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This working paper inaugurates the "Technology Fundamentals for Digital Finance" series, concentrating on the technical aspects of financial Digital Assets. The series aims to facilitate the use of a clear terminology in a nascent platform-oriented paradigm of financial infrastructures, by laying the groundwork for technical discussions on digital asset standards. The paper introduces a conceptual model named ASAP (Access, Service, Asset, Platform) for Digital Asset Platforms (DAP), leveraging insights from IT industry practices and experiments by central banks. The ASAP model is illustrated through examples and use cases of tokenized assets, to demonstrate the possible usage and merits of modeling Digital Asset Platforms with four layers. Just as the utilization of a seven-layer model (often refered to as TCP/IP) has been fundamental to the interoperability of the internet, it is anticipated that the four-layer ASAP model for Digital Asset Platforms will similarly promote cross-platform interoperability, including across various jurisdictions, paving the way for a more cohesive digital asset ecosystem.
This book is devoted to applications of complex nonlinear dynamic phenomena to real systems and device applications. In recent decades there has been significant progress in the theory of nonlinear phenomena, but there are comparatively few devices that actually take this rich behavior into account. The text applies and exploits this knowledge to propose devices which operate more efficiently and cheaply, while affording the promise of much better performance.
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.
This Note explores the design and governance of platforms to enhance cross-border payments in line with public policy goals. While much innovation in recent years has more narrowly targeted end-user frictions, the vision in this paper is based on the mandate of the IMF, governed by the central banks and finance ministries of 190 member countries. Cross-border payments present the foundation for the global financial system, and its functioning is overseen by the IMF.
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