross-border Payments: Priority actions for achieving the G20 targets.”
Basel.
Financial Stability Board (FSB). 2023. “G20 Roadmap for Enhancing
Cross-border Payments: Priority actions for achieving the G20 targets.”
Basel.)| false
* Search Google Scholar
* Export Citation
* G7. 2021. Public Policy Principles for Retail Central Bank Digital Currencies
(CBDCs). United Kingdom.
G7. 2021. Public Policy Principles for Retail Central Bank Digital
Currencies (CBDCs). United Kingdom.)| false
* Search Google Scholar
* Export Citation
* International Monetary Fund (IMF). 2021. “The Rise of Digital Money: A
Strategic Plan to Continue Delivering on the IMF'S Mandate.” Washington, DC.
International Monetary Fund (IMF). 2021. “The Rise of Digital Money: A
Strategic Plan to Continue Delivering on the IMF'S Mandate.” Washington,
DC.)| false
* Search Google Scholar
* Export Citation
* International Monetary Fund (IMF). 2022a. “MCM Technical Assistance Annual
Report 2022.” Washington, DC.
International Monetary Fund (IMF). 2022a. “MCM Technical Assistance Annual
Report 2022.” Washington, DC.)| false
* Search Google Scholar
* Export Citation
* International Monetary Fund (IMF). 2022b. “Capacity Development Strategy
2022-25.” Washington, DC.
International Monetary Fund (IMF). 2022b. “Capacity Development Strategy
2022-25.” Washington, DC.)| false
* Search Google Scholar
* Export Citation
* International Monetary Fund (IMF) 2022c. “Review of the Institutional View on
the Liberalization and Management of Capital Flows.” IMF Policy Paper
2022/009. Washington, DC.
International Monetary Fund (IMF) 2022c. “Review of the Institutional View
on the Liberalization and Management of Capital Flows.” IMF Policy Paper
2022/009. Washington, DC.)| false
* Search Google Scholar
* Export Citation
* World Bank. 2021. “Central Bank Digital Currencies: A Payments Perspective.”
Guidance Note. November. Washington, DC.
World Bank. 2021. “Central Bank Digital Currencies: A Payments
Perspective.” Guidance Note. November. Washington, DC.)| false
* Search Google Scholar
* Export Citation
1
Crypto assets are privately issued digital tokens that depend primarily on
cryptography and distributed ledger technology. Crypto assets include unbacked
tokens (which do not hold reserves but rely on market forces to set prices) and
backed tokens, such as so-called stablecoins (which aim to maintain a stable
value relative to a specified asset or to a basket of assets).
2
The Handbook will strive to provide, as much as feasible, cross-country
experiences, elaborating on what has worked and what has not worked in other
countries and why.
3
For example, the analysis of the potential macrofinancial implications of CBDC
will increasingly need to be quantified based on country circumstances, such as
the structure of the banking system and the monetary policy environment. Such
quantification would likely involve different techniques, for example, model
simulation, as actual empirical data are not readily available.
4
The proof of assumptions phase of a CBDC exploration program validates or
invalidates the assumptions and conditions for success identified during the
preparation phase. It covers the policy questions as well as regulatory,
technology, and adoption criteria.
5
Fintech Notes offer practical advice from IMF staff members to policymakers on
important issues. The views expressed in Fintech Notes are those of the
author(s) and do not necessarily represent the views of the IMF, its Executive
Board, or IMF management.
6
One of the four core competencies the IMF offers is its unique ties to member
countries through surveillance and capacity development (IMF 2021). Therefore,
the CBDC CD and Handbook will underpin the implementation of the digital money
strategy.
7
The CBDC Handbook chapters will build on existing global policies and
initiatives. For instance, the chapter on data use and privacy protection will
be aligned with the G20 Data Gaps Initiative, which includes the development of
a data collection framework for CBDC.
