The International Monetary Fund (IMF) has said that new forms of money, with a reference to digital currencies, must remain trustworthy for proper adoption, among other factors.
This was stated by IMF’s Managing Director Kristalina Georgieva in Washington, the United States, on Wednesday at the iLab Spring Meetings Virtual Workshop.
She said that countries must devise ways to support those most affected by the coronavirus pandemic, with the growing digital divide between economic classes.
“As we look for ways to address the challenges of economic divergences across countries, we need to use every tool we can to support those most affected by the pandemic.
“And with the risk of a growing digital divide between rich and poor countries, we must also ensure that all countries can benefit from the latest innovations in digital money and payments, particularly remittances,” she said.
Georgieva noted three ways to address the risks that come with the adoption of new forms of currencies.
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She said, “First, new forms of money must remain trustworthy. They must protect consumers, be safe and anchored in sound legal frameworks and support financial integrity.
“Second, domestic economic and financial stability must be protected by carefully designed public-private partnerships that underpin the provision of digital money, including fair competition.
“Third, frameworks should be geared toward ensuring the international monetary system remains stable and efficient.
“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.
“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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