IMF, World Bank Push For CBDC Acceptance At G20

The International Monetary Fund (IMF) and World Bank argued for the cross-border benefits of central bank-issued digital currencies (CBDC), according to them projects like the United States Digital dollar would aid global development.  

- Advertisement -

At the G20 summit with the Bank for International settlements (BIS), the global organizations released a paper saying that coordination on digital currencies will upend the status quo of needing to rely on expensive and delayed money transfer services to transport money throughout the world.

“faster, cheaper, more transparent and more inclusive cross border payment services would deliver benefits for citizens, businesses, and economies worldwide,” according to Indermit Gill, World Bank Group Vice President of equitable growth and finance institutions.

The technology allows the bank of England’s deputy governor for financial stability, Sir Jon Cunliffe, to “start with a clean slate” when it comes to strengthening the payments systems, he added. The paper was created for a G20 summit in Italy, the summit brought together finance ministers and central bank representatives from top nations of the world.

The paper envisions a central bank digital currency environment in which currencies can be quickly and at any moment exchanged. Digital currencies can also be used to provide the same services to retail customers that central banks provide swap lines to one another. This is to ensure that for example, the United States Dollar is easily accessible for exchange.

Let us know in the comments if your country decides to create a digital currency are you going to use it as a means of making payments?

Previous Articles:

- Advertisement -

Latest News

Putin: 90% of BRICS Transactions Now Settled in Local Currencies

BRICS confirmed that 90% of all transactions among member countries are now settled in...

Bitcoin, Major Cryptos Jump as US Eyes Trade Deals Before Tariff Deadline

Major cryptocurrencies increased Sunday following comments from U.S. Treasury Secretary Scott Bessent about imminent...

XRP Poised for $5 Surge by 2027 After SEC Win and ETF Hopes

Ripple’s XRP token reached $2.23 in July 2025 after rising over 640% since July...

Bitcoin’s Anti-Establishment Days End as Wall Street Takes Over

Wall Street institutions now play a major role in the Bitcoin market, reducing its...

Must Read

The Ultimate Guide on How to Understand a Cryptocurrency White Paper

Today, cryptocurrency is a popular buzzword. We hear about it on the news, we read about it on the Internet. Yet, people are reluctant to...