CBDCs can replace cash, help financial inclusion

During her opening speech at the Singapore FinTech Festival, International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged the public sector to “keep preparing to deploy” central bank digital currencies (CBDCs) and related payment platforms in the future.

Georgieva expressed her optimism toward the implementation of CBDCs around the globe, although making a reservation that “we have not yet reached the land” and there is still much uncertainty:

“Adoption of CBDCs is nowhere close. But about 60 percent of countries are exploring them in some form today.”

The executive believes that CBDCs can replace cash, offer resilience in advanced economies and improve…

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