IMF Director Georgieva: CBDCs are coming, will “completely transform the financial system” Cryptocurrencies
“The future has arrived,” Georgieva said. “Even in the U.S. where [CBDC] was for quite some time a topic of not great interest, now there is an engagement.”
Among the events the IMF believes could have a destabilizing effect are CBDCs, depending on the type a country chooses to adopt. Wholesale CBDCs would be limited to deposits and transactions between the central bank and commercial banks, as well as large-scale financial activities such as international trade and intra-bank settlements, but would not be used by the broader public.
The IMF director pointed out that the organization surveys their membership on this topic, and that over 110 countries “are at some stage of developing CBDCs.” She added that the impact of central bank digital currencies on individual countries and the global economy will be profound.
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