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IMF to Publish Handbook on Central Bank Digital Currencies and Their Potential to Improve Payment Systems

IMF to Publish Handbook on Central Bank Digital Currencies and Their Potential to Improve Payment Systems

CointimeCointime2023/11/15 16:51
By:Cointime

The International Monetary Fund (IMF) is set to publish a handbook on central bank digital currencies (CBDCs), with initial findings suggesting that a well-designed CBDC could improve payment systems alongside other solutions. The handbook, due after the 2023 annual meetings, will cover a range of frequently asked questions on CBDCs, including policy objectives, legal considerations, cyber resilience and readiness to issue. While the US is not currently supportive of a digital dollar, other major jurisdictions such as the European Union appear more open to CBDCs, with an official at the Bank of Italy suggesting a digital euro could be the answer to stablecoins. The IMF paper advises policymakers to explore CBDCs carefully and systematically, given the complexities and novelty involved.

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