Central banks are planning to issue state-owned cryptocurrency

The International Monetary Fund (IMF) conducted a study, according to the results of which some central banks are planning to issue their own cryptocurrencies (CBDC).

The IMF together with the World Bank conducted a survey among representatives of the Central Bank of different countries. During the survey, researchers received 96 responses that were analyzed and included in the report.

According to the IMF, several central banks are considering the possibility of issuing any form of state cryptocurrency. Thus, in Uruguay, a pilot project CBDC has already been launched. The Bahamas, China, the East Caribbean Monetary Union, Sweden and Ukraine are “on the threshold” to start testing their own digital currency.

In addition, according to the survey results, a large number of central banks explore the possibilities of state-owned cryptocurrencies, as well as their impact on the banking sector, financial stability, non-bank financial institutions and monetary policy.

Interestingly, while the goals of the central banks are different. Developing countries consider state cryptocurrencies as a means of payment for people with limited access to banking services. Developed countries and some developing countries see the CBDC as an alternative to cash.

At the same time, the researchers noted that not a single central bank is interested in issuing a fully anonymous cryptocurrency. That is, the state cryptocurrency transactions must be traceable in the case of a request from the authorities.

Earlier, a study by the World Economic Forum (WEF) showed that at least 40 central banks from different countries are considering the possibility of issuing their own digital currencies.