[Taklimakan Blog] Cryptocurrency Will Open up New Opportunities for Cross-Border Payments
The International Monetary Fund discussed the opportunities that cryptocurrency opens up in cross-border payments. The coronavirus epidemic has fueled the faster adoption of the CBDCs that central banks are working to create today.
Cryptocurrency changes existing payment systems
At the IMF conference “Cross-Border Payments — New Beginnings,” representatives of central banks, commercial banks, the US Federal System, and other agencies discussed the new opportunities that digital currency opens up in the world. Conference moderator Kristali Georgieva, Managing Director of the World Monetary Fund, said digital currencies are opening up new opportunities for people who live in low-economic countries and do not have access to banking services.
US Federal System Member Jerome Powell stated that CBDCs do have some advantages, such as transaction speed, no fees, or minimum fees. Povel also devoted a separate time in his speech to the Libra stablecoin, which can indeed become a global payment asset, therefore, global stablecoins should be regulated within the jurisdiction of states.