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G20 Report: IMF, World Bank supports Central Bank Digital Currencies

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digital currency

We have seen numerous companies supporting central bank digital currencies (CBDCs) throughout history. In a recent report, the World Bank, the Bank of International Settlements (BIS), and the IMF (International Monetary Fund) shared the same sentiment regarding these currencies. They mentioned that these coins can positively influence the world economy.

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In this report, they mentioned that it’s necessary to expand and explore the scope, in different areas, like domestic, and on the global scale. They also think that it can be an excellent transactional tool between nations situated worldwide.

CBDCs can eradicate transaction delays & the number of middlemen required in cross-border transactions. IMF mentioned that the scope must be enhanced to eliminate the opaqueness of these payments to use against anti-money laundering and financial terrorism.

The report agrees that CBDCs can boost the efficiency of financial tools, and can mitigate various macro risks on a global scale. While doing so, experts need to work on tackling different challenges for both the transacting parties.

However, this would require the usage of multiple CBDCs, and offer uniformity of choices in this aspect.  The strategies must be coordinated, and standards must be applied in place. Apart from that, regulatory compliance must be ensured.

China is the first to take this approach, and way ahead of the game. Others are following closely, as reported by the three agencies.

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