Implementing a retail CBDC: Lessons learned and key insights

Abstract Motivations for introducing a retail central bank digital currency (CBDC) could range from a rapid decline in the use of physical cash or financial inclusion strategies to an underdeveloped retail payment market. The COVID-19 pandemic and the emergence of global stablecoins proposals have heightened the interest in exploring the introduction of a rCBDC. With the aim of informing these efforts before, during and after its potential implementation, we explore recently launched pilots in three jurisdictions. We aim to provide relevant lessons on the design, operation and implementation of such a new digital form of fiat money. Notably, despite differences among jurisdictions and CBDC pilots, a series of key insights emerge from these experiences that could be useful for those thinking to launch a rCBDC.