The International Monetary Fund (IMF) wants to create a global central bank digital currency (CBDC) system in an effort to connect countries and allow seamless cross-border transactions, Reuters reported.
IMF Managing Director Kristalina Georgieva made the statement during a conference of African central banks in Morocco on June 19.
She said the IMF has already begun developing a concept for a global CBDC platform.
Domestic CBDC not enough
The IMF has been extremely supportive of various CBDC projects being developed by central banks across the globe and believes central banks need to develop their own digital currencies to compete with the threat of crypto.
As of June, roughly 10 countries are close to “crossing the finish line” in launching a CBDC, while more than 100 countries are in various stages of development.
However, these projects are primarily focused on creating digital versions of national fiat currencies, with interoperability mostly an afterthought. The few projects
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