A Survey of Research on Retail Central Bank Digital Currency
John Kiff, Jihad Alwazir, Sonja Davidovic, Aquiles Farias, Ashraf Ali Khan, Tanai Khiaonarong, Majid Malaika, Hunter Monroe, Nobuyasu Sugimoto, Hervé Tourpe, Peter Zhou · IMF Working Paper · 2020
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.