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Crypto agility describes the capabilities needed to replace and adapt cryptographic algorithms for protocols, applications, software, hardware, and infrastructures without interrupting the flow of a running system to achieve resiliency. This draft NIST Cybersecurity White Paper (CSWP) provides an in-depth survey of current approaches and considerations to achieving crypto agility. It discusses challenges, trade-offs, and some approaches to providing operational mechanisms for achieving crypto agility while maintaining interoperability. It also highlights some critical working areas that require additional discussion.

Amazon Web Services (AWS) published their views on best CBDC design practices through an agile development lifecycle. This framework aligns the design of a CBDC to the goals of a particular central bank and its stakeholders. Each stage throughout this process encourages reflection on a central bank's policy vision and only recommends proceeding with a CBDC if alignment remains with all relevant policy goals.

McKinsey & Company published a report that pitches active commercial bank involvement in central bank digital currency (CBDC) decision-making processes. But more interestingly for me, the report advocates central banks taking a more "agile" approach to CBDC research and development. "By adopting an agile approach, central banks can deploy a CBDC within three years, compared with five years or more using a traditional waterfall development model. Although adoption and realization of scale will likely prove to be longer-term efforts, lessons from early launches and a set of best practices can help foster early market acceptance.

"The Hub is just like a global accelerator program, but for central banks, and run by the BIS, which is both a convener and adviser. In the pantheon of global agencies and regulatory associations, the Hub clearly stands out as a use case for its agile and innovative project execution capability. This is not too surprising and rather welcome - it is after all one of the oldest and most experienced collaborative innovation communities on the planet."

This IMF paper discusses the benefits and risks of quantum computing. On the risk side, they would crack many of the current encryption algorithms and threaten financial stability by compromising the security of mobile banking, e-commerce, fintech, digital currencies, and Internet information exchange. While the work on quantum-safe encryption is still in progress, the paper recommends that financial institutions take steps now to prepare for the cryptographic transition, by assessing future and retroactive risks from quantum computers, taking an inventory of their cryptographic algorithms (especially public keys), and building cryptographic agility to improve the overall cybersecurity resilience.

The National Bank of Georgia (NBG) is considering launching a digital version of its national currency, the Lari (Gel). The NBG will use its Open Regulatory Framework tools, to facilitate the retail central bank digtital currency (CBDC) development process. Rapid live testing in a controlled environment should enable the agile development of CBDC technology and an impetus to develop underlying technology to full potential, enhancing risk management and user experience. Interaction with the RegLab should also help NBG to develop its regulatory approach and update legal framework to enable smooth and sustainable CBDC technology operation.

Bank of Thailand to Develop CBDC Prototype ​The Bank of Thailand (BOT) has announced the project to develop the prototype of a CBDC-based payment system for businesses, which will build upon knowledge from Project Inthanon. The feasibility study will integrate CBDC with the procurement and financial management systems of the Siam Cement Public Company and its suppliers to increase fund transfer flexibility, and deliver faster and more agile payments between suppliers. It will begin in July 2020 and run to the end of the year. Also, the BOT, the Hong Kong Monetary Authority and the participating financial institutions will continue to their Project Inthanon CBDC collaboration and experimentation for cross-border transfer use cases.

Changes in the Fed's policy open a real possibility for building the new economy based on programmable money and regularly complaint payment rails operating entirely (or mostly) outside of the existing banking system. The broad expansion of payment mechanisms will democratize finance and make it much more inclusive and equitable. It will also force banks to become more nimble and agile to remain economically relevant.

The BIS Innovation Hub published a brochure for its mBridge project with a comprehensive list of use cases contributed by 22 commercial banks across four different jurisdictions (China, Hong Kong, Thailand and the United Arab Emirates). The mBridge trial platform has shown that CBDCs can substantially increase the speed of cross-border payments from multiple days to near real-time, while also reducing cost. The project is using an agile and iterative development approach, plus a modular bricks design.

This IMF paper reviews how central banks have been reacting to the challenges posed by fintech to the legal foundations of their governance. It finds that fintech calls for reconsidering the adequacy of the legal formulation of currency issuance and payment systems functions and powers. Fintech may impact the functional autonomy for some key central bank functions. For example, the role claimed by governments in designing CBDC will be an important issue to consider; the legal framework will need to carefully delineate the respective roles and responsibilities between the government and the central bank. The authors suggest that central bank law reform must be sufficiently broad to achieve appropriate levels of "agility" to provide a "future-proof " legal framework. For instance, legislation (and by extension the legal framework to which the central bank is subject) should to the maximum extent possible be technology-neutral.

The Hong Kong Monetary Authority (HKMA) issued the consultation conclusion to the discussion paper on crypto-assets and stablecoins. Respondents were supportive of regulating stablecoins with a risk-based and agile approach. The respondents also broadly supported the need to take into account the latest market developments and draw reference from the discussion of international regulatory bodies when developing the relevant regulatory regime. he HKMA will announce the regulatory arrangements and next steps in due course.

[August 6, 2021] Banco Central de Costa Rica (BCCR) has been studying the topic of central bank digital currency (CBDC) in depth and, for the moment, does not consider it necessary to launch one. The reason is that the main objectives of doing so (financial inclusion and provision of secure, agile and low-cost digital payments) have been achieved in the country, thanks to the successful Sistema Nacional de Pagos Electrónicos (SINPE). This platforms has reduced transaction costs and increased efficiency, safety, and reliability. In other words, through SINPE, Costa Rica already has a digital colon. In any case, if there comes a time when it is necessary to launch a CBDC, the BCCR will have the technological infrastructure base on which it was developed, through the Central Direct online services platform.

SODA CEO and co-founder Chris Ostrowski and I wrote an article for CoinDesk on the "test and deploy" approach to retail central bank digital currency (CBDC) project management. The "test and deploy" aims at narrow use cases, allowing for an abbreviated and more agile product development cycle, with rapid iterations through the proof-of-concept, prototype and pilot phases. This allows retail CBDC to be issued to real end users in a safe and controlled manner to offer insight into user demand and experience.

Thunes published a comprehensive Complete Guide to Mobile Wallets 2025, the second edition of an extensive study that dives into the acceleration of mobile wallet adoption and the evolution of digital payments. It highlights one of the most dramatic shifts in the payments market: mobile wallets are quickly establishing themselves as the new standard. In Southeast Asia and Africa, the rapid adoption of mobile payments is enabling these regions to leapfrog traditional payment methods, moving directly from cash reliance to a fully digital ecosystem. Even in markets historically dominated by card transactions, mobile wallet adoption is rising sharply, signaling a global trend towards more agile, digital-first payment solutions.