HomeCBDCIMF CBDC"Exploring the IMF's Strategy for Enhancing Central Bank Digital Currency Capabilities"

“Exploring the IMF’s Strategy for Enhancing Central Bank Digital Currency Capabilities”

The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which could have a significant impact on domestic and international economic and financial stability. More than 40 countries have sought assistance from the IMF for CBDC capacity development (CD). The current efforts of the IMF in this area have focused on facilitating peer learning and developing analytical foundations to provide advice to member countries. The aim of the CD missions is to assist country authorities in addressing questions related to CBDCs. As more countries conduct experiments and gather empirical evidence, the IMF’s CD efforts will evolve to provide more tailored advice based on country-specific circumstances and grounded in empirical and analytical work. This will also strengthen the connection between CD and surveillance. To address frequently asked questions about CBDCs, the IMF proposes a multi-year strategy that includes the development of a CBDC Handbook. This handbook will document emerging lessons, analytical findings, and policy views. The paper outlines the IMF’s approach to CBDC CD, summarizes the emerging questions and challenges faced by member countries, and introduces the CBDC Handbook by explaining its scope and governance structure.

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