IMF says cryptocurrencies, CBDCs can be more efficient payment options than current ones #TOGRP7
Despite expressing caution towards cryptocurrencies, the International Monetary Fund (IMF) has noted that digital assets can be effective alternatives to traditional finance products. IMF stated that some cryptocurrencies and central bank digital currencies (CBDCs) can be a more effective payment solution.
Additionally, the IMF revealed that some central banks are considering having CDBCs available in physical cards; hence there should be a solution to cut energy consumption. The entity stated that integrating cryptocurrencies and CBDCs with physical cards will aid mass adoption. The IMF acknowledged that although the future of money is still unknown, policymakers considering the adoption of CBDCs and crypto should look at the energy factor comprehensively