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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.

Banks and banking, Central --- Blockchain and DLT --- Blockchains --- Central Bank digital currencies --- Central Banks and Their Policies --- Computer applications in industry & technology --- Databases --- Distributed ledgers --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics: General --- Environmental Economics --- Environmental economics --- Environmental Economics: General --- Environmental sciences --- Financial services industry --- Financial technology (fintech) --- General issues --- Government and the Monetary System --- Industries: Financial Services --- Innovation --- Intellectual Property Rights: General --- Macroeconomics --- Monetary Systems --- Payment Systems --- Regimes --- Research and Development --- Smart contracts --- Standards --- Technological Change --- Technological innovations --- Technology

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During the 2020 pandemic, the majority of countries have provided income support to households at an unprecedented speed and scale. Social distancing measures and the large penetration of mobile phones in emerging markets and developing economies (EMDEs) have encouraged government-to-person (G2P) transfers through mobile platforms. This paper presents a comprehensive framework for sustainable money solutions in support of social assistance. The framework consists of eight building blocks that may help policymakers i) take stock and assess emergency fixes taken to scale up mobile money in a crisis context and ii) develop sustainable long-term solutions for mobile G2P transfers.

Kenya --- Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Demography --- Accounting --- Diseases: Contagious --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Demographic Economics: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Innovation --- Research and Development --- Technological Change --- Intellectual Property Rights: General --- Public Administration --- Public Sector Accounting and Audits --- Health Behavior --- Computer applications in industry & technology --- Monetary economics --- Population & demography --- Banking --- Technology --- general issues --- Public finance accounting --- Infectious & contagious diseases --- Mobile banking --- Currencies --- Population and demographics --- Money --- Fiscal accounting and reporting --- Public financial management (PFM) --- COVID-19 --- Health --- Banks and banking, Mobile --- Population --- Banks and banking --- Finance, Public --- Communicable diseases --- Covid-19 --- General issues

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An IMF mission visited Peru in June 2023. This mission was the third engagement with the Central Bank of Peru (BCRP) aimed at enhancing staff capacity for engaging directly with key stakeholders on strategic and policy matters regarding Central Bank Digital Currency (CBDC). Building from ongoing virtual support, the mission initially assisted the BCRP to deliver a CBDC white paper, and a survey to gauge the reactions to a proposed CBDC. Also, the mission delivered an operating manual for guidance when considering innovation challenges as potential modalities for CBDC concept development. Off the back of the publication of the white paper, and on request of the BCRP, a physical mission worked with the BCRP to host an inaugural industry-wide stakeholder engagement on CBDC between June 19 and June 23, 2023. This strategic engagement marked a significant milestone for the BCRP, facilitating a candid assessment of stakeholder support for CBDC. Nine recommendations along three strategic themes surfaced from the robust and dynamic interactions.

Banks --- Corporate Finance and Governance --- Depository Institutions --- Economic Development: Financial Markets --- Financial Instruments --- Government and the Monetary System --- Institutional Investors --- International agencies --- International Agreements and Observance --- International Economics --- International institutions --- International organization --- International Organizations --- Micro Finance Institutions --- Monetary economics --- Monetary Policy --- Monetary policy --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Monetary Systems --- Money and Monetary Policy --- Mortgages --- Non-bank Financial Institutions --- Payment Systems --- Pension Funds --- Regimes --- Saving and Capital Investment --- Standards --- Peru

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Whether in crypto assets or in CBDCs, design choices can make an important difference to the energy consumption of digital currencies. This paper establishes the main components and technological options that determine the energy profile of digital currencies. It draws on academic and industry estimates to compare digital currencies to each other and to existing payment systems and derives implications for the design of environmentally friendly CBDCs. For distributed ledger technologies, the key factors affecting energy consumption are the ability to control participation and the consensus algorithm. While crypto assets like Bitcoin are wasteful in terms of resources, other designs could be more energy efficient than existing payment systems.

Economics: General --- Macroeconomics --- Industries: Financial Services --- Finance: General --- Central Banks and Their Policies --- Energy: Government Policy --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Macroeconomics: Consumption --- Saving --- Wealth --- Economics of specific sectors --- Economic & financial crises & disasters --- Distributed ledgers --- Finance --- Computer applications in industry & technology --- Economic sectors --- Financial crises --- Virtual currencies --- Technology --- Blockchain and DLT --- Digital currencies --- Central Bank digital currencies --- Payment systems --- Financial markets --- Informal sector --- Economics --- Currency crises --- Financial services industry --- Technological innovations --- Blockchains --- Databases --- Clearinghouses --- Banking --- Consumption --- Uruguay

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This fintech note looks at how capital flow measures (CFMs) could be implemented with central bank digital currency (CBDC), and what benefits, risks and complexities could arise. There are several implications of the analysis. First, CBDC ecosystems should generally be designed such that they can accommodate the introduction of CFMs. Second, thanks to the programmability of the payment infrastructure given by the new digital technologies, certain CFMs could likely be implemented more efficiently and effectively with CBDC compared to the traditional system. Third, implementing CFMs requires central banks to collaborate on practices and standards. Finally, CFMs on CBDC need to operate alongside traditional CFMs.

Balance of payments --- Banks and banking, Central --- Business and Financial --- Capital flow management --- Capital flows --- Capital movements --- Central Bank digital currencies --- Digital wallets --- Distributed ledgers --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics: General --- Exports and Imports --- External position --- Financial services industry --- Financial services law & regulation --- Financial technology (fintech) --- Foreign assets --- General Financial Markets: Government Policy and Regulation --- Globalization: General --- Government and the Monetary System --- Industries: Financial Services --- International economics --- International Investment --- Investments, Foreign --- Law and legislation --- Long-term Capital Movements --- Macroeconomic Aspects of International Trade and Finance: General --- Macroeconomics --- Monetary Systems --- Payment Systems --- Regimes --- Standards --- Technological innovations --- Technology