Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), recently disclosed that the IMF is actively working on a dedicated platform to facilitate transactions between countries using central bank digital currencies (CBDCs).
This step demonstrates the IMF’s commitment to promoting global interoperability by urging central banks to establish a unified regulatory framework for digital currencies.
To avoid fragmented approaches at the national level, Georgieva stressed the importance of interconnected systems and global interoperability in achieving more efficient and equitable transactions. She emphasized the need to develop CBDCs that transcend national boundaries, highlighting the significance of establishing systems that connect countries and enable seamless interoperability.
The conference attended by African central banks in Rabat, Morocco provided a forum for discussions on the future of CBDCs and strategies for achieving interoperability.
Georgieva’s statement underscores the IMF’s dedication to fostering a global approach to CBDCs, encouraging central banks to collaborate in establishing systems that go beyond domestic borders. The aim of this announcement is to create enhanced connectivity and interoperability necessary for CBDCs to drive economic growth, financial inclusion, and efficiency at a global scale.
According to Georgieva, a total of 114 central banks worldwide are currently exploring the potential of CBDCs, with approximately 10 of them making significant progress in their development.
In recent weeks, the industry has been closely following the legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding the classification of cryptocurrencies like XRP. Despite regulatory uncertainties, Ripple, the platform associated with XRP, is actively involved in CBDC development. They recently announced a partnership with Banco de la República, Colombia’s central bank, to explore the possibilities of blockchain technology in the financial sector, including the potential development of a CBDC.