On Thursday, IMF staff called for a global platform for cross-border payments and renewed calls for regulation of the crypto industry, which officials say is unstable, inefficient and riddled with fraud.
The international organization dedicated its quarterly journal, Finance & Development, to the monetary revolution.
Tobias Adrian, director of the IMF’s Monetary and Capital Markets Department, wants the IMF to develop a new system to cut the cost of international transfers.
Adrian said the platform will accept CBDC payments, hold them in escrow and issue tokens for those payments.
The private sector will be able to expand the usefulness of the platform by writing smart contracts, and has pledged to provide more papers on how the world’s central banks can collaborate on the project.
