### The International Monetary Fund (IMF) is pushing for central bank digital currencies (CBDCs), working on a platform that aims to connect countries and enable seamless cross-border transactions. IMF Managing Director Kristalina Georgieva revealed the organization's plans during a conference attended by African central banks in Rabat, Morocco.

Georgieva stressed the importance of avoiding fragmented national CBDC initiatives and advocated for systems that foster interoperability between countries. To address this need, the IMF is actively developing a concept for a global CBDC platform. The objective is to establish a common regulatory framework for digital currencies, ensuring efficient global interoperability. Failure to achieve this could result in a void that might be filled by cryptocurrencies.



The IMF's efforts align with the growing interest in CBDC exploration worldwide. Currently, 114 central banks are at various stages of CBDC development, with approximately 10 banks nearing completion of their projects. However, Georgieva cautioned against restricting CBDCs to domestic usage only, emphasizing the underutilization of their potential. 



By promoting international integration and cooperation, CBDCs could enhance financial inclusion and reduce the costs associated with remittances, which currently amount to a staggering $44 billion annually.



Georgieva also made a clear distinction between CBDCs and cryptocurrencies, stating that CBDCs should be backed by assets. She deemed cryptocurrencies without asset backing as speculative investments, underscoring the need for a more secure and reliable alternative.

The International Monetary Fund (IMF) is pushing for central bank digital currencies (CBDCs), working on a platform that aims to connect countries and enable seamless cross-border transactions. IMF Managing Director Kristalina Georgieva revealed the organization's plans during a conference attended by African central banks in Rabat, Morocco.

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