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.
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
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