IMF study: in the near future, the Central Bank will start to launch their cryptocurrency

The International Monetary Fund has announced that central banks will soon begin issuing digital currencies . This is evidenced by the latest IMF report. The staff of this organization together with the World Bank conducted a study on fintech technologies. The survey involved various financial institutions.

The results of the study indicate that several central banks in various countries are already considering the possibility of issuing their own digital currency. At the moment, a pilot project of CBDC has already been launched in Uruguay. And in Ukraine, China, Sweden, in the Bahamas, testing of innovative products is being completed.

In addition, many financial institutions are exploring the potential impact of digital currencies on financial stability, the structure of the banking sector, changes in monetary policy.

Motivation at the central banks are different. However, most of them seek to provide an alternative to fiatnymi funds, as the volume of their use is reduced. In addition, for emerging market economies, the main goal of implementing CBDC will be to reduce bank costs.

Publication date 30.06.2019
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