The IMF believes that the future of the digital currency for synthetic stablecoins

Deputy Head of the IMF Currency Markets DepartmentTomaso Mancini-Griffoli believes that the public-private partnership in the field of digital currency of the central bank (CBDC) is the best option for its further development.

In his view, the concept of money is completelycontrolled by the central bank, is outdated and needs to be modernized. Therefore, he sees the future of digital currencies behind synthetic projects, in the management of which not only the state but also business are taking part.

Tomaso Mancini-Griffoli's idea is thatprivate sector representatives receivethe ability to independently issue obligations that people can use for purchases and payments. At the same time, the central bank will guarantee their security at the expense of its reserves.

However, for the issue of synthetic obligationscompanies will need to obtain an appropriate license from the Central Bank. This will help authorities regulate organizations. A controlled environment will also ensure a level playing field for all representatives of the private sector and reduce potential risks to economic stability.

Mancini Griffoli says thatpublic-private partnerships in this area will promote competition and innovation, but in compliance with regulatory requirements and maintaining comparative advantages. Nevertheless, he notes that successful launch of such projects will require lengthy discussions about the functions of each of the parties.

In recent years, financial technology hasare rapidly developing, which, according to the Chairman of the G20 Financial Stability Board, Randal Quarles, regulators do not have time to react to changes.

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