Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 25/11/2020 08:29 
20.10.2020 02:26 News >> Digital Money Brings Both Benefits, Risks: IMF

Digital Money Brings Both Benefits, Risks: IMF

Digital currencies could make it harder for a nation's authorities to pursue independent monetary policies, body says.

The International Monetary Fund (IMF) said Monday that the push by central banks to develop digital currencies entails both risks and benefits at the global and local levels.
According to a new report by the international financial body, rapid progress in digital technologies has increased the likelihood of adopting new forms of digital currencies for both domestic and international transactions.
These include central bank digital currencies (CBDCs) and so-called global stable coins (GSCs) proposed by big technological companies, the report said.
It stressed that these will increase competition, reduce transaction costs, expand access to services and encourage financial participation via mobile devices.
"CBDCs and GSCs could make cross-border payments less costly and make it easier for households and small firms to have access to financial services," the report said.
But it added that it can also reduce the ability of local governments to conduct monetary policy and control domestic financial conditions.
"Digital money adoption across borders also entails risks and policy challenges," it noted, adding this could increase pressures for currency substitution.
Without appropriate measures, foreign CBDCs and GSCs could facilitate illicit flows, it said, adding this will make it difficult for regulatory authorities to enforce exchange restrictions and capital flow management measures.
The scale of digital money adoption will rely on strong network effects but will also depend on design features, country circumstances, legal frameworks and regulation, the report said. -



        Latest News
Ecuador's Interior Minister Dismissed 21 minutes ago...
Maria Paula Romo accused of allowing harsh police intervention during anti government protests in 2019.
Mexico: 113 Bodies Found In Mass Grave 21 minutes ago...
Since 2006, 6,900 corpses have been discovered in 4,092 secret graves nationwide.
Niger's Former President Mamadou Tandja Dies At 82 21 minutes ago...
Government announces three days of national mourning.
Syria Claims Israel Struck Areas South Of Capital 5 minutes ago...
Airstrikes caused only material damage, according to Syrian military.
Anadolu Agency's Morning Briefing – November 25, 2020 -10 minutes ago...
Daily briefing on novel coronavirus pandemic worldwide, Turkey, other developments.

 
      Top News
Pelicans Star Agrees To $158M Deal With His Team Pelicans Star Agrees To $158M Deal With His Team
Netanyahu To Make 'Historic' Visit To UAE, Bahrain Netanyahu To Make 'Historic' Visit To UAE, Bahrain
Palestinians Oppose Coordination With Israel: Poll Palestinians Oppose Coordination With Israel: Poll
India Bans 43 Apps Over Defense, Security Concerns India Bans 43 Apps Over Defense, Security Concerns
Arms, Ammunition Of PKK Terrorists Seized In N.Iraq Arms, Ammunition Of PKK Terrorists Seized In N.Iraq
Turkey Decries Illegal Search Of Vessel By EU Mission Turkey Decries Illegal Search Of Vessel By EU Mission
C02 Hits Record Levels In 2019: Global Weather Body C02 Hits Record Levels In 2019: Global Weather Body
Borsa Istanbul Down 0.73% At Monday's Close Borsa Istanbul Down 0.73% At Monday's Close
COVID-1: Death Toll In Africa Nears 50,000 COVID-1: Death Toll In Africa Nears 50,000
Yusuf Yazici Scores Twice As Lille Hammer Lorient 4-0 Yusuf Yazici Scores Twice As Lille Hammer Lorient 4-0