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HomeAltcoinsIMF in its report "The Ascent of CBDCs" unveils 97 CBDC around...

IMF in its report “The Ascent of CBDCs” unveils 97 CBDC around the world

The IMF (International Monetary Fund), like many other international financial institutions, concentrates on the concepts of digital currencies and the Blockchain industry.

Due to the growing adoption pace of cryptocurrencies, it has highlighted the need for legitimate surveillance. Apart from this, it additionally uncovered the beneficial use cases of Blockchain in the finance field.

World governments are trying to use blockchain by introducing CBDCs (Central Bank Digital Currencies) into the nation. The idea has grabbed the eye of most nations, with most of them actually researching it.

Moreover, recently the IMF released a report on the growth of global CBDCs development in different countries.

Recently the IMF published a report named “The Ascent of CBDCs.” The following report will give an understanding of the CNDCs, and research the firm has done. Considering this, the report provides an update on the worldwide advancement of CBDCs in September.

The IMF report noticed that, as of July, nearly 100 countries have shown interest in CBDCs across many continents. These CBDCs are either in the exploration or in the growing stage. At the time of writing this report, just two nations have completely launched their own CBDCs: Bahamas and Nigeria.

As of July 2022, there were about 97 CBDCs, the report mentions. Out of the 97 CBDCs, two CBDCs have already been launched and 15 are in the pilot stage. Presently, 15 CBDCs are in the proof-of-concept stage with 65 nations still doing the research on theirs. The IMF obtained this information from its dedicated CBDC tracking site.

Besides, the IMF highlighted the advantages and problems related to CBDCs, considering new real factors. One of the many advantages of digital assets is monetary incorporation. CBDCs are a road for national banks to bring monetary services to their unbanked population across the world.

IMF added in the report “Beyond advancing financial inclusion, leading specialists argue that CBDCs can make greater flexibility for domestic payments system and foster more competition, which might lead to better access to money, increasing payment efficiency, and thus lower transaction costs.”

Moreover, the IMF called attention to some of the issues CBDCs could face. They incorporate crisis concerns arising from mass withdrawals and cyberattack risks. CBDCs are most nations’ road to take benefits that blockchain promises. 

As the adoption of digital assets advances further and governments recognize their fundamental role in everyday lives, the financial industry could improve greatly with this important inclusion.

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