Select Page

IMF Lays Out Vision for Digital Money Transition

IMF Lays Out Vision for Digital Money Transition
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

In order to keep pace with policy challenges and implement its mandate, the International Monetary Fund (IMF) will ramp up its resources to facilitate the transition to digital money.

In the paper, the IMF laid out its vision for its evolution. It also addressed how it will seek to partner with other organizations like central banks, regulators and the World Bank. While only published this week, the IMF discussed the March-dated paper in April.

Conditions for benefits

The IMF began the paper discussing a few of the benefits offered by digital currencies. Some of these include the speed, ease, and economy of transactions afforded by the digital infrastructure. Additionally, their cross-border facilitation could also foster efficiency and inclusion.

However, the paper then offers some conditions it believes necessary to reap these benefits while appropriately managing risks. “First, new forms of money must remain trustworthy,” the paper declares. By this it means they should protect consumers, adhere to a legal framework and support financial integrity.

Next, the paper said that new forms of money should bolster domestic economic and financial stability. This would require carefully designed public-private partnerships, a smooth transition of the role of banks, and fair competition. Additionally, the paper stressed that digital money should  be designed to support climate sustainability and efficient fiscal policy.

Finally, “digital money must be designed, regulated and provided so that countries maintain control over monetary policy, financial conditions, capital account openness, and foreign exchange regimes.” The paper then added that payment systems must also become increasingly integrated, not isolated.

The IMF’s mandate

Ultimately, the paper determined that the IMF must monitor, and advise, all its member states in this rapid transition to a digital economy. To do so, it offered four core competencies. The first is near universal membership. Next, a focus on macro financial policies and spillovers. Third, a diversity of expertise, and finally unique ties to member countries. This would consist of surveillance and capacity development through banks and ministries of finance.

Perhaps the IMF is seeking to reassess its mandate in regard to cryptocurrencies in light of their increasing use by member states. For instance on June 10, the IMF said that it foresaw a number of “macroeconomic, financial and legal issues” with El Salvador’s decision to make bitcoin legal tender.

The post IMF Lays Out Vision for Digital Money Transition appeared first on BeInCrypto.


Source: BeInCrypto


All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own here


All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber

Recent Comments