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Global policy groups continued making their case for central bank digital currencies with the release of a new International Monetary Fund guidebook on digital dollars.
IMF Handbook: The IMF’s CBDC Virtual Handbook is designed to help countries assess the benefits and risks of CBDC and guide implementation efforts. In a speech announcing the release, IMF Managing Director Kristalina Georgieva said CBDCs could be a “safe and low cost” alternative to stablecoins or provide the settlement layer for tokenized assets.
BIS Support: The IMF handbook follows supportive statements about CBDCs from the Bank for International Settlements. A BIS Committee on Payments and Market Infrastructures report said CBDCs could reinforce the role of central bank money as an anchor for the payment system, while the group previously said wholesale CBDCs can be used to facilitate cross-border trading and settlement.
ICBA View: ICBA opposes the creation of a U.S. CBDC and recently told Congress a wholesale CBDC is similarly unnecessary given the increasing adoption of instant payment solutions. ICBA recently commended the House Financial Services Committee for passing legislation to restrict the Federal Reserve from issuing a CBDC.