{"id":589008,"date":"2023-06-20T00:00:00","date_gmt":"2023-06-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/imf-working-on-digital-currency-platform-for-central-banks\/"},"modified":"2023-06-20T00:00:00","modified_gmt":"2023-06-20T00:00:00","slug":"imf-working-on-digital-currency-platform-for-central-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/imf-working-on-digital-currency-platform-for-central-banks\/","title":{"rendered":"IMF working on digital currency platform for central banks"},"content":{"rendered":"

<\/span>Central banks could soon transact in digital currencies: <\/span>The IMF is working on a <\/span>global infrastructure that would enable central bank digital currencies (CBDCs) to be transacted between countries, IMF Managing Director Kristalina Georgieva told a conference in Morocco, reports <\/span>Bloomberg<\/a><\/span>. The platform will boost the use of CBDCs and provide a common regulatory framework for the digital currencies, Georgieva said. \u201c<\/span>CBDCs should not be fragmented national propositions,\u201d Georgieva said. \u201cTo have more efficient and fairer transactions we need systems that connect countries: We need interoperability.\"<\/span> Of 114 central banks exploring the digital currencies (including <\/span>our own<\/a><\/span>), 10 are close to issuing them, she added. <\/span>Reuters<\/a><\/span>also had the story.<\/span><\/p>\n

SOUND SMART- <\/span>CBDCs would be controlled by central banks and in most cases backed by tangible assets<\/span>, while cryptocurrencies are nearly always decentralized and often not asset-backed. Issuing digital currencies provides central banks with an option to combat the declining use of cash and rising interest in crypto. <\/span><\/p>\n

ALSO WORTH NOTING-<\/span><\/p>\n