IMF intends to "strengthen" digital currency surveillance

The International Monetary Fund, or IMF, plans to “strengthen” its surveillance of digital currencies, according to to a Reuters report....

The International Monetary Fund, or IMF, plans to “strengthen” its surveillance of digital currencies, according to to a Reuters report. This intention, as published in an IMF document Thursday, details how the fund plans to “manage this large-scale and complex transition” to a digital economy.

“Rapid technological innovation ushers in a new era of public and private digital currency,” the report read, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper and more accessible, and will cross borders quickly. These improvements could promote efficiency and inclusion, with major benefits for all. “

Related: IMF plans to meet with President of El Salvador, to potentially discuss Bitcoin adoption

However, such implementations can only take place if the IMF can “keep pace with the policy challenges,” which requires a closer look at digital economies as a perspective. The fund plans to work with institutions “according to its mandate”, such as central banks, regulators and the World Bank, while developing its own research on digital currency.

As noted in an April 2021 document, the IMF plans to add five expert groups to properly conduct the research. Their skills include lawyers, digital risk experts, financial industry experts, tax economists and data scientists. This skill set should cover research on the digital currency industry in depth, the paper claims.

The fund will target central bank digital currencies, or CBDCs, stablecoins, crypto-assets, etc. It will examine how these assets represent financial independence, can act as reserve currencies and how they can replace current payment systems.

Related: Steve Hanke warns BTC could ‘completely collapse the economy’ in El Salvador

Earlier this week, the IMF issued a warning regarding El Salvador’s recent Bitcoin law. While not directly mentioning the country, the warning indicated that “granting legal tender status to crypto-assets” could threaten local economies, not to mention the tedious process for citizens “to choose what money to keep.” . Conversely, the IMF said earlier this month claiming that the CBDCs could provide the global financial system with a “clean slate”.

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Newsrust - US Top News: IMF intends to "strengthen" digital currency surveillance
IMF intends to "strengthen" digital currency surveillance
Newsrust - US Top News
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