The International Monetary Fund (IMF) seems to be pinning some of its hopes for economic stability on central bank digital currencies (MNBC). This has been proven once again, with the creation of a dedicated international platform, which would make exchanges between the different economies more fluid. Focus on this ambitious project.
The IMF creates a common platform for MNBCs
The director of the International Monetary Fund, Kristalina Georgieva, made the announcement during a visit to prepare for the annual meetings of the World Bank Group and the IMF. She explained that the proposed platform will bring together which are currently only separate initiatives. Recall that the vast majority of major economies are currently working on central bank digital currencies, many of which are blockchain-based.
In this sense, the IMF initiative therefore aims to encompass these MNBCs:
” MNBCs should not be fragmented national proposals. To have more efficient and fairer transactions, we need systems that connect countries together. We need interoperability. »
And this will of course go through regulation. The IMF indeed wishes that the central banks concerned find an agreement with regard to a regulatory framework to be followed. The risk, according to the head of the IMF, is that a lack of MNBC stability would open the door to cryptocurrencies. As a reminder, the IMF has historically been very hostile to the sector, judging that crypto assets are dangerous for consumers.
👉 Find out more – Central Bank Digital Currencies (MNBC) – What are they and how do they work?
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More monitoring, more regulation
Currently, 114 central banks are said to be developing MNBCs. The challenge for the IMF is therefore not only to bring together the projects, but also to have a global vision – and therefore monitoring –. For the financial institution, MNBCs will enable cheaper international transfers and promote financial inclusion. But they could also be used to monitor their users.
Last October, the deputy director of the IMF, Bo Li, evoked this possibility, which is dystopian to say the least:
“With MNBCs, we can precisely control what people can and cannot hold. But we can also program the uses of the money, for example restricting it to food purchases.»
The ideological divide between cryptocurrencies – which were originally created not to be controllable – and MNBCs is therefore increasingly clear. Stablecoins continue to spread, unhindered by the financial institutions that run MNBCs. They are therefore more and more in opposition assets under development at global central banks.
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Source: Reuters
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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