IMF Pushes Global Central Bank Digital Currency Platform as Cashless Trend Builds Steam

• IMF Pushes Global Central Bank Digital Currency Platform as Cashless Trend Builds Steam
  by Tom Ozimek, https://discernreport.com/
  The International Monetary Fund (IMF) is working on a platform that would allow various central bank digital currencies (CDBCs) to interoperate on a global scale, which comes amid a broader push toward cashless societies and concerns about risks to freedoms.
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  IMF managing director Kristalina Georgieva told conference participants on Monday in Rabat, Morocco, that the transnational agency is developing a global platform for central bank controlled digital currencies.
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  “CBDCs should not be fragmented national propositions … To have more efficient and fairer transactions, we need systems that connect countries—we need interoperability,” Georgieva said. “For this reason at the IMF, we are working on the concept of a global CBDC platform.”
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  Georgieva said the IMF wants central banks to reach a consensus on a common global regulatory framework for digital currencies that would give global adoption a major boost.
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  The IMF believes that the absence of a global platform on which various countries’ CBDCs can interoperate would make a weaker case for their use and cryptocurrencies would step in to fill the void. CBDCs are controlled by central banks, while cryptocurrencies are generally decentralized.
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  “If countries develop CBDCs only for domestic deployment, we are underutilizing their capacity,” Georgieva said, adding that “the last thing we want” is the emergence of “settlement blocks” where CBDC transactions are settled within separate ring-fenced regional frameworks.
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