IMF Unites Central Banks to Create Global CBDC Platform

IMF Unites Central Banks to Create Global CBDC Platform
IMF Headquarter, Washington DC, USA (Photo: Karen Bleier/AFP)

The International Monetary Fund (IMF) is developing a platform for central bank digital currencies (CBDCs) to facilitate international transactions, Reuters reported, citing the statement by IMF Managing Director Kristalina Georgieva on Monday. 

At a conference hosted by African central banks in Rabat, Morocco, Georgieva said: “CBDCs should not be fragmented national propositions. To have more efficient and fairer transactions we need systems that connect countries: we need interoperability.”

“Given this, the IMF is creating the concept of a global CBDC platform,” she added. The IMF is encouraging central banks to come to a consensus on a regulatory framework for digital currencies to ensure global interoperability. 

Currently, 114 central banks are exploring the possibilities of CBDCs, with around 10 having already finalized their development. 

Digital currency is a type of money that exists only in digital form. It is also known as electronic money, electronic currency, or cybercash. Digital currencies offer several advantages, including the ability to transfer value seamlessly and at a lower cost, greater anonymity, and security. 

Turkmenistan joined IMF on September 22, 1992.