Arab Finance: The International Monetary Fund (IMF) is developing a platform for central bank digital currencies (CDBCs) to enable international transactions, Reuters reported on June 19^th, citing IMF’s Managing Director Kristalina Georgieva.

"CBDCs should not be fragmented national propositions [...] To have more efficient and fairer transactions we need systems that connect countries: we need interoperability," Georgieva said in a conference attended by African central banks in Rabat, Morocco.

"For this reason, at the IMF, we are working on the concept of a global CBDC platform," she added.

Moreover, Georgieva noted that 114 central banks are already at some stage of CBDC exploration, with nearly 10 close to the finish line.

The IMF wants central banks to settle on a common regulatory scheme for digital currencies that will enable interoperability on a global scale. Failing to agree on a unified platform would leave a void that cryptocurrencies would probably fill, she highlighted.

While cryptocurrencies are almost always decentralized, a CBDC is a digital currency that is managed by the central bank.

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