8
Funding has been provided under two windows: (1) JSA funding under the COVID-19
Window. JSA funding ($1.3 million) supports CD and analytical work from December
2021 to April 2023. (2) JSA funding under the new Digital Money Window. JSA
funding ($10.4 million) supports CD and analytical work from November 2022 to
April 2025. Coverage of AML/CFT and broader financial integrity issues is funded
by the multi-donor Anti-Money Laundering/Combating the Financing of Terrorism
(AML/CFT) Thematic Fund (to which Japan also contributes).
9
The exploration of design CBDC systems to facilitate compliance with CFMs will
build on existing policy discussions, such as the revised institutional view on
the liberalization and management of capital flows (IMF 2022c).
10
Implications for fiscal policy will be studied in a separate book prepared by
the Fiscal Affairs Department at the IMF.
OTHER IMF CONTENT
* Towards Central Bank Digital Currencies in Asia and the Pacific: Results of a
Regional Survey
* A Survey of Research on Retail Central Bank Digital Currency
* Behind the Scenes of Central Bank Digital Currency: Emerging Trends,
Insights, and Policy Lessons
* Sweden: Financial Sector Assessment Program–Technical Note on Central Bank
Digital Currency and Fintech
* The Rise of Public and Private Digital Money
* Central Bank Risk Management, Fintech, and Cybersecurity
* Casting Light on Central Bank Digital Currencies
* Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows
Volatility
* Designing Central Bank Digital Currencies
* Legal Aspects of Central Bank Digital Currency: Central Bank and Monetary Law
Considerations
OTHER PUBLISHERS
ASIAN DEVELOPMENT BANK
* Central Bank Digital Currencies: A Potential Response to the Financial
Inclusion Challenges of the Pacific
* Fintech Policy Tool Kit for Regulators and Policy Makers in Asia and the
Pacific
* Managing the Development of Digital Marketplaces in Asia
* CAREC Digital Strategy 2030: Accelerating Digital Transformation for Regional
Competitiveness and Inclusive Growth
* Building Regulatory and Supervisory Technology Ecosystems: For Asia's
Financial Stability and Sustainable Development
* Practical Actions to Operationalize the One Health Approach in the Asian
Development Bank
* Asian Development Outlook (ADO) 2022 Update: Entrepreneurship in the Digital
Age
* Leveraging Fintech for Central Asia's Trade Financing Needs: Supporting
Underserved Micro, Small, and Medium-Sized Enterprises
* Fintech to Enable Development, Investment, Financial Inclusion, and
Sustainability: Conference Highlights
* Digital Technologies for Climate Action, Disaster Resilience, and
Environmental Sustainability
FOOD AND AGRICULTURE ORGANIZATION
* Advancing the forest and water nexus: A capacity development facilitation
guide
INTER-AMERICAN DEVELOPMENT BANK
* Digital Central Bank Money and the Unbundling of the Banking Function
* Self-Sovereign Identity: The Future of Identity: Self-Sovereignity, Digital
Wallets, and Blockchain
* Accelerating Digital Infrastructure for Development: Background Note for the
G20 Ministerial Declaration: A Digital Agenda for Development
* Approach Paper: Knowledge Generation and Dissemination in the Inter-American
Development Bank Group
* Evaluation Capacity Building: Elements of an Approach to the Region
* The Political Economy of Statistical Capacity: A Theoretical Approach
* Sharpening the Bank's Capacity to Support the Housing Sector in Latin America
and the Caribbean: Background Paper for the Implementation of the Social
Development Strategy
* Central Bank Liquidity Management and "Unconventional" Monetary Policies
* A State Capacity Results-based Approach to Reduce Tax Evasion
* Remittances Payments through Central Banks: An Application to the Central
American Countries Exchange Rates
INTERNATIONAL LABOUR ORGANIZATION
* Flexicurity: A relevant approach in Central and Eastern Europe
THE WORLD BANK
* Data for Development: An Evaluation of World Bank Support for Data and
Statistical Capacity
* World Bank Group Approaches to Mobilize Private Capital for Development: An
Independent Evaluation
* The World Bank and Governance: The Bank's Efforts to Help Developing
Countries Build State Capacity
* Ghana Digital Economy Diagnostic
* A Joint Foreign Currency Risk Management Approach for Sovereign Assets and
Liabilities
* Digital Payment - A Dream or Reality for Vietnamese in Rural and Remote
Areas?: World Bank Social Protection Payments Assessment for Vietnam
* Road Mapping and Capacity Development Planning for National Meteorological
and Hydrological Services: A Guidebook
* Engineers, Innovative Capacity and Development in the Americas
* Digital Pakistan: A Business and Trade Assessment
* Remarks at the Development Committee Press Conference, IMF-World Bank Annual
Meetings, Washington, D.C., October 11, 2014
* Save
* Cite
*
* Email this content
SHARE LINK
--------------------------------------------------------------------------------
Copy this link, or click below to email it to a friend
Email this content
or copy the link directly:
https://www.elibrary.imf.org/view/journals/007/2023/016/article-A001-en.xml
The link was not copied. Your current browser may not support copying via
this button.
