Date: 08 September, 2023
In the rapidly advancing landscape of central bank digital currency (CBDC) initiatives worldwide, there is a growing demand for a specialized project management methodology tailored to the unique challenges of CBDC development. This paper introduces a CBDC-specific project management methodology designed to establish a standardized vocabulary and provide development teams with guidance on optimal strategies for navigating the intricate requirements and risks associated with CBDC implementation. At its core, the methodology introduces an innovative five-step approach termed the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production. This structured method advocates for a phased progression in CBDC research and development, emphasizing key aspects such as meticulous research preparation, iterative experimentation, comprehensive testing, effective risk management, active stakeholder engagement, and robust cyber resilience measures.
Key Points:
- CBDC initiatives are rapidly evolving worldwide, necessitating a tailored project management methodology.
- Introduces a specialized approach to address unique challenges in CBDC development.
- Proposes an innovative five-step framework – preparation, proof-of-concept, prototypes, pilots, and production.
- Advocates for a phased approach, emphasizing meticulous research, iterative experimentation, and comprehensive testing.
- Highlights the importance of effective risk management, active stakeholder engagement, and robust cyber resilience measures in CBDC development.
References:
https://www.imf.org/en/Publications/fintech-notes/Issues/2023/09/08/A-Guide-to-Central-Bank-Digital-Currency-Product-Development-538496