All courses are scheduled to take place at the JVI. Courses may have to be delivered virtually in case safe travel to and in-person training in Vienna is not possible. The decision to offer virtual instead of onsite training will be made within 5 weeks of the course start date.
All participants are expected to follow our COVID-19 Guidelines.
TARGET GROUP | Mid-level to senior officials in central banks and other government agencies dealing with regulation of the financial sector. Participants are expected to have an advanced degree in economics or finance or equivalent work experience.
DESCRIPTION | This course, presented by the Institute for Capacity Development, is designed to give participants a foundation in central bank digital currencies. This course assesses the business case for CBDC adoption from the perspective of users and central banks. After some motivations and introductory remarks on digitalization, the course discusses the different forms of CBDCs and presents considerations for CBDC design and a conceptual framework. The course presents the benefits, costs and risks related to CBDCs. In addition, CBDCs are studied in terms of their implications for financial stability and bank intermediation, the monetary policy transmission, financial integrity, and financial inclusion. Some time is devoted to regulatory considerations, both at the national and international level. Case studies allow participants to reflect on and discuss country experiences and test their understanding of how and why some strategies have been successful while some countries have chosen not to proceed with the implementation of CBDCs.
OBJECTIVES | Upon completion of this course, participants should be able to:
• Explain the economic rationale for the use of CBDCs compared to other payment instruments.
• Use the framework presented in the course to think about the design and implementation of CBDCs.
• Use the concepts introduced in the course to assess the benefits and costs of CBDCs.
• Identify threats to financial stability and various risks based on case studies.
• Extract lessons from country pilots to try to prevent design pitfalls.
End: Jul 28
Sponsoring Organization: IMF
Application Deadline: May 07, 2023