Kristalina Georgieva, Director of the International Monetary Fund (IMF), stated that they are working on the concept of a global central bank digital currency (CBDC) platform.
Georgieva, in her speech at the conference on central bank digital currencies in Rabat, the capital of Morocco, said that they are aware of the great transformation driven by the digital revolution.
Explaining that if policy makers do not act quickly, opportunities may be missed and new risks may arise for the future, Georgieva noted that as the IMF, they are working on global central bank digital currencies, but that many things are still not decided.
Pointing out that many central banks have addressed the issue, Georgieva stated that 114 central banks are in the discovery phase. Georgieva stated that the world’s largest pilot implementation of the central bank digital currency was carried out in China with 118 million participants.
Pointing out that central bank digital currencies enable more people to access financial services and reduce costs, Georgieva stated that they can provide more resilient and efficient payment systems.
Georgieva also stated that central bank digital currencies can be a cheaper and faster way for cross-border payments.
Emphasizing the need for systems that connect countries to make transactions more efficient and fairer, Georgieva said, “Therefore, as the IMF, we are working on the concept of a global central bank digital currency platform.” she said.