The International Monetary Fund believes that digital money, both private and public, could help the world’s most remote and dispersed nations.
While CBDCs might be the best option for those nations with existent currencies and mature banks, private stablecoins might help less advanced economies.
In a 58-page text, the IMF’s senior economic experts highlighted the challenges faced by the dozens of countries and microstates located in a Pacific Islands area: The IMF believes these nations can benefit from the digital money revolution by developing payment systems, expanding financial inclusion and mitigating the loss of correspondent banking relationships.While the report predictably focuses on CBDCs, a cause heavily advocated by the IMF, it also mentions private stablecoins backed by foreign currencies.
Overall, the report states that the best option for PICs with existent national currency and mature banks is a two-tier CBDC, whereby the central bank issues but delegates the operation to private intermediaries. As for others:
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pakistan and IMF reach preliminary deal to release $1.1 billion from bailout fund, IMF saysPakistan and the International Monetary Fund have reached a preliminary agreement for the release of $1.1 billion from a $3 billion bailout following dayslong talks in Islamabad. Officials said Pakistan will receive the final tranche from the bailout that was approved by the IMF in July to save the nation from defaulting on its debt repayments.
Read more »
From Bali to Jamaica, these islands are Hollywood's favouritesIslands have provided the backdrops for some of the most memorable moments in film and TV history. Live out your big- and small-screen fantasies in these idyllic locations.
Read more »
Europe's historic islands you shouldn't missFrom ancient cultural sites to precious artefacts, Europe’s islands are filled with historical intrigue and fascinating insights into the past.
Read more »
Israel seeks to push Palestinians to 'islands' ahead of Rafah invasionTel Aviv plans another exodus of Palestinians that will see 1.4 million Gaza residents transferred from southern Rafah to so-called 'humanitarian islands' of central Gaza.
Read more »
Israel seeks to push Palestinians toward 'islands' ahead of Rafah invasionTel Aviv plans another exodus of Palestinians that will see 1.4 million Gaza residents forcibly displaced from southern Rafah to so-called 'humanitarian islands' of central Gaza.
Read more »