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IMF engaging with dozens of countries on CBDCs

IMF engaging with dozens of countries on CBDCs

The International Monetary Fund is publishing a CBDC handbook amid growing demand for its assistance that has already seen the fund engage with nearly 30 countries investigating digital currencies.

A 2021 BIS survey found that nine out of 10 central banks are exploring CBDCs, with half developing or running concrete experiments.

Over 40 IMF member countries have approached the body for technical assistance on CBDCs, with questions ranging from objectives and design choices to pilots and analysis of macro-financial implications.

In the past two years, the IMF has started to engage with almost 30 countries, deputy managing director Bo Li told a panel this week.

Li says that CBDCs are likely to have profound implications, making them important for the IMF, which has a mandate to help ensure that digital money, including CBDCs, foster domestic and international economic and financial stability.

IMF staff recently published a policy paper on the its approach to CBDC capacity development, outlining a multi-year strategy to help member countries meet challenges regarding digital currencies.

In addition, a handbook is being put together, acting as a compendium of knowledge and experience on CBDC.

"It will be the basis for capacity development and hopefully help countries make as well-informed decisions as possible when taking the major step to design and issue their own CBDC," says Li.

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