International Monetary Fund’s [IMF] Deputy Managing Director Tao Zhang in his recent keynote address noted that CBDC was a “widely accessible, digital form of fiat money that can be legal tender.” Believing that digital currencies issued by central banks could bring a number of benefits, he stated.
“First, a more efficient payment system.Second, enhanced financial inclusion. Third, more stability and lower barriers to entry for new firms in the payments system. Fourth, enhanced monetary policy. And fifth, a means of countering new digital currencies.”
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