CENTRAL BANKS OF 15 COUNTRIES ARE READY TO ISSUE NATIONAL CRYPTOCURRENCIES

The International Monetary Fund (IMF) published a report in which it noted that 15 different countries are preparing to issue CBDC (Central bank digital currency).

In November, the Head of the International Monetary Fund (IMF), Christine Lagarde, said that the international community should “consider” introducing CBDC issued by the Central Bank, and in this week’s report, the IMF listed countries that are considering to join this international trend: the Bahamas, Canada, Curaçao and St. Martin Islands, China, the Eastern Caribbean Islands, Norway, Ecuador, Senegal, Sweden, Tunisia, and Uruguay.

In Sweden, for example, mobile payments have become very popular and cash turnover has decreased so much that experts suggest that soon the point of sale will not accept banknotes at all. Therefore, the state should offer an alternative to the private market occupied by the payment company, the Central Bank of Sweden said recently.

The Central Bank of China, meanwhile, has long been working on a project of its own cryptocurrency. This fall, the Bank opened several vacancies for specialists in the field of blockchain technologies and encryption methods.

The International monetary Fund report highlights two main reasons for the growing interest in CBDC and the blockchain technology behind IT among Central banks: the weakening role of cash, the national Fiat and ensuring access to financial technology for millions of citizens not covered by banking services at the moment.