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A report published by the International Monetary Fund (IMF) emphasizes that 15 different countries are considering the adherence to the global trend at fintech and the adoption of digital central bank currencies (CBDC) as a payment method. The IMF has highlighted two main reasons for this decision in the report.
Central banks involved
The
IMF Report has revealed the names of 15 countries interested in the implementation of digital currencies, namely Bahamas, Canada, China, Central Bank of Curaçao and Sint Maarten, Eastern Caribbean, Ecuador, Norway, Senegal, Sweden, Tunisia and Uruguay. It is interesting to note that the interest in cryptography has increased proportionally to the decrease in the volume of transactions on the encrypted market.
It is assumed that if private institutions adopt and start using virtual currency regularly for payments, then a wave of enthusiasm for the new payment method will also be recorded among central banks. For example, in Sweden, mobile payment applications have become very popular and the circulation of money has decreased so much that experts believe that all Swedish shops and businesses will no longer accept banknotes in a few years. The state should offer an alternative to the private payment market, the Swedish central bank recently said.
The People & # 39; s Bank of China, meanwhile, has also worked on their own cryptocurrency project. This autumn, he has published job opportunities with specialists who are able to develop software, cryptographic models and microchips for "fiat digital currency".
Two reasons
The document, published on the official website of the IMF, indicated that there are two main reasons why countries develop criptos and their basic technology, known as blockchain. First of all, the role of money will be weakened by state cryptographic coins. Another reason is the desire of central banks to use this financial technology to get in touch with millions of citizens who have not opened a bank account or do not have access to financial services.
"Money itself is changing: Beyond regulation, should the state remain an active player in the money market? Should it fill the void left by the withdrawal of money?" Said Christine Lagarde.
"Does the government have the duty or the duty to provide money without risk to the general population? Does this duty persist even after the use of cash decreases?", Said a research scientist at the Currency Initiative of MIT, Robleh Ali, arguing on Lagarde's point of view.
