IMF Report Reveals Number of Current CBDCs…Details Here
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Answer IMF Report Reveals Number of Current CBDCs…Details Here
The International Monetary Fund (IMF), like many other international financial organizations, pays due attention to the blockchain and cryptocurrency industry.
The exponentially increasing rate of cryptocurrency adoption has emphasized the need for proper monitoring.
These organizations are also interested in useful use cases of blockchain in the field of finance.
Central Bank Digital Currency (CBDC) is one of the ways in which the world’s governments are seeking to use the blockchain.
This concept has attracted the attention of most countries, and the majority are still doing research on it.
The International Monetary Fund recently released an update on the progress of this global development of CBDCs in different countries.
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Number of CBDC digital currencies:
The International Monetary Fund recently released a publication titled “The Rise of Central Bank Digital Currencies.”
The report provides insight into the research the organization has conducted on CBDCs.
In light of this, the publication provides an update on the global development of central bank digital currencies in September.
The IMF report notes that as of July 2022, about 100 countries across several continents have shown interest in central bank digital currencies.
This CBDC is either in the research or development stage.
As of the time of the report’s publication, only two countries have fully launched CBDCs, namely:
Nigeria and the Bahamas.
The report mentions about 97 CBDCs as of July 2022.
Of this number, 2 CBDCs have been launched, and 15 are in beta.
In addition, another 15 countries are currently in the proof-of-concept stage, with 65 countries still conducting research.
The International Monetary Fund obtained this data from its website dedicated to tracking central bank currencies.
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The International Monetary Fund highlights the benefits and advantages of digital currencies for the central bank:
The International Monetary Fund has highlighted the benefits and issues associated with core digital currencies in light of the new realities.
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One of the many benefits of a digital asset is financial inclusion.
Central bank digital currencies are a way for central banks around the world to provide financial services to their unbanked population.
In addition to enhancing financial inclusion, leading experts argue that central bank digital currencies can bring greater flexibility to payment systems and promote more competition, which could lead to better access to funds, greater efficiency in payments, and thus lower transaction costs.
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