Central banks will have to operate like businesses on CBDC-related matters. The latter could replace cash, IMF Managing Director Kristalina Georgieva said.
The public sector must continue preparing for the rollout of central bank digital currencies and the payment platforms associated with them — she noted.
In her view, countries should ‘remain open to potentially deploying CBDCs tomorrow’.
‘National digital currencies could replace cash in island economies. They could provide resilience in more developed economies. CBDCs could improve access to financial services where only a few have bank accounts.’ Georgieva said.
According to the IMF chief, 60% of countries are studying national digital currencies.
Georgieva urged central-bank leadership to ‘think like entrepreneurs’.
‘Communication strategies and incentives for dissemination, integration and adoption are as important as design,” she explained.
In her view, one of the most important factors in studying CBDCs is their ability to facilitate cross-border payments.
The IMF is working on the corresponding platform.
In May the organization released a report on the first CBDC in Africa — the Nigerian eNaira. The institution positively assessed the work done by the country’s authorities.