IMF Official Draws A Roadmap for Cross-border CBDCs

An official from the International Monetary Fund stated that there may be new platforms that are more efficient and secure for cross-border central bank digital currencies (CBDCs). He emphasized that in the process of developing these platforms, it is important for countries to be compatible and to observe the limits of capital controls.
Tobias Adrian, director of the IMF's money and capital markets department, believes that a global CBDC platform that allows for capital controls could reduce payment costs. However, such a vision of a decentralized financial system is far from dreams and does not fully meet the expectations of crypto enthusiasts.
Speaking in Rabat, Morocco, Adrian said, "Our plans for a new class of platforms will enable greater cooperation, efficiency and security in cross-border payments and local financial markets. The high cost, slowness and lack of transparency of cross-border payments are due to the limited infrastructure available. originates,” he said.
Earlier today, managing director Kristalina Georgieva said in an interview with Bloomberg that the IMF is "working hard" on a global infrastructure to ensure that CBDCs can work in harmony with each other.
Crypto advocates think that facilitating cross-border payments will be of great benefit. However, the blockchain solutions used for this purpose are not preferred by many. Private players such as the Bank for International Settlements and SWIFT are considering options that include government-backed CBDCs.
In summary, the IMF official emphasized the need to develop new and more efficient platforms for cross-border CBDCs. It is important that these platforms comply with capital controls. However, the cryptocurrency community and some private players are turning to alternative solutions. The IMF, on the other hand, continues its efforts to facilitate cross-border payments and oversee capital controls.
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