A Guide to Central Bank Digital Currency Product Development -- IMF

International Monetary Fund

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 an 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 a strong focus on research preparation, experimentation and testing, risk management, stakeholder engagement, and cyber resilience.

Source:  International Monetary Fund