©2023 International Monetary Fund
A Guide to Central Bank Digital Currency Product Development:
5P Methodology and Research and Development
NOTE/2023/007
Prepared by Herve Tourpe, Ashley Lannquist, and Gabriel Soderberg*
Cataloging-in-Publication Data
IMF Library
Names: Tourpe, Herve, author. | Lannquist, Ashley, author. | Soderberg, Gabriel, author. | International
Monetary Fund, publisher.
Title: A guide to central bank digital currency product development : 5P methodology and research and
development/ Herve Tourpe, Ashley Lannquist, and Gabriel Soderberg.
Other titles: Fintech notes. | A guide to CBDC product development. | 5P methodology and research and
development.
Description: Washington, DC : International Monetary Fund, 2023. | NOTE/2023/007. | Includes
bibliographical references.
Identifiers: ISBN:
9798400253690 (paper)
9798400253713 (ePub)
9798400253737 (WebPDF)
Subjects: LCSH: Finance—Technological innovations. | Financial services industry—Technological
innovations.
Classification: LCC HG173.T6 2023
DISCLAIMER: Fintech Notes offer practical advice from IMF staff members to policymakers on important
issues. The views expressed in Fintech Notes are those of the author(s) and do not necessarily represent
the views of the IMF, its Executive Board, or IMF management.
RECOMMENDED CITATION: Herve Tourpe, Ashley Lannquist, Gabriel Soderberg. 2023. “A Guide to
Central Bank Digital Currency Product Development: 5P Methodology and Research and Development.”
IMF Fintech Note 2023/007, International Monetary Fund, Washington, DC.
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* This note also greatly benefited from the collaboration with Agnija Jekabsone, John Kiff, and Tayo Koonprasert and from input
from Tommaso Mancini-Griffoli and Dong He. For extremely helpful comments we also thank Itai Agur, Arvinder Bharath, Victor
Budau, Xavier Lavayssiere, Elad Meshulam, Colleen Parent, Andre Reslow, and Franko Solomon. We also want to acknowledge
the input from colleagues at the Bank for International Settlements Innovation Hub and the World Bank Group, whose contributions
have been very beneficial.