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IMF to Propose Accelerated Strategy for CBDC Adoption

23.09.2024
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The International Monetary Fund (IMF) introduced a new approach to the global adoption of central bank digital currencies (CBDC) based on a four-phase concept to promote the use of CBDCs.

IMF Boosts CBDC Adoption

The International Monetary Fund published a paper outlining the strategy that will promote CBDC adoption by both intermediaries and end-users.

Specifically, IMF analysts suggest using a four-phase REDI framework that includes:

  1. Regulation (R). Establishing a regulatory framework to foster CBDC adoption. Key aspects should cover intermediary regulations, legal tender status, fee control, and quality standards.
  2. Education (E). Developing communication strategies aimed at informing both users and intermediaries about the benefits of CBDCs. This aspect is critical to building trust, combating misinformation, and engaging all participants, regardless of financial literacy or access to technology.
  3. Design and Deployment (D). A user-friendly and attractive design for digital currencies will encourage wider adoption. IMF analysts also presented several strategies to streamline deployment plans, simplify onboarding process, and expand acceptance points to accelerate the spread of CBDCs.
  4. Incentives (I). Offering both monetary and non-monetary incentives to encourage users and intermediaries to actively participate in the digital currency ecosystem. IMF analysts warn that without such incentives, intermediaries may lack sufficient interest in integrating CBDCs into their services, slowing ecosystem growth.

The paper also emphasizes that successful CBDC implementation requires an integrated approach that addresses the needs of both users and intermediaries. It highlights the need for international regulatory solutions to support global financial stability. IMF analysts suggest that particular attention should be paid to stakeholder engagement at all stages of CBDC development and implementation. The paper addresses the issues of sustainability of CBDC systems, ensuring their integrity and preserving financial stability against the background of the introduction of digital currencies.

The IMF is actively exploring various use cases for CBDCs. In 2023, the IMF team developed a concept for a cross-border payment platform for CBDCs and tokenized assets.

Сообщение IMF to Propose Accelerated Strategy for CBDC Adoption появились сначала на CoinsPaid Media.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

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