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CBDC

IMF’s Foray into CBDC: Global Digital Currency Platform In The Works

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in CBDC
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Per a Reuters report, the International Monetary Fund (IMF) is working towards the launch of a global central bank digital currency (CBDC) platform that can facilitate cross-border transactions. 

Related Reading: Bitcoin Long-Term Holders Refuse To Budge As Movements Remain Low

IMF Takes On CBDC Market

Speaking at a conference attended by African central banks, IMF Managing Director Kristalina Georgieva emphasized the importance of interoperability between countries for more efficient and fairer transactions. 

Georgieva said the IMF is working on the concept of a global CBDC platform and urged central banks to agree on a common regulatory framework for digital currencies to allow for global interoperability. 

She warned that failure to agree on a common platform would create a “vacuum” that could be filled by cryptocurrencies.

In addition, Georgieva stressed that CBDCs should be backed by assets, adding that cryptocurrencies are an investment opportunity if they are backed by assets, but if they are not, they are a “speculative investment”.

Ultimately, the IMF managing Director noted that central bank digital currencies could promote financial inclusion and make remittances cheaper, as the average cost of money transfers stands at 6.3%, amounting to $44 billion annually.

These can be backed by assets in several ways, depending on the design of the CBDC. One possible way is to have it backed by a reserve of assets, such as gold or foreign currency reserves, that are held by the central bank. This would provide a level of stability and confidence, as it would be backed by tangible assets that have a recognized value.

Another way that CBDCs can be backed by assets is through a system of collateralization. In this system, the CBDC would be backed by a pool of assets, such as government bonds or other forms of securities, that are held as collateral by the central bank.

This would create a system of checks and balances, as the collateral would provide a level of security for the CBDC while also ensuring that the value of the CBDC remains stable. 

The IMF’s plan comes as 114 central banks worldwide are already exploring CBDCs, with about 10 having crossed the finish line. Georgieva believes that if countries develop CBDCs only for domestic deployment, their capacity will be underutilized.

Related Reading: Binance Issues Cease And Desist To Nigerian Impersonator

Nevertheless, the launch of a global central bank digital currency platform would require the cooperation of central banks worldwide, which may prove to be a challenge. Some central banks have already expressed reservations about CBDCs, citing concerns around financial stability, data privacy, and cybersecurity, among other issues.

The launch of a CBDC platform could potentially revolutionize cross-border transactions, making them more efficient and cost-effective. It could also potentially lead to greater financial inclusion and reduce the cost of remittances, especially in developing countries. 

It remains to be seen if central banks worldwide will agree on a common regulatory framework for digital currencies, and whether the IMF’s vision for a global central bank digital currency platform will come to fruition.

CBDC
Bitcoin’s attempt to breach its nearest resistance placed at $26,600 on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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