Amitoj Singh is a CoinDesk reporter.
An IMF survey of the Middle East and Central Asian region has concluded that while CBDC's may not be essential they can advance financial inclusion and lower the cost of financial services.
The survey also said that CBDCs can advance financial inclusion and lower the cost of financial services, and yet adopting a CBDC, requires careful consideration. However, the survey noted that underlying constraints and improving other digital payment systems may be a more practical alternative to CBDCs.
"Ultimately, introducing digital currencies will be a long and complicated process that central banks must approach with care," the IMF survey concluded."Policymakers need to determine if a CBDC serves their country’s objectives and whether the expected benefits outweigh the potential costs, risks for the financial system, and operational risks for the central bank."
The survey said that the 19 central banks in the region are exploring issuing a CBDC the countries are mainly focused on how CBDCs can enhance financial inclusion and payment system efficiency.
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