A Guide to Central Bank Digital Currency Product Development

By Hervé Tourpe, Ashley Lannquist, Gabriel Soderberg

September 8, 2023

Preview Citation

Format: Chicago

Hervé Tourpe, Ashley Lannquist, and Gabriel Soderberg. A Guide to Central Bank Digital Currency Product Development, (USA: International Monetary Fund, 2023) accessed November 21, 2024

Summary

As central bank digital currency (CBDC) projects progress around the world, there is increased need for a project management methodology that is appropriate for CBDC. This paper develops a CBDC-specific project management methodology that establishes a common terminology and offers guidance to development teams on best practices for addressing the complex requirements and risks associated with CBDC. It is centered on an original five-step approach called the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production. The methodology emphasizes a phased approach to CBDC research and development, with strong focus on research preparation, experimentation and testing, risk management, stakeholder engagement, and cyber resilience.

Subject: Blockchain and DLT, Central Bank digital currencies, Economic sectors, Smart contracts, Technology

Keywords: Blockchain and DLT, Central Bank digital currencies, Central bank digital currency, Development team, Distributed ledger technology, Global, IMF Fintech Note 2023/007, IMF Library, Product development, Project management, Prototyping, Research and development, Smart contracts, Technology, Technology option

Publication Details

Pages:

44
Volume:

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DOI:

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Issue:

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Series:

Fintech Notes No 2023/007
Stock No:

FTNEA2023007
ISBN:

9798400253690
ISSN:

2664-5912

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