Link copied successfully
Copy link
--------------------------------------------------------------------------------
*
* Collapse
* Expand
* Top
IMF Approach to Central Bank Digital Currency Capacity Development
Author:
International Monetary Fund. Monetary and Capital Markets Department
Volume/Issue: Volume 2023: Issue 016 Publisher: International Monetary Fund
ISBN: 9798400240256 ISSN: 2663-3493 Pages: 22 DOI:
https://doi.org/10.5089/9798400240256.007
Search within Journal...
Search
Issue Journal
TABLE OF CONTENTS
Front Matter
IMF Approach to Central Bank Digital Currency Capacity Development
HEADINGS
* Keywords
* Introduction
* Current Approach to CBDC Capacity Development
* What Questions do Authorities Have on CBDC?
* Overview of the CBDC Handbook
* A. What Is the Handbook?
* B. Why Put Together a Handbook Now?
* C. How Will the IMF Collaborate with Member Countries and Other
International Organizations?
* D. Who Will Fund the Handbook?
* Thematic Areas of the CBDC Handbook
* A. Objectives and Framework
* B. Foundational Requirements and Readiness
* C. Design Process, Considerations, and Choices
* D. Project Approaches and Technology
* E. Potential Macrofinancial Implications
* Governance
* Conclusions
* Annex 1. CBDC Handbook Tentative Table of Contents
* References
FIGURES
Export Figures
*
View in gallery
Figure 1.
Regional Distribution of CBDC CD Requests
(As of February 2023)
*
View in gallery
Figure 2.
Shifting into a High Value-Added CD
METRICS
International Monetary Fund Copyright © 2010-2021. All Rights Reserved.
Privacy Policy Copyright and Usage
Contact Us IMF.org Publications
FORESEE
Powered by PubFactory
* [217.64.151.69]
* 217.64.151.69
Sign in to annotate
Close
Edit Annotation
Character limit 500/500
Delete Cancel Save
@!
