Central Bank Digital Currencies ‘Can Replace Cash,’ Says IMF Director

Published on November 16, 2023

The development of central bank digital currencies (CBDCs) could potentially replace cash, but widespread adoption will take time, says International Monetary Fund Director Kristalina Georgieva. While appearing at the Singapore FinTech Festival on Nov. 15, the IMF chief championed the benefits of digital currencies, noting that they can bolster “financial inclusion.” “CBDCs can replace cash, which is costly to distribute in island economies. They can offer resilience in more advanced economies. And they can improve financial inclusion where few hold bank accounts,” Ms. Georgieva said in a speech. “CBDCs would offer a safe and low-cost alternative to cash. They would also offer a bridge to go between private monies and a yardstick to measure their value, just like cash today, which we can withdraw from our banks.”...

Continue reading on website
Other news

Toronto Couple Facing Multiple Charges After RCMP Seize $13M in Drugs

November 16, 2023
A Toronto couple is facing charges after the discovery of 300 kilograms of meth by Canadian border guards and the subsequent seizure of more than $13 million worth of drugs by the RCMP.Canadian Border Services (CBS) guards discovered 300 kilograms of methamphetamine inside a semi-truck attempting to enter Canada at the Ambassador Bridge in Windsor, Ont. on March 4, the Royal Canadian Mounted Polic

Hamas Targeted Israeli Women With Rape and Unspeakable Atrocities, Israelis Say

November 16, 2023
Experts in the fight against rape and sexual abuse demanded to know why international women’s organizations have remained silent about the horrific sex crimes Hamas committed in Israel on Oct. 7.And there’s no doubt that they did: the experts, all women, who spoke on Nov. 12 in an online seminar organized by Jewish professional students at Harvard University, have been systematically gathering evi