The International Monetary Fund (IMF) is working on a platform for cross-border transactions using central bank digital currencies (CBDCs), Reuters reports.<\/p>\n
\n\u201cCBDCs should not be fragmented national offerings. [\u2026] To achieve more efficient and fairer transactions, we need systems that connect countries: interoperability is necessary,\u201d said IMF Managing Director Kristalina Georgieva.<\/p>\n<\/blockquote>\n
That is the main reason the IMF began developing a global platform for national CBDCs, she emphasised.<\/p>\n
The Fund’s experts want central banks to agree on a single regulatory framework for CBDCs that would ensure operational interoperability. The inability to agree on a common approach would create a vacuum that would most likely be filled by cryptocurrencies, Georgieva said.<\/p>\n
According to her, 114 central banks are at various stages of CBDC research. About 10 of them have already crossed the \u201cfinish line\u201d.<\/p>\n
\n\u201cIf countries develop CBDCs only for domestic deployment, we are not fully utilising the potential of the assets,\u201d the IMF chief believes.<\/p>\n<\/blockquote>\n
In her view, CBDCs can help broaden access to financial services and lower the cost of remittances. Georgieva reminded that the average fee for such operations stands at 6.3% and annual charges reach up to $44 billion.<\/p>\n
Georgieva stressed that CBDCs must be asset-backed. Unbacked cryptocurrencies are simply \u201cspeculative investments,\u201d the IMF’s executive director said.<\/p>\n
In May, the IMF released a report on the first CBDC in Africa \u2014 \u043d\u0438\u0433\u0435\u0440\u0438\u0439\u0441\u043a\u043e\u0439 eNaira<\/a>. The institution \u043f\u043e\u043b\u043e\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u043e\u0446\u0435\u043d\u0438\u043b\u043e<\/a> the work carried out by the country’s authorities.<\/p>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund (IMF) is working on a platform for cross-border transactions using central bank digital currencies (CBDCs), Reuters reports.<\/p>\n","protected":false},"author":1,"featured_media":80493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1095,204],"class_list":["post-80492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cbdc","tag-imf"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80492","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=80492"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80492\/revisions"}],"predecessor-version":[{"id":80494,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/80492\/revisions\/80494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/80493"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=80492"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=80492"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=80492"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}