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The facts from the experience with the first digital currencies of central banks (CBDC) around the world show that there is no model that suits everyone, said the director of the International Monetary Fund (IMF) Kristalina Georgieva.
According to IMF estimates, about 100 countries are currently considering CBDC projects, according to a study by the Fund published today, which presents examples of six countries, including China, Sweden and the Bahamas, where digital money is already in circulation or is in the advanced testing phase, reports Reuters.
In presenting the report, the managing director of the IMF, Kristalina Georgieva said that the main conclusion from the initial experiences is that lessons should be learned. If CBDCs are “thoughtfully” designed, they can potentially provide greater financial efficiency, make it easier for people to access banking services, and reduce the cost of cash flow.
Central banks’ digital currencies should also be more secure against “cryptocurrencies that are substantially volatile and fundamentally volatile”, as well as against better-regulated “stable currencies” that are generally linked to a currency, and which is not supported by any physical commodity like gold or silver, but behind it stands the state.
Georgieva initially stated that no CBCD model “fits everyone”, and secondly she noted that when modeling the national digital currency, the most important thing is to take into account financial stability and privacy, and a balance must be struck between the development of design and policy. “These are just the beginnings of central bank digital currencies and we do not know how far and how fast it will go,” Georgieva concluded.
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