A Survey of Research on Retail Central Bank Digital Currency

67 Pages Posted: 23 Jul 2020

See all articles by John Kiff

John Kiff

Kiffmeister Consulting

Jihad ALwazir

International Monetary Fund (IMF)

Sonja Davidovic

International Monetary Fund (IMF)

Aquiles Farias

International Monetary Fund (IMF)

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: June 2020

Abstract

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

JEL Classification: E51, E58, E52, G21, E01, G2, M41

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 (June 2020). IMF Working Paper No. 20/104, Available at SSRN: https://ssrn.com/abstract=3652492

John Kiff (Contact Author)

Kiffmeister Consulting ( email )

VA
United States

Jihad ALwazir

International Monetary Fund (IMF) ( email )

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

Sonja Davidovic

International Monetary Fund (IMF) ( email )

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

Aquiles Farias

International Monetary Fund (IMF) ( email )

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

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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