The IMF called central banks to create their own cryptocurrencies

The International Monetary Fund conducted a study of the cryptocurrency market and recommends that central banks should to create their own digital currency and distribute it among customers.

The IMF studied trends in the foreign exchange market and compared the impact of national and popular cryptocurrencies. As a result, the fund proposed that the Central Banks of the countries should to develop a more effective policy so that Fiat becomes more attractive for the digital age. Deputy Director of the Foreign Exchange and Capital Markets of the IMF Dong He confirmed the strong competition between the two currencies and described ways to increase the competitiveness of the national banks.

First of all, he suggested that banks should pursue a more open financial policy, introducing new ideas and requirements as the economy develops. It is also recommended to recognize crypto market and regulate its assets in order to protect consumers, fight money laundering and ensure free conversion. In conclusion, he said that central banks should introduce their own convenient digital currency, issue tokens to customers on a par with physical money and bank reserves, which they can exchange in a decentralized system.

monetary fundKristin Lagarde, IMF Managing Director, says that the regulation of cryptocurrency is inevitable and it must be carried out at the international level with the introduction of uniform rules. This will avoid the destabilization of financial markets. Source:

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