IMF says central bank digital currencies can replace cash: This is not the time to turn back
Summary
Kristalina Georgieva, managing director of the International Monetary Fund, at a press conference at the IMF Headquarters on April 14, 2023. SINGAPORE — Central bank digital currencies have the potential to replace cash, but adoption could take time, said Kristalina Georgieva, managing director of the International Monetary Fund on Wednesday. "CBDCs can replace cash which is costly to distribute in island economies," she said Wednesday at the Singapore FinTech Festival. They would also offer a bridge to go between private monies and a yardstick to measure their value, just like cash today which we can withdraw from our banks," the IMF chief said. But as of June, only 11 countries have adopted CBDCs, with an additional 53 in advanced planning stages and 46 researching the topic, according to data from the Atlantic Council.