Speaking at an African central bank conference in Morocco, International Monetary Fund (IMF) director Kristalina Georgieva said central bank digital currencies (CBDCs) could help increase access to financial services for more people at a lower cost.<br
“CBDCs can help increase inclusiveness, strengthen the resilience and efficiency of national payment systems, and make cross-border payments cheaper and faster. It is important, however, that CBDCs not become fragmented national offerings. For this reason, the IMF has begun work on the concept of a global CBDC platform, which will ensure the compatibility and security of payments in foreign and domestic financial markets,” Kristalina Georgieva said.
The IMF director explained that the concept of CBDC global platform implies maintaining of a single registry for registration of ownership and recording of transactions of central banks in CBDC. The IMF-managed single platform is expected to allow central banks to exchange standardized digital reserves as well as directly trade tokenized assets.
Earlier, the Digital Currency Monetary Authority (DCMA) of the International Monetary Fund (IMF) announced its intention to launch the Unicoin Universal Currency Unit (UMU), which will be a legal tender for cross-border payments.<br