Character limit 500/500
Cancel Save
View Expanded
View Table
View Full Size
AREAER Online IMF.org Bookstore IMF Data MCM Data
Browse
TOPICS
Business and Economics
Agribusiness
Banks and Banking
Budgeting
Corporate Finance
Corporate Governance
Corporate Taxation
Crowdfunding
Econometrics
Economic Development
Economic Theory
Economics: General
Environmental Economics
Exports and Imports
Finance: General
Financial Risk Management
Forecasting
Foreign Exchange
Globalization
Industries: Automobile
Industries: Energy
Industries: Fashion and Textile
Industries: Financial Services
Industries: Food
Industries: General
Industries: Hospital,Travel and Tourism
Industries: Information Technololgy
Industries: Manufacturing
Industries: Service
Inflation
Information Management
Infrastructure
Insurance
International Economics
International Taxation
Investments: Bonds
Investments: Commodities
Investments: Derivatives
Investments: Energy
Investments: Futures
Investments: General
Investments: Metals
Investments: Mutual Funds
Investments: Options
Investments: Stocks
Islamic Banking and Finance
Labor
Macroeconomics
Money and Monetary Policy
Natural Resource Extraction
Personal Finance -Taxation
Production and Operations Management
Public Finance
Real Estate
Statistics
Sustainable Development
Taxation
Urban and Regional
Computers
Intelligence (AI) & Semantics
Cloud Computing
Computer Science
Data Processing
Data Transmission Systems
Databases
Internet: General
Management Information Systems
Online Safety & Privacy
Web Services & APIs
Web: Social Media
Health and Fitness
Diet and Nutrition
Diseases: Contagious
Diseases: AIDS and HIV
Diseases: Respiratory
Law
Banking
Business and Financial
Medical
Health Policy
Nature
Natural Resources
Environmental Conservation and Protection
Natural Disasters
Political Science
Environmental Policy
Social Services and Welfare
Agriculture & Food Policy
Civics and Citizenship
NGOs (Non-Governmental Organizations)
National and International Security
Political Economy
Science
Energy
Social Science
Women's Studies
Criminology
Demography
Emigration and Immigration
Gender Studies
Poverty and Homelessness
Technology and Engineering
Automation
Inventions
Mobile and Wireless Communications
Transportation
Aviation
COUNTRIES
Africa
Angola
Benin
Botswana
Burkina Faso
Burundi
Cabo Verde
Cameroon
Central African Republic
Chad
Comoros, Union of the
Congo, Democratic Republic of the
Congo, Republic of
Côte d'Ivoire
Equatorial Guinea, Republic of
Eritrea, The State of
Eswatini, Kingdom of
Ethiopia, The Federal Democratic Republic of
Gabon
Gambia, The
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho, Kingdom of
Liberia
Madagascar, Republic of
Malawi
Mali
Mauritius
Mozambique, Republic of
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
South Sudan, Republic of
Tanzania, United Republic of
Togo
Uganda
Zambia
Zimbabwe
Asia and Pacific
Australia
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China, People's Republic of
Cook Islands
Fiji, Republic of
Hong Kong Special Administrative Region, People's Republic of China
India
Indonesia
Japan
Kiribati
Korea, Democratic People's Republic of
Korea, Republic of
Lao People's Democratic Republic
Macao Special Administrative Region, People's Republic of China
Malaysia
Maldives
Marshall Islands, Republic of the
Micronesia, Federated States of
Mongolia
Myanmar
Nauru, Republic of
Nepal
New Zealand
Norfolk Island
Palau, Republic of
Papua New Guinea
Philippines
Samoa
Singapore
Solomon Islands
Sri Lanka
Taiwan, Province of China
Thailand
Timor-Leste, Democratic Republic of
Tokelau
Tonga
Tuvalu
Vanuatu
Vietnam
Europe
land Islands
Albania
Andorra, Principality of
Austria
