Course on Central Bank Digital Currencies

The IMF’s Institute for Capacity Development (ICD) delivered its “Central Bank Digital Currencies (CBDCs): Principles and Policy Considerations” course at the JVI during July 21-25, 2025. The course included a selection of core topics on the role of CBDCs, as well as their design and features. It presented benefits, costs, and risks from the issuance of a CBDC related to monetary policy transmission, financial inclusion and financial stability. It also discussed regulatory issues and international considerations. The course provided participants from the JVI region a foundation in central bank digital currencies and assessed the business case for CBDC adoption from the perspective of users and central banks. 

Each three-hour lecture was complemented with a country-specific case study. Participants engaged actively in plenary discussions and debates on various topics, including financial stability, cryptocurrencies and other payment instruments, and monetary policy. A guest speaker from the Oesterreichische Nationalbank delivered an enriching presentation on the Digital Euro Project, which highlighted the main motivations for the issuance of a digital euro, the intended use cases and some of the design, technical and legal aspects. 

The course was very well received. Participants appreciated the relevance of the course content for their work, including the case studies which set the stage for a valuable exchange of country experiences, challenges and current practices. In particular, they noted how the course introduced a comprehensive structure and covered many aspects of CBDCs—both in theory and in real life—including their impact and interlinkages. Some participants commented on how the course would serve as a roadmap to continue exploring this topic, with the ultimate goal of identifying potential applications in their job and their country. 

Celine Rochon, Senior Economist, IMF