WASHINGTON—The International Monetary Fund has released a new framework to help central banks navigate the technical, operational, and policy challenges of launching central bank digital currencies, Banking Exchange reported.
The IMF, already involved in more than 30 CBDC initiatives globally, plans to publish a handbook that will expand by four to five chapters each year. According to Banking Exchange, the guidance is meant to support policymakers from the earliest research stages through national rollout, addressing decisions on architecture, governance, and payments infrastructure.
A key recommendation is the creation of a unified ledger operated directly by central banks to host both reserves and tokenized assets. While such a model could streamline settlement and modernize interbank operations, the IMF cautions that it introduces new governance and interoperability challenges, Banking Exchange noted.
The framework stresses that CBDC design cannot be standardized. Choices will depend on each central bank’s mandate—typically centered on stability, resilience, and efficient market functioning.
Examples from Hong Kong and South Korea, where wholesale CBDC pilots are advancing, demonstrate how tokenized reserves could support 24/7 settlement and reduce counterparty risk, according to the outlet.
By issuing this guidance, the IMF is positioning itself as a leading voice in shaping global CBDC standards as more jurisdictions accelerate digital-currency planning, Banking Exchange reported.