SUBSCRIBE March 2025 Dear Reader, Keep up to date on all the latest digital money and fintech trends with the International Monetary Fund (IMF). As the international organization created to promote international monetary cooperation and oversee the stability of the international monetary system, as well as contribute to countries’ economic and financial stability, the IMF will play a key role in the new era of digital money. Read excerpts from the latest collections below Digital technology has been used in finance for some time, but advancements in connectivity and network development—together with the emergence of distributed ledger technology—have spurred the development and proliferation of new forms of digital money and other financial technology, or “fintech.” New digital money assets, both private and public, include central bank digital currencies (CBDCs), e-money, crypto assets, and stablecoins. Would you enjoy receiving the latest published IMF books and research papers, straight to your inbox every month? Subscribe to IMF’s New & Noteworthy monthly newsletter today! — IMF Publications Central Bank Digital Currency Virtual Handbook Learn how the IMF is helping central bankers explore Central Bank Digital Currencies (CBDCs). Read our reference guide for policymakers which shares knowledge, lessons, and empirical findings. READ MORE Tokenization and Financial Market Inefficiencies Tokenization implies recording and transferring assets on a widely shared and trusted digital ledger that can be programmed. Interest in tokenization is strong and this note introduces a taxonomy and a conceptual framework centered on market inefficiencies to evaluate the consequences of this new trend for financial markets. Some inefficiencies could decline across the asset life cycle, others would remain, and new ones could emerge. As tokenization gains momentum, understanding these trade-offs will be crucial for policymakers and market participants alike. READ MORE Estimating the Impact of Digital Money on Cross-Border Flows: Scenario Analysis Covering the Intensive Margin Digital money and payment innovations have the potential for improving cross-border payments by reducing costs, enhancing speed and improving transparency. This note conducts an empirical analysis of the potential impact of digital money on the volume and transaction costs of cross-border payments, focusing on the short-term intensive margin. READ MORE Positioning Central Bank Digital Currency in the Payments Landscape The IMF is frequently approached by central banks seeking guidance on the balance between central bank digital currency (CBDC), fast payment systems (FPS), and electronic money (e-money) solutions. Common questions arising include: Do central banks need a CBDC when already equipped with other well-established digital payments systems? For central banks with less-developed solutions: Should central banks establish one system over the other? This discussion is then compounded by the reality of constrained resources. READ MORE Central Bank Digital Currency: Progress And Further Considerations This paper examines the advancements and challenges of central bank digital currencies by covering adoption, cyber resilience, and CBDCs' role in monetary policy and cross-border payments. CBDCs have the potential to enhance monetary sovereignty, trust, and financial inclusion, but with country-specific paths. Challenges like cybersecurity, privacy, adoption hurdles, and macroeconomic impacts require careful strategies and international cooperation. READ MORE IMF | Publications To purchase print, please visit IMF Publications on Amazon. For more information about IMF Publications email publications@imf.org.

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