Belarus, Republic of
Belgium
Bermuda
Bosnia and Herzegovina
British Virgin Islands
Bulgaria
Cayman Islands
Croatia, Republic of
Cyprus
Czech Republic
Denmark
Estonia, Republic of
Faroe Islands
Finland
France
French Guiana
French Polynesia
Germany
Gibraltar
Greece
Greenland
Guernsey
Holy See
Hungary
Iceland
Ireland
Isle of Man
Israel
Italy
Jersey
Kosovo, Republic of
Latvia, Republic of
Liechtenstein
Lithuania, Republic of
Luxembourg
Malta
Mayotte
Moldova, Republic of
Monaco
Montenegro
Netherlands, The
New Caledonia
North Macedonia, Republic of
Norway
Poland, Republic of
Portugal
Romania
Russian Federation
San Marino, Republic of
Serbia, Republic of
Slovak Republic
Slovenia, Republic of
Spain
Sweden
Switzerland
Türkiye, Republic of
Turks and Caicos Islands
Ukraine
United Kingdom
Wallis and Futuna Islands
Middle East and Central Asia
Afghanistan, Islamic Republic of
Algeria
Armenia, Republic of
Azerbaijan, Republic of
Bahrain, Kingdom of
Djibouti
Egypt, Arab Republic of
Georgia
Iran, Islamic Republic of
Iraq
Jordan
Kazakhstan, Republic of
Kuwait
Kyrgyz Republic
Lebanon
Libya
Mauritania, Islamic Republic of
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Somalia
Sudan
Syrian Arab Republic
Tajikistan, Republic of
Tunisia
Turkmenistan
United Arab Emirates
Uzbekistan, Republic of
Yemen, Republic of
Western Hemisphere
American Samoa
Anguilla
Antigua and Barbuda
Argentina
Aruba
Bahamas, The
Barbados
Belize
Bolivia
Brazil
Canada
Chile
Colombia
Costa Rica
Cuba
Curacao
Dominica
Dominican Republic
Ecuador
El Salvador
Grenada
Guam
Guatemala
Guyana
Haiti
Honduras
Jamaica
Mexico
Montserrat
Nicaragua
Panama
Paraguay
Peru
Puerto Rico
St. Martin
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
United States
Uruguay
Venezuela
SERIES
Archived Series
Balance of Payments Statistics
Direction of Trade Statistics
Economic Issues
Government Finance Statistics
IMF Policy Discussion Papers
IMF Special Issues
IMF Staff Papers
IMF Staff Position Notes
IMF Survey
International Financial Statistics
Occasional Papers
Pamphlet Series
Seminar Volumes
World Economic and Financial Surveys
Books and Analytical Papers
Books
Departmental Papers
High-Level Summary Technical Assistance Reports
IMF Staff Country Reports
IMF Working Papers
Miscellaneous Publications
Per Jacobsson lecture
Policy Papers
Selected Issues Papers
Flagships
External Sector Report
Fiscal Monitor
Global Financial Stability Report
Regional Economic Outlook
World Economic Outlook
Notes and Manuals
Analytical Notes
Fintech Notes
Global Financial Stability Notes
Glossary
IMF How To Notes
Manuals & Guides
Spillover Notes
Staff Climate Notes
Staff Discussion Notes
Tax Law Technical Note
Technical Notes and Manuals
Official Reports and Documents
Annual Report of the Executive Board
Articles of Agreement
By Laws, Rules & Regulations
IMF Speeches
Independent Evaluation Office Reports
Selected Decisions
Selected Legal and Institutional Papers Series
Summary Proceedings
Periodicals
Annual Report on Exchange Arrangements and Exchange Restrictions
Finance & Development
IMF Research Bulletin
IMF Research Perspectives
ABOUT
About Us Contact Us Content Directory Frequently Asked Questions IMF eLibrary
Startup Guide Set Up A Personal Account
RESOURCES
Brochures and Posters Corrections Essential Reading IMF Virtual Publications
Booth Metadata Rights and Permissions
Advanced search Help
IMF.org Bookstore
AREAER Online IMF Data MCM Data
Business and Economics
Computers
Health and Fitness
Law
Medical
Nature
Political Science
Science
Social Science
Technology and Engineering
Transportation
Agribusiness
Banks and Banking
Budgeting
Corporate Finance
Corporate Governance
Corporate Taxation
Crowdfunding
