IMF: platform for X-Border payments, Crypto Regs
International Monetary Fund (IMF) staff members are reportedly advocating for a global platform to cross-border payments and for the regulation of cryptocurrencies.
These calls for action were published in the September issues of the IMF’s quarterly magazine, “Finance & Development”, according to a Thursday (September 1) CoinDesk report.
Specifically, Tobie Adrianfinancial adviser and director of the monetary and capital markets department at the IMF, said he wanted the organization to build a platform that would accept payments in central bank digital currencies (CBDCs) and issue tokens against them to reduce the cost of international transfers, per the report.
On the topic of crypto regulation, Aditya Naraindeputy director of the monetary and capital markets department at the IMF, wrote that the crypto ecosystem should be regulated as part of a coordinated global response rather than by different national frameworks, according to the report.
PYMNTS research found that half of businesses currently use or would like to use blockchain and cryptocurrency for cross-border payments.
Read more: 37% of businesses use Blockchain, Crypto for cross-border payments
According to “Blockchain Payment Tracking», a PYMNTS and Algorand collaboration.
High-friction transactions such as cross-border payments could prompt more companies to seriously consider developing blockchain payments, the research suggests.
The Digital Dollar Project (DDP) announced on Wednesday August 31 that it will launch a technical sandbox project in October to explore the practicalities of implementing a CBDC in the United States, initially focusing on cross-border payments.
See more : Digital Dollar Project Sandbox to Study CBDC X-Border Payments
“The launch of our Sandbox Technical Program marks the next step in our efforts to bring the private and public sectors together in the exploration of a central bank digital currency in the United States,” said the Digital Dollar Project Executive Director. , Jennifer Lassiter, in a press release.
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