The International Monetary Fund (IMF) is working on a platform for cross-border transactions with central bank digital currencies (CDBC), reports Reuters.
“CBDCs should not be fragmented national proposals. […] To have more efficient and fair transactions, we need systems that connect countries: we need compatibility,” said the head of the institution, Kristalina Georgieva.
This is the main reason why the IMF began creating a global platform for national cryptocurrencies, she stressed.
Fund specialists want central banks to agree on a single regulatory framework for CBDC, which will ensure interoperability. Failure to agree on a common approach will create a vacuum that cryptocurrencies are likely to fill, Georgieva said.
She said 114 central banks are in various stages of CBDC research. Approximately 10 of them have already crossed the “finish line”.
“If countries develop CDBC only for domestic deployment, we do not fully use the capabilities of the assets,” the head of the IMF believes.
In her opinion, the digital currencies of the Central Bank can help expand access to financial services and reduce the cost of money transfers. Georgieva recalled that the average commission for such transactions is 6.3% and the amount of fees reaches $44 billion a year.
Georgieva stressed that CBDCs should be asset-backed. Cryptocurrencies that are not backed by anything are simply “speculative investments,” the IMF executive director is sure.
Recall that in May, the fund released a report on the first CBDC in Africa – Nigenian eNaira. The institution positively assessed the work done by the authorities of the country.
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The International Monetary Fund (IMF) is working on a platform for cross-border transactions with central bank digital currencies (CDBC), reports Reuters.
“CBDCs should not be fragmented national proposals. […] To have more efficient and fair transactions, we need systems that connect countries: we need compatibility,” said the head of the institution, Kristalina Georgieva.
This is the main reason why the IMF began creating a global platform for national cryptocurrencies, she stressed.
Fund specialists want central banks to agree on a single regulatory framework for CBDC, which will ensure interoperability. Failure to agree on a common approach will create a vacuum that cryptocurrencies are likely to fill, Georgieva said.
She said 114 central banks are in various stages of CBDC research. Approximately 10 of them have already crossed the “finish line”.
“If countries develop CDBC only for domestic deployment, we do not fully use the capabilities of the assets,” the head of the IMF believes.
In her opinion, the digital currencies of the Central Bank can help expand access to financial services and reduce the cost of money transfers. Georgieva recalled that the average commission for such transactions is 6.3% and the amount of fees reaches $44 billion a year.
Georgieva stressed that CBDCs should be asset-backed. Cryptocurrencies that are not backed by anything are simply “speculative investments,” the IMF executive director is sure.
Recall that in May, the fund released a report on the first CBDC in Africa – Nigenian eNaira. The institution positively assessed the work done by the authorities of the country.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!