Central bank digital currencies: 4 questions an answers by Tobias Adrian and Tommaso Mancini-Griffoli published by IMF (12/2019).
“Central Bank Digital Currencies (CBDC) is a complex and multidisciplinary topic requiring active analysis and debate. It raises questions related to monetary policy, central banking operations, and payment systems—as well as financial stability and legal foundations and regulation.
Below are some of the most pressing questions and answers on the topic.
What is the IMF’s role around CBDCs now and in the future?
The IMF can help in three ways: by informing the policy debate, by convening relevant parties to discuss policy options, and by helping countries develop policies. Because CBDC is a novel topic, the IMF has mostly been active in the first two areas, but it is gradually moving into the third area as member countries consider CBDC options and seek advice.
First, the IMF can help inform the policy debate. The IMF is currently investigating implications of CBDC available across borders. Other institutions, such as the Bank for International Settlements and the Committee on Payments and Market Infrastructure, among others, have also contributed to the topic. The IMF is well-placed to study CBDC, because it can draw on its in-house experts. Moreover, a potential world with multiple CBDCs could raise important questions about cross-border payments and the international monetary system, which are at the core of the IMF’s mandate…”
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