On Friday, the IMF, World Bank, and BIS jointly called for international cooperation and coordination on the implementation of CBDCs or central bank digital currencies across the world. Financial Bodies World Bank, IMF, BIS Now Seek for International Coordination on CBDCs As per reports, global bodies like the International Monetary Fund (IMF), World Bank, and the Bank for International Settlements (BIS) have unilaterally called for international cooperation for nations to implement and adopt central banks backed cryptocurrencies. The Deputy Governor for Financial Stability of the Bank of England and the Chairperson of the Committee on Payments and Market Infrastructures, Jon Cunliffe was quoted in a report of the G20 meeting in Italy as: “CBDCs (central bank digital currencies) offer the opportunity to start with a ‘clean slate’. It is crucially important that central banks take the cross-border dimension into account.” While, Tobias Adrian, the Director of IMF’s Monetary and Capital Markets Department and Financial Counselor said: “The implications of CBDCs, even if only intended for domestic use, will go beyond borders.” Central Banks Across the World are Now Actively Considering Digital Currencies It is estimated that about 90% of global banks all across the world are now gravely considering the idea of creating digital versions of their currencies while exploring the various aspects of regulations, execution, and adoption of such digital currencies. The recent report of the G20 has stressed that facilitating international transactions with central bank digital currencies could be realized only through different degrees of integration and collaboration on international fronts. These facilitations would be ranging from establishing payments infrastructures to fundamental compatibility with common standards. It also said that the interoperability will be crucial to the realization of the global CBDCs goal, while the multilateral coordination would be a pre-requisite to enhance the potential of the macro-financial impact these digital currencies would leave.
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