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Cryptocurrency will open up new opportunities for cross-border payments – IMF
CONTENT

  • CBDC will open new perspectives for cross-border payments

  • Implementation of CBDC must be slow and measured

  • Creation of cross-border payment systems will require collaboration of all central banks in the world

International consortium of news organizations developing transparency standards.

The International Monetary Fund discussed the opportunities that cryptocurrency opens up in cross-border payments. The coronavirus epidemic has fueled faster CBDC adoption Paper bills and coins may be a thing of the past due to a new financial instrument, central bank digital currencies (CBDCs). As … More, which central banks are working on today.

Cryptocurrency will open up new opportunities ...

Cryptocurrency changes existing payment systems

At the IMF conference “Cross-Border Payments – New Beginnings,” representatives of central banks, commercial banks, the US Federal System and other agencies discussed the new opportunities that digital currency opens up in the world. Conference moderator Kristali Georgieva, Managing Director of the World Monetary Fund, said that digital currencies open up new opportunities for people who live in countries with low economies and do not have access to banking services..

Federal System Member Jerome Powell stated that CBDCs do have a number of advantages, such as transaction speed, no fees, or minimum fees. Povel also devoted a separate time in his speech to the Libra stablecoin.In June 2019, Facebook announced preparations for the release of the Libra digital currency. The social network project immediately attracted attention … More, which can really become a global payment asset, so global stablecoins should be regulated within the jurisdiction of states.

Saudi Arabia’s Monetary Policy Officer Ahmed Albudhamid Alcolifei said the government believes digital currencies, including CBDC, Bitcoin and others, will open up new horizons for cross-border payments for central banks that will remain a key link..

Cryptocurrency will open up new opportunities ...

“The use of cash does not allow us to estimate who used it an hour ago. But CBDC allows you to trace the origin of money, as well as the final recipient and sender. And that’s a plus, ”said Agustin Carstens, CEO of the Bank for International Settlements.

Cryptocurrency can threaten the dollar

As Jerome Powell said, today the United States, like the entire global financial system, stands at the crossroads of several trends, such as technology, innovation, politics..

“Of course, the implementation of CBDC is of great importance for the whole world, so talking about the stability of the dollar in such a situation is not entirely appropriate,” said Jerome Powell..

Agustin Carstens, CEO of the Bank for International Settlements, emphasized that for the implementation of CBDC for cross-border payments, collaboration of the central banks of countries with the US Federal System is already needed to develop unified payment technologies.

Jerome Powell also said that when implementing CBDC, it is necessary to take into account not only positive aspects, but also risks, such as information security and personal data protection. Therefore, today it is impossible to say unequivocally about the advantages of digital currencies over fiat ones. Central banks should unite and discuss all the pros and cons of implementing CBDC.

“Launching a system of cross-border payments is a huge challenge that requires various consultations, collaboration of all stakeholders. I think that we must not rush, but must move slowly so as not to make mistakes, ”summed up the conference Agustin Carstens, CEO of the Bank for International Settlements.

Cryptocurrency will open up new opportunities ...

 

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