Managing IFM Director Kristalina Georgieva recently gave a speech at the Atlantic Council in Washington on the future of money, cryptocurrencies and central bank digital currencies (CBDCs).
She stated that cryptocurrencies and stablecoins are not in line with well-designed central bank digital currencies (CBDCs).
“If CBDCs are designed prudently, they can potentially offer resilience, safety, availability, and costs than private forms of digital money.”
She also made two more confessions:
“IMF is deeply involved in this issue, including through providing technical assistance to many members. An important role for the Fund is to promote exchange of experience and support the interoperability of CBDCs.”
This means that the world's central banks are already receiving a finished software product from the IMF, and most likely it will be the Stellar blockchain.
“There is no universal case for CBDCs because each economy is different... So, central banks should tailor plans to their specific circumstances and needs.”
This means that, like in the old fiat system, the new digital one will have first-class and second-class digital currencies and shitcoins.
“In many countries, privacy concerns are a potential deal breaker when it comes to CBDC legislation and adoption. So, it’s vital that policymakers get the mix right.”
Well, since no politicians have ever decided anything in the financial arena, this means that new central bank digital currencies will have several degrees of access to disclosure.
In international exchanges, for example, the Swedish authorities will not see all information about the origin of money for each transaction in the digital dollar, but the US authorities will see all transactions in all digital currencies of central banks, including the electronic krona, and in all other countries, since these CBDCs will be deployed strictly only on the blockchain proposed by the IMF.
No self-activity will be allowed to anyone.
