The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, revealed that the IMF is actively developing a platform dedicated to facilitating transactions between countries via central bank digital currencies (CBDCs).
The move reflects the IMF’s commitment to promoting global interoperability by encouraging central banks to create a unified regulatory framework for digital currencies.
Avoid piecemeal national approaches
Kristalina Georgieva, Managing Director of the International Monetary Fund, spoke at a conference attended by African Central Banks in Rabat, Morocco confirmed The importance of avoiding fragmented national approaches when it comes to the primary central bank.
Georgieva emphasized the need for interconnected systems and global interoperability to achieve more efficient and fair transactions.
Her remarks emphasized the importance of developing supranational CBDCs. She stressed that for transactions to be truly efficient and fair, it is necessary to create systems that connect countries and enable seamless interoperability.
The conference provided a platform for African central banks to engage in discussions on the future of CBDCs and explore strategies for achieving interoperability.
Georgieva’s statement highlighted the IMF’s commitment to promoting a global approach to CBDCs, and encouraged central banks to work together to create systems that transcend national borders, becoming more than just a local project.
The goal of this announcement was to create the enhanced connectivity and interoperability needed for central bank digital currencies to drive economic growth, financial inclusion, and efficiency on a global scale.
114 and counting
According to Georgieva, a total of 114 central banks around the world are currently exploring the potential of CBDCs, with approximately 10 of them already making significant progress in their development.
A few weeks prior to this announcement, the industry was following the ongoing legal battle with the US Securities and Exchange Commission (SEC) over the classification of several cryptocurrencies including XRP.
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Although regulation remains unclear, Ripple, the platform associated with the token in question, is another prominent player in the development of CBDCs with the announcement of its own partnership with Banco de la República, the Central Bank of Colombia, to explore the possibilities of blockchain technology in finance. Including the potential development of CBDCs.