Fintech Notes

A Guide to Central Bank Digital Currency Product Development

Author/Editor:

Hervé Tourpe ; Ashley Lannquist ; Gabriel Soderberg

Publication Date:

September 8, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

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.

Series:

Fintech Notes No 2023/007

Subject:

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

Frequency:

occasional