Roughly Half The World's Central Banks Are 'At Some Stage' Of Exploring Their Own Digital Currencies, IMF Says

Camomile Shumba  Wed, October 6

110 countries are at "some stage" of looking into CBDC's, Kristalina Georgieva, IMF managing director, said Tuesday.  (Central Bank Digital Currency)

Crypto is too volatile to be money, but CBDCs would be more reliable, she said.

China is already trialing a digital yuan and is well ahead of other major economies.

More than half of the world's central banks have been exploring the creation of their own digital currencies (CBDCs), the head of the International Monetary Fund said at the organization's annual meeting on Tuesday.

Kristalina Georgieva, the managing director of the IMF, said 110 countries were at "some stage" of exploring a CBDC. This is a little over half of all the central banks the IMF deals with.

China is said to be several years ahead of most other major economies when it comes to launching a CBDC and is trialling a digital yuan. The government and the regulators have recently banned trading and mining of cryptocurrencies. Some small nations, such as the Bahamas, already have working CBDCs.

"Before the pandemic, remember we used to say, the future is digital. With the pandemic, the future has arrived and very prominently in the world of money," Georgieva said.

The US, UK, EU, Canada, Nigeria, and India are among the nations that are trying to up their efforts on the CBDC front. "So, that is going to be moving quite, quite, quite rapidly," Georgieva said, talking about the momentum behind the rollout of CBDCs more widely.

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