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Tag Archives: Digital currency

Public and Private Money Can Coexist in the Digital Age

By Tobias Adrian and Tommaso Mancini-Griffoli We value innovation and diversity—including in money. In the same day, we might pay by swiping a card, waving a phone, or clicking a mouse. Or we might hand over notes and coins, though in many countries increasingly less often. Today’s world is characterized by a dual monetary system, involving privately-issued money—by banks of all types, telecom companies, or specialized payment providers—built upon a foundation of publicly-issued money—by...

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Legally Speaking, is Digital Money Really Money?

By Catalina Margulis and Arthur Rossi Countries are moving fast toward creating digital currencies. Or, so we hear from various surveys showing an increasing number of central banks making substantial progress towards having an official digital currency. But, in fact, close to 80 percent of the world’s central banks are either not allowed to issue a digital currency under their existing laws, or the legal framework is not clear. To help countries make this assessment, we reviewed the...

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Central Bank Digital Currencies: 4 Questions and Answers

By Tobias Adrian and Tommaso Mancini-Griffoli Central Bank Digital Currencies (CBDC) is a complex and multidisciplinary topic requiring active analysis and debate. It raises questions related to monetary policy, central banking operations, and payment systems—as well as financial stability and legal foundations and regulation. Below are some of the most pressing questions and answers on the topic. What is the IMF’s role around CBDCs now and in the future? The IMF can help in three ways:...

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Five Facts on Fintech

By Tobias Adrian and Ceyla Pazarbasioglu From artificial intelligence to mobile applications, technology helps to increase your access to secure and efficient financial products and services. Since fintech offers the chance to boost economic growth and expand financial inclusion in all countries, the IMF and World Bank surveyed central banks, finance ministries, and other relevant agencies in 189 countries on a range of topics and received 96 responses. A new paper details the results of...

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Addressing the Dark Side of the Crypto World

By Christine Lagarde March 13, 2018 Versions in  عربي (Arabic),  中文 (Chinese), Français (French), 日本語 (Japanese), Português (Portuguese), Русский (Russian) The same reason crypto-assets like Bitcoin are so appealing is also what makes them dangerous (iStock by GettyImages). Whether Bitcoin’s value goes up or Bitcoin’s value goes down, people around the world are asking the same question: What exactly is the potential of crypto-assets? The technology behind these assets—including...

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South Africa’s Lesetja Kganyago: Fintech Is a Central Banker’s Friend

By IMFBlog January 26, 2018  Lesetja Kganyago, South Africa’s Central Bank Governor and Chairman of the International Monetary and Financial Committee (photo: IMF staff). While central bankers are often seen as somewhat traditionalist, South Africa’s Reserve Bank Governor Lesetja Kganyago is breaking that mold. Kganyago sees how new technology—or fintech—is transforming the financial sector, and in this podcast, he says there is no turning back. “Banks will never be the same,” says...

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Digital Swiss Francs

The Swiss National Bank held its annual general meeting of shareholders (web TV). In response to one of the questions posed by shareholders Thomas Jordan suggested (2:58–2:59) that possibly a digital Swiss Franc might be introduced sometime in the future. Tags: Digital currency,Electronic money,Featured,M0 base...

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