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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/imf-studies-central-bank-digital-currencies-potential-benefits/" data-wpel-link="internal">IMF Studies Central Bank Digital Currencies’ Potential Benefits</a><br></p>
<p style="text-align: justify">The International Monetary Fund (<strong>IMF</strong>) continues its research on the potential benefits of Central Bank Digital Currencies (CBDCs). As is known, CBDCs have long been on the agenda of countries. In this context, the IMF conducted a survey among 19 central banks in the Middle East and Central Asia (ME&amp;CA) to evaluate the CBDC issue. The survey results contain striking details.</p> 
<h2 style="text-align: justify" id="what-did-the-survey-conclude">What Did the Survey Conclude?</h2> 
<p style="text-align: justify">The IMF survey concluded that CBDCs could increase financial inclusion and reduce the cost of <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">financial services</a>. However, the IMF also stated that the necessity of CBDCs to achieve these goals is not certain. The IMF emphasized that addressing other barriers in the financial system might be a more practical approach.</p> 
<p style="text-align: justify">One of the issues highlighted in the survey is the need for robust digital infrastructure for CBDCs. This situation brings up other issues such as digital literacy, identification systems, trust in financial institutions, and general welfare.</p> 
<p style="text-align: justify">The IMF states that if these issues are resolved, CBDCs could provide benefits. Additionally, the IMF highlighted that the real potential of CBDCs would depend on a supportive environment within a reliable financial <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">ecosystem</a>.</p> 
<h2 style="text-align: justify" id="imf-studies-cbdcs">IMF Studies CBDCs</h2> 
<p style="text-align: justify">The IMF also mentioned that it is actively researching CBDCs and advising member countries on their integration into monetary systems. In a statement by a senior IMF official, it was suggested that a global CBDC platform could significantly reduce payment costs by allowing capital controls.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-363235 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/blockchain-39-1.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify">Many countries in the ME&amp;CA region, including Saudi Arabia, are already continuing their research on CBDCs. For example, the Saudi Arabian Monetary Authority recently participated in a cross-border CBDC pilot project with BIS to facilitate international trade. IMF Managing Director Kristalina Georgieva also noted that CBDCs have the potential to replace cash in some island economies.</p> 
<h2 style="text-align: justify" id="a-complex-and-lengthy-process">A Complex and Lengthy Process</h2> 
<p style="text-align: justify">The IMF stated that implementing CBDCs is part of a complex and lengthy process that requires careful consideration. The IMF also mentioned that policymakers need to evaluate whether a CBDC aligns with their country’s goals and whether the expected benefits outweigh the potential costs and risks.</p> 
<p style="text-align: justify">According to the IMF, these risks include financial system stability and operational challenges for central banks. Additionally, since approximately 83% of funding for banks in the region comes from deposits, the introduction of CBDCs could compete with these deposits and potentially affect bank profits, lending capacities, and overall financial stability.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/imf-studies-central-bank-digital-currencies-potential-benefits/" data-wpel-link="internal">IMF Studies Central Bank Digital Currencies’ Potential Benefits</a></h5>

IMF Studies Central Bank Digital Currencies’ Potential Benefits

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