According to a report published on June 27 by the International Monetary Fund (abbreviated IMF), central banks emitting digital currencies may become a reality soon.
The IMF carried out a survey on fintech questioning financial institutions in all member states. Conclusions were drawn from 96 responses
and documented by the IMF.
As the report states, several central banks from different countries are considering introducing some form of digital currency. Uruguay
has allegedly started the CBDC pilot program
, while China, the Bahamas, Sweden and Ukraine
are on the brink of testing their systems.
It is also worth mentioning that many central banks have done research on the potential influence of CBDC on financial stability, the structure of the banking sector and the transmission of monetary policy.
CBDC as an alternative to cash?
Surveys is also a proof of most central banks being uninterested in issuing a completely anonymous digital currency, because the institutions want the authorities, if it is necessary, to be able to track transactions.
What is more, the motivations to introduce CBDC were different in emerging and in developed economies. The latter strive mainly to provide an alternative to cash because its frequency of use is decreasing. For emerging economies in developing countries, the main goal is to reduce bank costs, as well as to open up to people who do not have bank accounts.