Econometrics
Economic Development
Economic Theory
Economics: General
Environmental Economics
Exports and Imports
Finance: General
Financial Risk Management
Forecasting
Foreign Exchange
Globalization
Industries: Automobile
Industries: Energy
Industries: Fashion and Textile
Industries: Financial Services
Industries: Food
Industries: General
Industries: Hospital,Travel and Tourism
Industries: Information Technololgy
Industries: Manufacturing
Industries: Service
Inflation
Information Management
Infrastructure
Insurance
International Economics
International Taxation
Investments: Bonds
Investments: Commodities
Investments: Derivatives
Investments: Energy
Investments: Futures
Investments: General
Investments: Metals
Investments: Mutual Funds
Investments: Options
Investments: Stocks
Islamic Banking and Finance
Labor
Macroeconomics
Money and Monetary Policy
Natural Resource Extraction
Personal Finance -Taxation
Production and Operations Management
Public Finance
Real Estate
Statistics
Sustainable Development
Taxation
Urban and Regional
Intelligence (AI) & Semantics
Cloud Computing
Computer Science
Data Processing
Data Transmission Systems
Databases
Internet: General
Management Information Systems
Online Safety & Privacy
Web Services & APIs
Web: Social Media
Diet and Nutrition
Diseases: Contagious
Diseases: AIDS and HIV
Diseases: Respiratory
Banking
Business and Financial
Health Policy
Natural Resources
Environmental Conservation and Protection
Natural Disasters
Environmental Policy
Social Services and Welfare
Agriculture & Food Policy
Civics and Citizenship
NGOs (Non-Governmental Organizations)
National and International Security
Political Economy
Energy
Women's Studies
Criminology
Demography
Emigration and Immigration
Gender Studies
Poverty and Homelessness
Automation
Inventions
Mobile and Wireless Communications
Aviation
Africa
Asia and Pacific
Europe
Middle East and Central Asia
Western Hemisphere
Angola
Benin
Botswana
Burkina Faso
Burundi
Cabo Verde
Cameroon
Central African Republic
Chad
Comoros, Union of the
Congo, Democratic Republic of the
Congo, Republic of
Côte d'Ivoire
Equatorial Guinea, Republic of
Eritrea, The State of
Eswatini, Kingdom of
Ethiopia, The Federal Democratic Republic of
Gabon
Gambia, The
Ghana
Guinea
Guinea-Bissau
Kenya
Lesotho, Kingdom of
Liberia
Madagascar, Republic of
Malawi
Mali
Mauritius
Mozambique, Republic of
Namibia
Niger
Nigeria
Rwanda
São Tomé and Príncipe
Senegal
Seychelles
Sierra Leone
South Africa
South Sudan, Republic of
Tanzania, United Republic of
Togo
Uganda
Zambia
Zimbabwe
Australia
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China, People's Republic of
Cook Islands
Fiji, Republic of
Hong Kong Special Administrative Region, People's Republic of China
India
Indonesia
Japan
Kiribati
Korea, Democratic People's Republic of
Korea, Republic of
Lao People's Democratic Republic
Macao Special Administrative Region, People's Republic of China
Malaysia
Maldives
Marshall Islands, Republic of the
Micronesia, Federated States of
Mongolia
Myanmar
Nauru, Republic of
Nepal
New Zealand
Norfolk Island
Palau, Republic of
Papua New Guinea
Philippines
Samoa
Singapore
Solomon Islands
Sri Lanka
Taiwan, Province of China
Thailand
Timor-Leste, Democratic Republic of
Tokelau
Tonga
Tuvalu
Vanuatu
Vietnam
land Islands
Albania
Andorra, Principality of
Austria
Belarus, Republic of
Belgium
Bermuda
Bosnia and Herzegovina
British Virgin Islands
Bulgaria
Cayman Islands
Croatia, Republic of
Cyprus
Czech Republic
Denmark
Estonia, Republic of
Faroe Islands
Finland
France
French Guiana
French Polynesia
Germany
Gibraltar
Greece
Greenland
Guernsey
Holy See
Hungary
Iceland
Ireland
Isle of Man
Israel
Italy
