The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Monday, June 19 that the Fund is working on creating a platform for digital currencies subject to central banks to facilitate transactions between countries.
Georgieva said at a conference attended by African central banks in Rabat, Morocco, that digital currencies subject to central banks should not be sporadic national proposals, in order to enjoy more efficient and fair transactions.
She added, “This is why we at the International Monetary Fund are working on a vision of a global platform for digital currencies for central banks.”
The fund manager stressed that there are 114 central banks at some stage in exploring digital currencies and ten of them have already completed the task.
And she continued: If countries develop central bank digital currencies only for domestic use, then we are not benefiting from their full potential.
Georgieva believes that central bank digital currencies may also help in enhancing financial inclusion and reducing the cost of transfers, noting that the cost of transferring funds amounted to about $44 billion annually.
