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News Link • International Monetary Fund-IMF

IMF Proposes Central Bank Digital Currencies To Crush Cryptocurrencies

• https://www.technocracy.news, Richard Kastelein

The International Monetary Fund (IMF) has recently pushed out a staff discussion note called "Fintech and Financial Services: Initial Considerations" which provides a wealth of detail in how the organisation takes view on the current rise of cryptocurrencies.

The IMF paper focusses largely on the role DLT can play in cross-border payments and ends on the role that the organisation feels they can play on a global scale to coordinate and regulate digital assets, largely, it appears, by supporting the role of central banks in their quest for creating their own CBDCs and assisting in designing the future regulatory environment.

In other words, push current private cryptocurrencies into a subservient role and let central banks take control:

"The introduction and potential proliferation of private virtual currencies might, in one view, threaten to erode the demand for central bank money and the transmission mechanism of monetary policy. A CBDC may forestall such private virtual currencies or relegate them to a secondary role in the payments system.

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