The International monetary Fund (IMF) believes that it is possible to issue digital currencies, which Central banks will be able to control. The head of the organization Christine Lagarde, speaking at a conference in Singapore, stressed that the launch of state digital currencies will make this segment of the economy as safe as possible.
Lagarde noted that the volume of non–cash payments is constantly increasing, which creates additional risks for the transparency and security of the global financial sector.
“I believe that we should consider the possibility of issuing a digital currency. Thus, the state will be able to participate in the formation of the economy“, – said the head of the IMF.
Among the main advantages of using cryptocurrencies are security, efficiency and low cost of each transaction. According to the head of the Fund, the Central banks of Canada, Sweden, China and Uruguay are already considering options for issuing state cryptocurrency.
However, the IMF is still worried about the anonymity of cryptocurrency transactions. Transactions with digital currencies are extremely difficult to track, which is often used by terrorists and criminals.
It is worth noting the fact that earlier the IMF questioned the need to issue its own cryptocurrency by small countries. According to experts of the Fund, such countries as, for example, the Marshall Islands, it is better not to release your digital asset. This is due to the fact that the sector of the country is highly dependent on the us dollar, and the launch of its own digital asset can lead to an increase in fraud and speculation in the domestic market.
In some countries, such as China, options for the production of stablecoins tied to the local currency are already being studied. A digital asset backed by the value of the Chinese yuan will allow China to reduce its dependence on the us dollar and strengthen its currency at the international level. Analysts of the People’s Bank of China offered the government not only to consider options for launching such a stablecoin, but also to speed up work in this direction.
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