The International Monetary Fund (IMF) has published a comprehensive framework designed to guide central banks through the complex process of adopting central bank digital currencies (CBDCs).
Already engaged in more than 30 CBDC projects worldwide, the IMF plans to publish a handbook, updated by 4–5 chapters on an annual basis, offering practical guidance to policymakers.
This paper covers every stage of development, from early research and system architecture to eventual nationwide rollout. It provides a blueprint for banks to make key decisions around major infrastructure projects, such as ledger design and governance models for interbank settlements.
The IMF recommends a ‘unified ledger’ operated directly by central banks, hosting both reserves and tokenized assets. While this approach could streamline operations, it raises governance challenges around risk management and interoperability.
The initiative reflects a growing momentum behind digital currencies, as governments and financial institutions alike attempt to deal effectively with the pace of technological change and shifting consumer expectations.
However, the framework highlights that CBDC adoption is not a one-size-fits-all process. Each decision a central bank makes will depend on its mandate, which typically prioritizes financial stability and economic resilience.
Examples from Hong Kong and South Korea, where wholesale CBDC pilots are underway, show comprehensively how tokenized reserves could modernize settlement systems and enable 24/7 operations, with the added benefit of reducing counterparty risk.
The publication of this framework is a sign that the IMF is positioning itself as a key player in shaping global standards for the future of CBDCs — which are here to stay.
