Friday , September 30 2022

IMF Director: Even Central Banks Should Issue Cryptophaga Economics


Central banks should think about the issue of digital coins as we are at a time when money is changing, says Christine Lagard, head of the International Monetary Fund (IMF).

X. Lagarda spoke on Wednesday at Singapore's Fintech Festival. He stressed the volatile nature of the money and pointed out that cash demand worldwide is now decreasing. Central banks, according to him, have the role of providing money to the digital economy.

"I think they should consider the possibility of digital coinage," the IMF chief said. The digital currency issued by the central bank can help increase financial integration and secure payments as an inexpensive and effective alternative to the banknote.

X. Lagarda, however, also warned about the risks associated with cryosoma. "I just want to say that even if the cryptomain support arguments are not universal, we should look at them seriously, carefully and creatively."

Centralized banks around the world are exploring how the increase in cashless payments will affect their traditional role in boosting money and managing money supply. X. Lagarda warned that the central banks of China, Canada, Sweden and Uruguay have recorded this change and are trying to think about how to offer digital coins to the public.

For example, the Swedish central bank (Riksbank) plans to launch a pilot version of the e-kron digital coin in 2019. Sweden is one of the countries where little cash is used. According to the latest survey, Riksbank uses only 13% of Swedes to buy in the store.

The deposits in commercial banks are already digital, but the crypt may also be covered by the government, as it is today cash, Ch. Lagarde. Digital coins can come in the form of government coins or through an account held directly in a central bank.

Hiding as bitcoin and others, on the contrary, offer a decentralized alternative, meaning they are not controlled by any central authority. Lagarde said the crypts that were anchored in technology trust did not fully convince her. "Adequate regulation remains a pillar of trust," the IMF chief believes.

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