The International Monetary Fund (IMF) has revealed a survey according to which central bank digital currencies (CBDC) could become a reality. The survey carried out by IMF reveals wide-ranging views of countries on central bank digital currencies.
As it states, approximately 20 percent of the financial industry-related respondents said they are exploring the possibility of issuing CBDC. However, according to the respondents, work is in the early stages.
The main benefits of issuing CDBC are reportedly lowering costs, increasing efficiency of monetary policy implementation, countering competition from cryptocurrencies, ensuring contestability of the payment market, and offering a risk-free payment instrument to the public.
Last year, Stanley Yong, a Global Lead on CBDC Solutions at IBM, said that CBDCs can reduce the risks that caused the 2008 financial crisis.
Earlier iHodl reported that IMF was concerned with the possibility of Malta’s financial system being used for money laundering and financing of terrorism with the significant risks imposed by the growth of the local crypto-friendly industry.
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