The International Monetary Fund plans to create a global platform for transactions with digital currencies of central banks (CBDC).
According to IMF head Kristalina Georgieva, the introduction of tokens linked to national monetary units will create conditions for a large-scale modernization of the payment infrastructure.
At the end of last week, the fund published a study on the concept of CBDC.
Its authors recorded a growing interest in digital currencies from central banks on almost all continents. More and more countries are exploring the potential of CBDC, and some of them have already begun testing such an instrument.
According to IMF analysts, the new cross-border settlement system based on CBDC will significantly reduce the cost of sending funds and increase the availability of financial services for businesses and individuals.
In the same report, the Fund opposed the prohibition of cryptocurrencies such as bitcoin and ether.
The researchers stressed:
“Several countries have already banned cryptocurrencies, motivating their decision by the risks involved. However, this approach could prove highly ineffective in the long run.”
The IMF also noted that in Latin America, Brazil, Argentina, Ecuador and Colombia are leading the way in the adoption of digital currencies. By contrast, U.S. authorities have chosen to suppress the industry.
The fund’s analysts believe this approach is wrong. Ultimately, the country could lose its status as an IT power if it tightens its crackdown on blockchain companies.
The IMF urges the U.S. to legalize the industry and develop a regulatory framework that will not hinder its growth.