IMF Aims to Establish a Global Platform for CBDCs
The International Monetary Fund (IMF) is actively developing a platform dedicated to facilitating transactions between countries through central bank digital currencies (CBDCs), according to IMF Managing Director Kristalina Georgieva. Speaking at a conference attended by African central banks in Rabat, Morocco, Georgieva emphasized the importance of interoperability and stated that CBDCs should not be limited to national boundaries.
Georgieva highlighted the need for efficient and equitable transactions that connect countries, stating, “CBDCs should not be fragmented national propositions… To have more efficient and fairer transactions, we need systems that connect countries: we need interoperability.” Consequently, the IMF is working on the concept of a global CBDC platform to foster international collaboration.
The IMF is urging central banks to establish a unified regulatory framework for digital currencies that promotes global interoperability. Georgieva warned that failing to agree on a common platform would create a void that could potentially be filled by cryptocurrencies.
It is worth noting that CBDCs are digital currencies controlled by central banks, while cryptocurrencies typically operate in a decentralized manner.
Currently, 114 central banks are exploring CBDCs to various degrees, with approximately 10 already in the advanced stages of implementation.