World Bank, BIS, IMF Seek Global Cooperation to Implement CBDCs
Crypto Guide
Live News

World Bank, BIS, IMF Seek Global Cooperation to Implement CBDCs

July 10, 2021      Shumaila Arshad Khan

On Friday, the IMF, World Bank, and BIS jointly called for international cooperation and coordination on the implementation of CBDCs or central bank digital currencies across the world.

Financial Bodies World Bank, IMF, BIS Now Seek for International Coordination on CBDCs

As per reports, global bodies like the International Monetary Fund (IMF), World Bank, and the Bank for International Settlements (BIS) have unilaterally called for international cooperation for nations to implement and adopt central banks backed cryptocurrencies.

The Deputy Governor for Financial Stability of the Bank of England and the Chairperson of the Committee on Payments and Market Infrastructures, Jon Cunliffe was quoted in a report of the G20 meeting in Italy as:

READ  New Stablecoin AgeUSD, First to be Launched on the Cardano Network

“CBDCs (central bank digital currencies) offer the opportunity to start with a ‘clean slate’. It is crucially important that central banks take the cross-border dimension into account.”

While, Tobias Adrian, the Director of IMF’s Monetary and Capital Markets Department and Financial Counselor said: “The implications of CBDCs, even if only intended for domestic use, will go beyond borders.”

Central Banks Across the World are Now Actively Considering Digital Currencies

It is estimated that about 90% of global banks all across the world are now gravely considering the idea of creating digital versions of their currencies while exploring the various aspects of regulations, execution, and adoption of such digital currencies.

The recent report of the G20 has stressed that facilitating international transactions with central bank digital currencies could be realized only through different degrees of integration and collaboration on international fronts. These facilitations would be ranging from establishing payments infrastructures to fundamental compatibility with common standards.

READ  XTZ in a Bear Hug, Might Hit $3.3 - Technical Analysis

It also said that the interoperability will be crucial to the realization of the global CBDCs goal, while the multilateral coordination would be a pre-requisite to enhance the potential of the macro-financial impact these digital currencies would leave.

#Bank of International Settlement (BIS) #Central Bank Digital Currencies (CBDCs) #IMF #On Friday #The IMF #World Bank
Shumaila Arshad Khan
Shumaila Arshad Khan

Shumaila Khan is a Senior Editor, a Management Professional, and a novice Crypto-Enthusiast who has authored and co-authored scores of works and research publications in various fields like sales, marketing & communications, geo-politics, and science including crypto asset class and its global impact on the world economy and market. As a keen observer of current and plausible trends in the crypto space, she’s been working to provide fresh content with a clear and resourceful perspective that would help build general awareness about the dynamics of cryptocurrency, its know-how, and sustainability.