Upon completion of this course, participants will be able to:

• Explain the underlying technology (DLT/blockchain) and the various forms of digital money (CBDCs, stablecoins, crypto-assets).
• Analyze the macroeconomic and monetary policy implications of both wholesale and retail CBDCs.
• Evaluate the potential impact of global CBDC and stablecoin adoption on the demand and use of traditional reserve currencies.
• Assess the legal, regulatory, and financial stability risks associated with private crypto-assets.
• Determine the operational and technical requirements for integrating digital assets into a reserve management framework.
• Examine the governance and policy challenges related to cross-border CBDC use and interoperability.
• Formulate a framework for the prudential assessment and potential inclusion of digital assets in reserve portfolios.
• Understand the security, custody, and cyber-risk implications of managing digital reserve assets.

• Senior Managers and Policy Makers at Central Banks involved in reserve management.
• Heads of Financial Markets and Payment Systems Departments.
• Strategists and Analysts focusing on International Finance and Monetary Policy.
• Risk Management and Compliance Officers overseeing digital asset adoption.
• IT and Cybersecurity Professionals supporting reserve management systems.
• Government Officials and Regulators involved in digital finance policy.

• Interactive Workshops on CBDC Design Principles and Use Cases
• Scenario Analysis on Stablecoin Collapse and Systemic Risk
• Technical Demonstrations of DLT/Blockchain Platforms
• Policy Debates on the Future of Cross-Border Payments
• Case Studies on Regulatory Responses to Crypto-Assets
• Guest Lectures from CBDC Project Leaders and DLT Experts

Unit 1: The Digital Money Ecosystem

• Fundamentals of Distributed Ledger Technology (DLT) and blockchain.
• Classification of digital currencies: CBDCs, stablecoins, and non-sovereign crypto-assets.
• Technical architecture of wholesale vs. retail CBDCs and their operational models.
• The role and risk profile of fiat-backed, commodity-backed, and algorithmic stablecoins.
• Case studies of active CBDC pilot programs (e.g., e-CNY, Digital Euro).

Unit 2: Impact on Monetary and Financial Stability

• Implications of CBDCs for commercial banking and fractional reserve systems.
• The potential for **disintermediation** and managing bank runs in a CBDC world.
• CBDC design choices and their effect on monetary policy transmission mechanisms.
• Capital flow volatility and the use of digital currencies for cross-border transactions.
• The threat of global stablecoins to national monetary sovereignty.

Unit 3: Digital Assets as Reserve Components

• Analyzing the "safety" and "liquidity" characteristics of a CBDC as a reserve asset.
• Frameworks for assessing the risk and return of high-quality sovereign digital currencies.
• Custody solutions and technical requirements for holding digital reserve assets.
• Legal and accounting treatment of CBDCs and other digital reserve assets.
• Addressing cyber and operational risks specific to DLT-based holdings.

Unit 4: Cross-Border Payments and Interoperability

• CBDCs and the future of international payments: efficiency, cost, and speed.
• Models for cross-border interoperability: single ledger, linked systems, and compatible policy frameworks.
• The role of the BIS and international bodies in shaping digital currency standards.
• Implications for foreign exchange markets and the volatility of traditional currency pairs.
• The potential for a "digital dollar" or "digital euro" to reinforce or erode existing reserve dominance.

Unit 5: Regulatory and Governance Challenges

• Developing a robust regulatory perimeter for the use of digital assets by official institutions.
• International coordination on Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) for DLT.
• Data privacy, surveillance, and the governance of digital currency ecosystems.
• The necessity of a clear legal framework for ownership and settlement finality.