The head of the International monetary Fund Christine Lagarde (Christine Lagarde) said that the nature of money in the modern world is changing, and you should seriously consider the issue of digital currencies Central banks (CBDC).
“I believe that we should consider the possibility of issuing digital currency. For the state it can be a task providing money the digital economy,” said Lagarde in a speech at the Singapore FINTECH festival.
She recalled that in some jurisdictions, including Canada, China, Sweden and Uruguay, the authorities are seriously considering the idea
In her opinion, such currency can meet these public policy objectives, like improving access to financial services, security and consumer protection and the confidentiality of the payments.
As noted by the head of the IMF, the implementation of the CBDC carries certain risks to the financial integrity and stability, and the measures adopted in this respect will think. Additionally, the implementation of the CBDC may “stifle innovation” if the Central banks will begin to offer “integrated solution — from digital wallet token to firewall services”, Lagarde added.
But this decision may be that Central banks focus on its advantages — interconnection of the calculations, and the financial institutions and startups will work with the client, providing user-friendly interface and innovation.
“It will be a public-private partnership at its best” — said Christine Lagarde.
It is noteworthy that in September, the IMF team recommended that the Marshall Islands to abandon the idea of release CBDC. The island nation has announced plans to launch a digital currency called Sovereign in February of this year. In may, the IMF urged Central banks to compete with cryptocurrencies, including the release of CBDC.