The International Monetary Fund (IMF) is working on a global platform to make the Central Bank Digital Currencies (CBDCs) launched by numerous world governments more interoperable, reported Reuters on Monday.
The agency believes widespread agreement on such a platform may be necessary to ensure that private market cryptocurrencies don’t fill its functional vacuum.
Preparing for a World of CBDCs
IMF Managing Director Kristalina Georgieva said on Monday that the agency’s platform is intended to enable CBDC transactions between countries.
“CBDCs should not be fragmented national propositions,” Georgieva told African central banks at a conference in Rabat, Morocco. “To have more efficient and fairer transactions we need systems that connect countries: we need interoperability,”
“For this reason at the IMF, we are working on the concept of a global CBDC platform,” she added.
A CBDC is a digitally native currency issued by a central bank, much like traditional fiat curren
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