Jordan moves closer to retail CBDC launch with assistance from IMF
While Jordan's retail payment space is flourishing, the IMF says various barriers prevent customers from using digital payments, and launching a retail CBDC could help address that.
While Jordan's retail payment space is flourishing, the IMF says various barriers prevent customers from using digital payments, and launching a retail CBDC could help address that.
In line with India's pledge to develop a framework to regulate the digital asset industry, the FSB, IMF, and BIS will submit recommendations to G20, focusing on countering risks tied to the assets.
The Financial Stability Board is set to publish recommendations for stablecoin regulations this year, and it says most existing stablecoins fall short of these proposed standards.
IMF has called on its members to develop a comprehensive and consistent framework to regulate digital assets, fearing they could undermine financial stability.
India is mulling a partnership with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) in its quest for an international regulatory framework.
The Philippines has joined countries exploring central bank digital currencies via a partnership with the International Monetary Fund, believing that a state-backed currency is a key to solving cross-border friction.
IMF says Africa stands at great risk if it fails to rein in its Bitcoin industry—the fastest growing globally—especially for countries making BTC legal tender.
India recognizes the benefits of the digital asset sector but says a tech-driven framework needs to be crafted to ensure that technology in the industry will not be misused.
BIS and IMF say that using CBDCs could solve many challenges with cross-border movement of funds, but question whether central banks will work together.
IMF examined the environmental impact of blockchain network designs, highlighting that some blockchains have improved the energy efficiency of payments infrastructure while others are inefficient.
Speaking at a webinar series organized by the IMF, RBI Deputy Governor T. Rabi Sankar stated that the Indian central bank believes CBDCs could kill private digital currencies.
The paper is a result of consultations made both with local digital currency industry key players and international organizations like the IMF and the World Bank.