October 25, 2020

IMF proposes to provide stablecoins access to Central Bank reserves

IMF proposes to provide stablecoins access to Central Bank reserves

The International Monetary Fund has always been positive about the idea of ​​introducing cryptocurrencies into the world financial systems. In this regard, the IMF's opinion almost always differed from that of central banks

The IMF official blog says ifstable coins will have a significant impact on the financial sector, for example, on cash and bank deposits, they will undoubtedly attract the attention of politicians who are currently just watching from the side.

The IMF also details in its blogstable coins, defining them as cryptographic tokens that are easily converted to fiat and are characterized by low levels of volatility. It is indicated that these types of assets can radically change the method of payment for services, making them cheaper, faster and more convenient for the user. The entry indicates:

One of the possible ways of regulation isproviding suppliers of a stable currency with access to central bank reserves. It will also give the Central Bank an idea of ​​how to work with the private sector, and will help to understand the issues of issuing its own synthetic digital currency of the central bank (sCBDC).