Financial Economics of New Forms of Digital Money

TARGET GROUP | Mid- to senior-level officials from central banks and ministries of economy and finance, including policymakers and economists with an interest in digital money, including central bank digital currencies (CBDCs), and their implications.

QUALIFICATIONS | Participants are expected to have a degree related to economics, finance, central banking, financial stability, payments and market infrastructure, or digital innovation, and to have relevant experience working in these areas at central banks, national agencies, or ministries.

DESCRIPTION | This course will be delivered by the IMF’s Monetary and Capital Markets Department, with the aim of deepening participants’ understanding of digital money, particularly CBDCs (retail and wholesale), as well as e-money, and mobile money solutions. It will discuss the motivations and objectives of digital currency developments and provide in-depth coverage of their macro-financial implications, which are the primary focus of the course. The course will cover a conceptual and practical comparison of different forms of money, including the impacts of CBDCs, e-money, mobile money solutions, and other innovations such as stablecoins.

Tools and models will be introduced to support ex ante impact assessments of how different forms of new money (public and private) may affect the banking system’s profitability, solvency, and liquidity, as well as the financial dynamics of central banks (seigniorage), the private sector, and the broader economy, with particular attention to implications for monetary policy transmission and monetary sovereignty. These tools and models can help strengthen policymakers’ conceptual understanding and support informed policy and design choices related to digital money developments.

Participants are expected to actively engage in discussions and contribute presentations on aspects relevant to their respective countries. Peer learning will be an integral component of the workshop.

OBJECTIVES | Upon completion of this workshop, participants should be able to:

• Distinguish between the different forms of digital money and payments innovations.

• Understand the economics of retail and wholesale CBDC, as well as other forms of non-bank private money, including their macro-financial and financial stability implications.

• Become familiar with the data, frameworks, and models used to assess the potential impacts of digital money developments on the financial sector, thereby supporting the formulation of policy objectives and informing design choices (e.g., for CBDCs).

• Understand emerging trends, opportunities, and challenges related to AI, crypto assets, mobile money, fast payment systems, and cross-border payments.

Back to course overview

Course Details

Start: 20270222Feb 22
End: 20270226Feb 26

Language: English

Sponsoring Organization: IMF

Admin Arrangements


Application Deadline: November 22, 2026

Apply here