The Worldwide Financial Fund (IMF) plans to “step up” its monitoring of digital currencies, according to a report by Reuters. That intention, published in an IMF paper on Thursday, describes how the fund plans to make “this far-reaching and complicated transition” to a digitized financial system.
“Rapid technological innovations usher in a brand new era of private and non-private digital cash,” the report said, highlighting the benefits of digital possessions. “Funds have become easier, faster, cheaper, more accessible and can quickly cross borders. These improvements can increase effectiveness and integration, with nice benefits for everyone. “
Connected with: The IMF is planning a meeting with the President of El Salvador, presumably to focus on Bitcoin adoption
However, such implementations can only take place if the IMF “can keep up with the political challenges” that require a deeper perception of the digital financial system as a perspective. The Fund plans to work “in accordance with its mandate” with entities equivalent to central banks, regulators and the world financial institution, while expanding its personal digital cash analysis.
As introduced in an April 2021 paper, the IMF plans to add five professional teams to properly conduct the analysis. Her competencies include attorneys, digital threat specialists, money sector specialists, tax economists, and information specialists. Those skills should completely obscure the analysis of digital forex trading, the newspaper said.
The fund will target central financial institutions or CBDC digital currencies, stablecoins, cryptoassets and more. It examines how these possessions characterize monetary independence, act as reserve currencies and can replace current fee methods.
Connected with: Steve Hanke warns that BTC could “completely collapse” the financial system of El Salvador
Earlier this week, the IMF issued a warning regarding the latest Bitcoin regulation in El Salvador. While indirectly mentioning the nation, the warning suggested that “crypto ownership is becoming an authorized currency” could threaten the domestic financial system, not to mention the residents’ time-consuming method of “what cash to carry”. Conversely, the IMF released a report earlier this month that CBDCs could represent a “clear desk” for the global monetary system.