IMF paper backs issuance of central bank digital currencies

Blockchain network
Digital currencies based on DLT rely on a network of participants to validate transactions

Central bank digital currency (CBDC) could increase the efficiency of current payment infrastructure while reducing costs to central banks, a paper published by the International Monetary Fund has said.

In the paper, published in June, the fund examines how digital technology has thus far transformed the financial services landscape in an attempt to understand what challenges consumers and regulators could face in the future.

The paper focuses on distributed ledger technology (DLT) and the

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