IMF-脆弱和受冲突影响国家的支付弹性：中央银行数字货币（CBDC）的教训（英）

NOTE/2025/009 Payment Resilience in Fragile and Conflict-Affected States: Lessons for Central Bank Digital Currency (CBDC) Majid Malaika, Gabriel Soderberg, and Kateryna Zhabska 2 FINTECH NOTE Payment Resilience in Fragile and Conflict-Affected States: Lessons for Central Bank Digital Currency (CBDC) Majid Malaika, Gabriel Soderberg, and Kateryna Zhabska November 2025 3 ©2025 International Monetary Fund Payment Resilience in Fragile and Conflict-Affected States: Lessons for Central Bank Digital Currency (CBDC) Note 2025/009 Prepared by Majid Malaika, Gabriel Soderberg, and Kateryna Zhabska Cataloging-in-Publication Data IMF Library Names: Malaika, Majid, author. | Söderberg, Gabriel, 1978-, author. | Zhabska, Kateryna, author. | International Monetary Fund, publisher. Title: Payment resilience in fragile and conflict-afflicted states: Lessons for central bank digital currency (CBDC) / Majid Malaika, Gabriel Soderberg, and Kateryna Zhabska. Other titles: Lessons for central bank digital currency (CBDC). | Fintech notes. Description: Washington, DC: International Monetary Fund, 2025. | Nov. 2025. | NOTE/2025/009. | Includes bibliographical references. Identifiers: ISBN: 9798229030977 (paper) 9798229031066 (ePub) 9798229031035 (WebPDF) Subjects: LCSH: Digital currency. | Financial services industry—Technological innovations. Classification: LCC HG1710.M3 2025 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: Majid Malaika, Gabriel Soderberg, and Kateryna Zhabska 2025. “Payment Resilience in Fragile and Conflict-Affected States: Lessons for Central Bank Digital Currency (CBDC)” IMF Fintech Note 2025/009, International Monetary Fund, Washington, DC. Publication orders may be placed online or through the mail: International Monetary Fund, Publication Services P.O. Box 92780, Washington, DC 20090, U.S.A. T. +(1) 202.623.7430 publications@IMF.org IMFbookstore.org elibrary.IMF.org * This note was written under the supervision of Tommaso Mancini-Griffoli and Agnija Jekabsone with Kateryna Zhabska as the lead author. It has benefited from the contributions of several IMF staff members, especially Dong He who provided guidance in the early stages of the project, relevant IMF country teams, as well as from IMF Alternate Executive Director Vladyslav Rashkovan. The team is also grateful for valuable inputs from the National Bank of Ukraine (particularly Oleksii Shaban and Andriy Poddyerogin), Fares Hindi of the Palestine Monetary Authority, Hawi Bedasa of UNICEF, and Abdelnaby Ahmed Abdelaziz Faragallah of the World Bank. This note is produced with financial support from the Government of Japan. 4 5 Content Acronyms ______________________