{"id":24735,"date":"2023-06-19T21:13:20","date_gmt":"2023-06-20T01:13:20","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/imf-is-working-hard-on-a-global-cbdc-concept-director-georgieva-said-bloomberg-news\/"},"modified":"2023-06-19T21:13:21","modified_gmt":"2023-06-20T01:13:21","slug":"imf-is-working-hard-on-a-global-cbdc-concept-director-georgieva-said-bloomberg-news","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=24735","title":{"rendered":"IMF Is Working Hard on a Global CBDC Concept, Director Georgieva Said: Bloomberg News"},"content":{"rendered":"
\n

International Monetary Fund Managing Director Kristalina Georgieva said that the agency is \u201cworking hard on a concept of global infrastructure\u201d to make sure there is interoperability of settlements between digital currencies that are issued by national central banks, according to Bloomberg News<\/u>.\u00a0<\/p>\n

\u201cWe are working on a principle of interoperability,\u201d she said. That concept would involve a shared infrastructure that would avoid the emergence of \u201csettlement blocks,\u201d which is the \u201clast thing we want\u201d to avoid further economic fragmentation, Georgieva said at a conference in Morocco.\u00a0<\/p>\n

Georgieva has been managing director of the IMF since 2019 and was previously the CEO of the World Bank.\u00a0<\/p>\n

CBDCs around the world<\/h2>\n

So far 11 countries have launched a central bank digital currency and all G7 economies have moved into the development stage of a CBDC, according to the Atlantic Council<\/u>.\u00a0<\/p>\n

Now 114 countries, representing over 95 percent of global gross domestic product, are exploring a CBDC, when in May 2020, only 35 countries were considering it, the council said.\u00a0<\/p>\n

Advocates for a CBDC say they can provide better financial services to their citizens, while critics warn that CBDCs could violate privacy.\u00a0<\/p>\n

The US is looking into the creation of a CBDC, but a US Treasury official said last week that the agency is looking<\/u> into privacy behind a CBDC.<\/p>\n

A retail CBDC has pros and cons, said Graham Steele, assistant secretary for financial institutions at US Treasury, on Tuesday at the Transform Payments US 2023 Conference in Texas.\u00a0<\/p>\n

One challenge of a retail CBDC could be privacy, Steele said.\u00a0<\/p>\n

Some lawmakers have staunchly opposed a CBDC due to privacy concerns.\u00a0<\/p>\n

Florida Governor Ron DeSantis, and now Republican presidential candidate, signed a bill last month, banning CBDCs, and said Florida was the first state to do so.\u00a0<\/p>\n

\u201cThe movement to establish a central bank digital currency is an attempt to surveil & control the finances of Americans. It would violate privacy, limit consumer choice & undermine market competitiveness,\u201d DeSantis tweeted in March.\u00a0<\/p>\n

Republican Sen. Ted Cruz of Texas has also suggested banning the US Federal Reserve from issuing a CBDC, and introduced a bill in March 2022<\/u> that would ban the Fed from developing a direct-to-consumer CBDC.\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

International Monetary Fund Managing Director Kristalina Georgieva said that the agency is \u201cworking hard on a concept of global infrastructure\u201d to make sure there is interoperability of settlements between digital currencies that are issued by national central banks, according to Bloomberg News.\u00a0 \u201cWe are working on a principle of interoperability,\u201d she said. That concept would […]<\/p>\n","protected":false},"author":1,"featured_media":24736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-24735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nIMF Is Working Hard on a Global CBDC Concept, Director Georgieva Said: Bloomberg News | iFintechWorld<\/title>\n<meta name=\"description\" content=\"International Monetary Fund Managing Director Kristalina Georgieva said that the agency is \u201cworking hard on a concept of global infrastructure\u201d to make\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=24735\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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