The managing director of the IMF has said the launch of retail central bank digital currencies (CBDCs) will have many unintended consequences.
She believes that wholesale CBDCs are less prone to errors.
According to the statement, the IMF is working with around 50 countries to "ensure the implementation of best practices" that the agency expects will have a major impact on banks and economies.
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Georgieva has explained:
"Even in the US where that was for quite some time a topic of not great interest, now there is engagement, and for the right reason. The future has arrived."
The IMF advocated back in February regulating digital assets rather than banning them. However, the department did not rule out possible restrictions in the event of greater risks to financial stability.
In March, the regulator warned about the negative impact of cryptocurrencies on financial institutions.