.IMFNews sets its sights on a global cryptocurrency platform to revolutionize financial inclusion and cross-border transactions
is aware of the potential pitfalls and has raised concerns about possible financial stability risks, data privacy, legal challenges, and cyber threats if these digital currencies are not properly designed and regulated. To mitigate these risks, it is critical to avoid disjointed national initiatives and instead aim for a globally interoperable system.
Kristalina Georgieva, the IMF's managing director, emphasized the need for a collective approach towards CBDCs at a recent conference for African central banks. In line with this, the IMF is urging central banks to agree on a universal regulatory framework for digital currencies. This approach is seen as crucial to prevent decentralized cryptocurrencies from filling any potential vacuum created by national fragmentation. The development of a global CBDC platform under the aegis of the IMF is a significant step in this direction.
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