As per a report by the IMF on June 27, the International Monetary Fund is of the opinion that central banks may perhaps release virtual assets and digital currencies in the future.
IMF, World Bank & Cryptocurrency
According to the full paper, the IMF and World Bank carried out a survey on fintech that asked for answers from financial institutions within all member nations. It has based its conclusion in part upon the ninety six acknowledged replies.
As per the paper, more than a few central banks in several realms are mulling over put some form of Central Bank Digital Currency into action. Uruguay has purportedly launched a Central Bank Digital Currency pilot program by now. On the other hand, Eastern Caribbean Currency Union, China, Ukraine, and Sweden are on the threshold of testing their systems.
Moreover, a number of central banks have purportedly been performing research on Central Bank Digital Currency’s probable influence on financial steadiness, monetary policy transmission, and the structure of the banking sector.
Central Bank Digital Currency [CBDC] and Cryptocurrency Volatility
According to the report, impetus for offering a Central Bank Digital Currency differs. Both developed realms as well as emerging realms are supposed to be considering Central Bank Digital Currency alternatives, with the former in search of providing a substitute to cash.
According to earlier crypto media reports, Stephen Moore, who is a conventional economist, has lately joined a project to make a body similar to Federal Reserve for virtual assets and cryptocurrencies. Interestingly, the Decentral project is a supposed endeavor for regulating digital asset and cryptocurrency supply in order to trim down volatility in the virtual currency and crypto asset market.