IMF chief KGeorgieva told the AtlanticCouncil that CBDCs could offer “more resilience, more safety, greater availability and lower costs” than crypto. cheyenneligon reports
IMF Managing Director Kristalina Georgieva
As Georgieva pointed out, there has been a global explosion of interest in CBDCs, with nearly 100 countries currently exploring CBDCs at either a research, testing or distribution phase. Georgieva said that the IMF has been “deeply involved” in CBDC research, and has provided “technical assistance” to many member countries as they pursue the development of their own CBDCs.
First, CBDCs aren’t a one-size-fits-all technology. Georgieva told attendees that because each economy is different, CBDCs will play a different role in every country. In lesser economically-developed nations, Georgieva suggested that CBDCs could help with financial inclusion, and in others, they could act as a backup payment method.
“In many countries, privacy concerns are a potential deal breaker when it comes to CBDC legislation and adoption,” Georgieva added. “So it’s vital that policymakers get the mix right.”
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