Jersey
Kosovo, Republic of
Latvia, Republic of
Liechtenstein
Lithuania, Republic of
Luxembourg
Malta
Mayotte
Moldova, Republic of
Monaco
Montenegro
Netherlands, The
New Caledonia
North Macedonia, Republic of
Norway
Poland, Republic of
Portugal
Romania
Russian Federation
San Marino, Republic of
Serbia, Republic of
Slovak Republic
Slovenia, Republic of
Spain
Sweden
Switzerland
Türkiye, Republic of
Turks and Caicos Islands
Ukraine
United Kingdom
Wallis and Futuna Islands
Afghanistan, Islamic Republic of
Algeria
Armenia, Republic of
Azerbaijan, Republic of
Bahrain, Kingdom of
Djibouti
Egypt, Arab Republic of
Georgia
Iran, Islamic Republic of
Iraq
Jordan
Kazakhstan, Republic of
Kuwait
Kyrgyz Republic
Lebanon
Libya
Mauritania, Islamic Republic of
Morocco
Oman
Pakistan
Qatar
Saudi Arabia
Somalia
Sudan
Syrian Arab Republic
Tajikistan, Republic of
Tunisia
Turkmenistan
United Arab Emirates
Uzbekistan, Republic of
Yemen, Republic of
American Samoa
Anguilla
Antigua and Barbuda
Argentina
Aruba
Bahamas, The
Barbados
Belize
Bolivia
Brazil
Canada
Chile
Colombia
Costa Rica
Cuba
Curacao
Dominica
Dominican Republic
Ecuador
El Salvador
Grenada
Guam
Guatemala
Guyana
Haiti
Honduras
Jamaica
Mexico
Montserrat
Nicaragua
Panama
Paraguay
Peru
Puerto Rico
St. Martin
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Suriname
Trinidad and Tobago
United States
Uruguay
Venezuela
Archived Series
Books and Analytical Papers
Flagships
Notes and Manuals
Official Reports and Documents
Periodicals
Balance of Payments Statistics
Direction of Trade Statistics
Economic Issues
Government Finance Statistics
IMF Policy Discussion Papers
IMF Special Issues
IMF Staff Papers
IMF Staff Position Notes
IMF Survey
International Financial Statistics
Occasional Papers
Pamphlet Series
Seminar Volumes
World Economic and Financial Surveys
Books
Departmental Papers
High-Level Summary Technical Assistance Reports
IMF Staff Country Reports
IMF Working Papers
Miscellaneous Publications
Per Jacobsson lecture
Policy Papers
Selected Issues Papers
External Sector Report
Fiscal Monitor
Global Financial Stability Report
Regional Economic Outlook
World Economic Outlook
Analytical Notes
Fintech Notes
Global Financial Stability Notes
Glossary
IMF How To Notes
Manuals & Guides
Spillover Notes
Staff Climate Notes
Staff Discussion Notes
Tax Law Technical Note
Technical Notes and Manuals
Annual Report of the Executive Board
Articles of Agreement
By Laws, Rules & Regulations
IMF Speeches
Independent Evaluation Office Reports
Selected Decisions
Selected Legal and Institutional Papers Series
Summary Proceedings
Annual Report on Exchange Arrangements and Exchange Restrictions
Finance & Development
IMF Research Bulletin
IMF Research Perspectives
Brochures and Posters Corrections Essential Reading IMF Virtual Publications
Booth Metadata Rights and Permissions
About Us Contact Us Content Directory Frequently Asked Questions IMF eLibrary
Startup Guide Set Up A Personal Account
Advanced search Help
Figure 1.
Regional Distribution of CBDC CD Requests
(As of February 2023)
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF Staff.
* Download Figure
* Download figure as PowerPoint slide
Figure 2.
Shifting into a High Value-Added CD
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF staff.
* Download Figure
* Download figure as PowerPoint slide
Figure 2.
Shifting into a High Value-Added CD
Citation: Policy Papers 2023, 016; 10.5089/9798400240256.007.A001
Source: IMF staff.
* Download Figure
* Download figure as PowerPoint slide
* Close
* View raw image
Figure 1.
Regional Distribution of CBDC CD Requests
(As of February 2023)
* View raw image
Figure 2.
Shifting into a High Value-Added CD