Central Bank Digital Currencies Take Center Stage at IMF Spring Meetings

Central bank digital currencies (CBDCs) featured prominently when global financial leaders met for this year’s World Bank Group and International Monetary Fund (IMF) joint Spring Meetings in the United States. Faced with emerging disruptive technologies like Bitcoin, their discussions also focused on how money and payments are taking on new forms throughout the world. There…

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IMF Chief Lagarde Calls for ‘Exploration’ of State-Backed Digital Currencies

Christine Lagarde, managing director and chairwoman of the International Monetary Fund (IMF), has encouraged the exploration of a central bank digital currency (CBDC) in the light of decreasing demand for cash and rising preference for digital money. In a prepared speech for the Singapore Fintech Festival on Wednesday, Lagarde said: “I believe we should consider…

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IMF Official: Central Banks Need to Compete With Crypto

A deputy director for the International Monetary Fund’s Monetary and Capital Markets Department believes that central banks need to offer “better” fiat currencies in order to fend off any potential competition from cryptocurrencies. The suggestions came in an article published Thursday, penned by deputy director Dong He. In that article – which boasts the tagline “Crypto…

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SA Central Bank Comes Up With Another Nickname for Cryptos – “Cyber Tokens”

Featured Cryptocurrencies don’t meet the requirements of money, according to the South African Reserve Bank which has decided to call them by a different name. It’s one that does not imply either currency or cryptography. “We prefer to use the word ‘cyber-token’,” said a high-ranking official of the central bank in Pretoria, adding another entry…

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