IMF President: CBDC can replace cash and there is still a lot of room for innovation

International Monetary Fund (IMF) President Kristalina Georgieva said the public sector should continue to prepare for the deployment of central bank digital currencies and related payment platforms in the future. Georgieva said: “We are not yet on the ground. There is a lot of room for innovation and a lot of uncertainty about use cases. CBDC can replace cash because the cost of distribution in island economies is high. They can provide more developed economies Resilience. They can increase financial inclusion in places where few people have bank accounts.” It also said: “CBDC will provide a safe, low-cost alternative (to cash). They will also provide a bridge between private funds and a measure of their value, just like the cash we can withdraw from banks today. .” The IMF pointed out that more than 100 countries are exploring CBDC, accounting for about 60% of the world's countries. (CNBC)