A Guide to Central Bank Digital Currency Product Development

This paper develops a central bank digital currency project management methodology that establishes common terminology and offers guidance to development teams to best practices for addressing the complex requirements and risks associated with central bank digital currency.
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Volume/Issue: Volume 2023 Issue 007
Publication date: September 2023
ISBN: 9798400253690
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Summary

As central bank digital currency (CBDC) projects progress around the world, there is increased need for a project management methodology that is appropriate for CBDC. This paper develops a CBDC-specific project management methodology that establishes a common terminology and offers guidance to development teams on best practices for addressing the complex requirements and risks associated with CBDC. It is centered on an original five-step approach called the “5P Methodology”: preparation, proof-of-concept, prototypes, pilots, and production. The methodology emphasizes a phased approach to CBDC research and development, with strong focus on research preparation, experimentation and testing, risk management, stakeholder engagement, and cyber resilience.