{"id":20517,"date":"2023-05-03T10:31:23","date_gmt":"2023-05-03T10:31:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/imf-cautions-against-unforeseen-consequences-of-retail-cbdcs\/"},"modified":"2023-05-03T10:31:23","modified_gmt":"2023-05-03T10:31:23","slug":"imf-cautions-against-unforeseen-consequences-of-retail-cbdcs","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/imf-cautions-against-unforeseen-consequences-of-retail-cbdcs\/","title":{"rendered":"IMF Cautions Against Unforeseen Consequences of Retail CBDCs"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, recently warned about the potential unforeseeable \u201cconsequences\u201d of retail central bank digital currencies (CBDCs). Speaking at the Milken Institute\u2019s 2023 Global Conference, Georgieva stated that the IMF has greater concerns about retail CBDCs than wholesale CBDCs, as they could have far more room for error.<\/p>\n

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Retail CBDCs are state-backed virtual currencies issued by central banks for use by consumers and businesses. In contrast, wholesale CBDCs are similarly central bank-issued but designed to allow financial institutions to carry reserve deposits with a central bank. Georgieva explained that while wholesale CBDCs can be put in place with relatively little space for undesirable surprises, retail CBDCs completely transform the financial system in a way that we don\u2019t fully understand.<\/p>\n

The IMF is working with about 50 countries to ensure best practices are adopted, Georgieva said. She believes that this collaboration will have a huge influence on the banks and economies in the future.<\/p>\n

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\u201cWe will see a very significant transformation that comes from CBDCs,\u201d she said.<\/p>\n

Even the United States, which was initially not interested in CBDC development, is now engaging in it, Georgieva noted. She concluded that \u201cthe future\u201d of CBDCs is already here.<\/p>\n

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On April 12, the IMF announced that it would publish a CBDC handbook to help central banks with CBDC design and implementation. The decision followed \u201cunprecedented\u201d levels of interest from nations around the world. The handbook will be a guide to best practices for creating and implementing CBDCs, providing valuable insights to policymakers who are considering developing their own CBDCs.<\/p>\n

As retail CBDCs continue to be developed by central banks around the world, the potential for unforeseen consequences remains a concern. The IMF\u2019s efforts to collaborate with countries and publish a CBDC handbook aim to ensure that the implementation of CBDCs is done in a way that maximizes their benefits and minimizes potential risks.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, recently warned about the potential unforeseeable \u201cconsequences\u201d of retail central bank digital currencies (CBDCs). Speaking at the Milken Institute\u2019s 2023 Global Conference, Georgieva stated that the IMF has greater concerns about retail CBDCs than wholesale CBDCs, […]<\/p>\n","protected":false},"author":5,"featured_media":20518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20517"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=20517"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/20517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/20518"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=20517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=20517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=20517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}