With interest in central bank digital currencies (CBDCs) at an “unprecedented” level, the International Monetary Fund (IMF) faces a huge demand for advice on these currencies. It plans to release a CBDC guide to meet the growing demand for guidance. According to Deputy Managing Director Bo Li say
IMF officials see it as an urgency to meet the central bank’s plans to issue a CBDC, so the organization has been in contact with nearly 30 countries seeking aid over the past two years. So far, more than 40 countries have contacted us.
“We believe that it is important to develop the potential of CBDCs to avoid unequal access to digital technology.”
In addition, poorly designed CBDCs pose a number of risks. And to meet the information needs, the IMF will produce a CBDC handbook, which will serve as a “basic for capacity building”.
The report will be completed in four to five years, with large amounts of funding coming from Japan. There will initially be 19 chapters divided into broad sections that deal with both policy and technical issues.
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