The managing director of International Monetary Fund (IMF)Kristalina Georgieva, called this Monday in Rabat to “intensify efforts” international authorities to make a decision on the Central Bank Digital Currency (MDBC)which is presented as an alternative to the risks that private projects of cryptocurrency.
We are at a point where much has yet to be decided. Efforts will have to be intensified to make a decision on this issue.”
indicated Georgieva during her participation in a round table on the CRDM in Rabat.
The general director of the IMF stressed the “great importance” that the institution attaches to this issue, he explained that at least 140 central banks in the world are in the “experimentation phase”, ten countries, including China, “are in the final phase”, but He added that other central banks stopped discussions on the issue “because it is not easy.”
There is a big change driven by a digital revolution in which the paper money was heavily impacted. We must recognize that if we do not act quickly as decision makers we will lose the opportunity and we will create risks for our future”,
asserted.
Georgieva defended the advantages of MDBCs in allowing greater access to banking services and greater financial inclusion, in addition to offering lower cost, as well as faster and more agile cross-border bank transfers.
In the same vein, he explained that the cost of transfers stands at 6.3%, which represents a loss of 45,000 million dollars among intermediaries.
The general director of the IMF He pointed out that in order to achieve a successful transition towards digital fiat currency, an “interoperability system” is needed between countries and added that the IMF is working on a global platform of digital currency of central banks to deal with the risks that the transition could generate.
Georgieva has been in Morocco since last Saturday to find out about the preparations for the annual meeting of the IMF and the World Bank that will be organized next October in Marrakech.
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