IMF Increasing Focus on Digital Currency Revolution and Cross-Border Remittances

The International Monetary Fund (IMF) is stepping up its focus on digital currencies, calling the coming shift to digital assets a revolution.

IMF Managing Director Kristalina Georgieva believes that digital money is on the cusp of major changes that have the potential to reshape cross-border payments and remittances.

At the iLab Spring Meetings Virtual Workshop, Georgieva talked about the impact of the monetary shift from analog to digital.

“We are witnessing a revolution in digital money that could make remittances easier, faster and cheaper.”

Georgieva says the IMF is launching a global effort to ensure new forms of money are trustworthy, fair and implemented smoothly.

“With our mandate to safeguard monetary and financial stability, the IMF has an important role to play in supporting our members to deliver on these priorities, and we are ramping up our capacity.”

Citing the Sand Dollar, the new digital currency launched by the Bahamas last October, as evidence of how fast money is changing, she also cautions that the world must build a payment system that works for all, in order to avoid a digital divide.

With the IMF mandate to safeguard monetary and financial stability, Georgieva says the organization plans to ramp up their capacity to support its members to deliver on those priorities.

“In doing so, we will continue our close collaboration with key stakeholders – including the Financial Stability Board, the Bank for International Settlements, the World Bank and industry players like those here today – and each must leverage its comparative advantages.”

 

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