IMF recommends developing countries to introduce digital currencies of the Central Bank and replace the US dollar

The goal of the new policy of the International Monetary Fund (IMF) is to reduce the financial risks associated with the global adoption of digital assets.

IMF
released recommendations for developing and emerging market countries. The fund recommends that emerging economies adopt a national digital currency and reduce dependence on the US dollar in order to increase economic stability in the world.

The organization is confident in the potential of digital assets as a solution for fast and low-cost international payment transactions. The report identifies the main advantages of launching a national digital currency: high profitability and speed of payment transactions, reduced transaction costs and reduced requirements for anti-money laundering and terrorist financing (AML) standards. To ensure financial stability amid growing digital asset trading volumes, the IMF recommends:

“Regulators to increase their capacity to oversee the cryptocurrency ecosystem. For emerging markets facing digital asset pressures, strengthen policies to ensure a stable economy and explore the benefits of the launch of government digital currencies. ”

The IMF believes that in addition to the introduction of a digital currency, the Central Bank needs a policy aimed at replacing the US dollar in international settlements. All these measures will help states to prevent the risks of macro-financing.

This week, the Bank for International Settlements experimentally proved that the digital currencies of the Central Bank reduce the costs and time for international transactions. Earlier, HSBC Bank CEO Noel Quinn said that national digital currencies will develop the economies of states.