The International Monetary Fund will also make digital coins and other cryptos will no longer be competitors.
At least, that’s what the International Monetary Fund (IMF) says. A sample of good marketing, or do they have a valid point? The director Kristalina Georgieva, says crypto assets and stablecoins are no match for well-designed central bank digital currencies (CBDCs).
Cryptos not competitors
“If CBDCs are carefully designed, they have more to offer. For example, they may be able to offer greater resilience, greater security, greater availability and lower costs than private forms of digital money,” says the director. She delivered a speech last week at the Atlantic Council in Washington DC on the future of central bank money, cryptocurrencies and digital currencies (CBDCs).
She noted that central banks have moved beyond conceptual discussions about digital currencies and are in the experimental phase. “These are still early days for CBDCs and we don’t know exactly how far and how fast they will go.” Still, she is very positive about the central bank’s currencies. Would be weird too if she wasn’t. If carefully designed, CBDCs can potentially provide greater resiliency, greater security, greater availability and lower costs.
Less volatile
She went on to say that this is clearly the case when compared to unbacked crypto-assets which are inherently volatile. And even the better managed and regulated stablecoins may not be able to cope with a stable and well-designed central bank digital currency. She did not comment on whether and when a possible coin will be released.
Also interesting!
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China’s own digital currency is doing well -
Bitcoin negatively portrayed by De Nederlandsche Bank -
Even the big banks go around and see what in cryptos -
A lot of people have cryptos
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