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IMF Estimated : CBDCs Will Face Pressure In Digitizing Financial Systems

Stefan by Stefan
22/02/2021
in Altcoin News
2 min read
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IMF estimated, cbdcs, banks, crypto
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IMF estimated that central bank digital currencies will have a hard time in the fast-evolving and digitizing financial systems, so let’s read more in our latest crypto news.

In the new blog post, the IMF said that the digital currencies are popping up and the financial sector is evolving fast, with the public and private economic sectors clashing and putting pressure on the CBDCs in order for them to innovate and keep up with the tech powerhouses. The IMF Estimated:

 “Today’s, or even tomorrow’s, money is unlikely to meet the needs of the day after… Keeping with the pace of change of technology, user needs, and private-sector competition will be challenging for central banks…

Central banks would thus have to become more like Apple or Microsoft in order to keep central bank digital currencies on the frontier of technology and in the wallets of users as the predominant and preferred form of digital money…”

US Treasury Decided, banks, stablecoins, blockchain, OCC

The central banks will depend on their ability and willingness to innovate all of the time but keeping up with the pace and evolving the user’s needs is not an easy job. The IMF believes that the best way for central banks to compete with the evolution of digital currencies is to create a system where the private sector will be able to convert the assets into a central bank currency:

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 “The answer lies in a fundamental symbiotic relationship: the option to redeem private money into perfectly safe and liquid public money, be it notes and coins, or central bank reserves held by selected banks…”

national digital currency, cbdc, research, banks

The option of redemption into a CBDC is much needed for stability, innovation, and diversity as the EMF said so a system with just private money will be far too risky. One with just a central bank currency will miss out on the important innovations so each form of money will be built on others and will deliver on the dual money system as a balanced method that served well so far. The IMF asserted that a dual monetary system between the public and the private sector will work well even as central banks issue digital currencies:

 “If and when countries move ahead with central bank digital currencies, they should consider how to leverage the private sector. Today’s dual-monetary system can be extended to the digital age. Central bank currency – along with regulation, supervision, and oversight – will continue to be essential to anchor stability and efficiency of the payment system.”

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Tags: CBDCscentral bank digital currenciesdigitizing financial systemsface pressureIMFimf estimatedInternational Monetary Fund
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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