A Survey of Research on Retail Central Bank Digital Currency

66 Pages Posted: 24 Jul 2020

See all articles by John Kiff

John Kiff

International Monetary Fund

Jihad Alwazir

affiliation not provided to SSRN

Sonja Davidovic

International Monetary Fund (IMF)

Aquiles Farias

affiliation not provided to SSRN

Ashraf Khan

International Monetary Fund (IMF)

Tanai Khiaonarong

International Monetary Fund (IMF)

Majid Malaika

International Monetary Fund (IMF)

Hunter Monroe

International Monetary Fund (IMF)

Nobu Sugimoto

International Monetary Fund (IMF)

Hervé Tourpe

International Monetary Fund (IMF)

Peter Zhou

World Bank

Date Written: July 1, 2020

Abstract

This paper examines key considerations around central bank digital currency (CBDC) for use by the general public, based on a comprehensive review of recent research, central bank experiments, and ongoing discussions among stakeholders. It looks at the reasons why central banks are exploring retail CBDC issuance, policy and design considerations; legal, governance and regulatory perspectives; plus cybersecurity and other risk considerations. This paper makes a contribution to the CBDC literature by suggesting a structured framework to organize discussions on whether or not to issue CBDC, with an operational focus and a project management perspective.

Keywords: money, monetary policy, central bank digital currency

JEL Classification: E51, E52, E58

Suggested Citation

Kiff, John and Alwazir, Jihad and Davidovic, Sonja and Farias, Aquiles and Khan, Ashraf and Khiaonarong, Tanai and Malaika, Majid and Monroe, Hunter and Sugimoto, Nobuyasu and Tourpe, Herve and Zhou, Zhongyong, A Survey of Research on Retail Central Bank Digital Currency (July 1, 2020). Available at SSRN: https://ssrn.com/abstract=3639760 or http://dx.doi.org/10.2139/ssrn.3639760

John Kiff (Contact Author)

International Monetary Fund ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Jihad Alwazir

affiliation not provided to SSRN

Sonja Davidovic

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Aquiles Farias

affiliation not provided to SSRN

Ashraf Khan

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Tanai Khiaonarong

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Majid Malaika

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Hunter Monroe

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Nobuyasu Sugimoto

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Herve Tourpe

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Zhongyong Zhou

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

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