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Central Bank digital currencies could have legitimacy

The head of the IMF: «CBDCs may be helpful»

Speaking at the financial technology festival in Singapore, the head of the International monetary fund (IMF), Christine Lagarde, said that the international community should think about the issue of digital currencies by Central banks (CBDC).

The IMF Director also said about his own uncertainty about the concept of cryptocurrencies, but still admitted the possibility of introduction of state token, and other similar tools in the economy.

Lagarde said:

"I am convinced that we need to consider the possibility of issuing digital currencies. Probably, the state can play a major role in the digital economy, taking up the release of funds".

Shortly before the performance Lagarde, the IMF published a special report on the issue of CBDC, which discussed the pros and cons of this financial tool.

Lagarde said that to date, various jurisdictions are already considering the possibility of using tokens issued by the government. If all goes according to plan, CBDC can be helpful in the sphere of public policy, financial services, privacy in payments, and security and consumer protection.

Earlier, the International monetary fund advised the Marshall Islands not to rush with the release of national cryptocurrencies to circulate in tandem with the U.S. dollar, because sa priority of this state is to combat money laundering. This week, however, President of the Marshall Islands stated that these problems have been solved, so now nothing prevents to return to the issue of digital currencies.

Christine Lagarde, in turn, drew attention to the shortcomings of CBDC:

"I would also like to emphasize the risks of of stifling innovation — this cannot be done in any case. I think we should use a creative approach to these risks."

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