The International Monetary Fund (IMF) and the World Bank on Friday advocated for the cross-border benefits of central bank-issued digital currencies,

IMF, World Bank advocate for benefits of central bank-issued digital currencies at G20

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2021-07-09 20:00:07

The International Monetary Fund (IMF) and the World Bank on Friday advocated for the cross-border benefits of central bank-issued digital currencies, suggesting that projects like a digital dollar in the U.S. would support global development.

The two global bodies released a report alongside the Bank for International Settlements (BIS) arguing that coordination on digital currencies would shake up the status quo of having to rely on expensive and slow transfer services to send money around the world.

"Faster, cheaper, more transparent and more inclusive cross-border payment services would deliver benefits for citizens, businesses, and economies worldwide," said Indermit Gill, World Bank Group vice president of equitable growth, finance and institutions.

Sir Jon Cunliffe, deputy governor for financial stability of the Bank of England, said the technology offers "the opportunity to start with a 'clean slate'" on improving the payments system.