Today Christine Lagarde, IMF Managing Director, gave a
talk at the Singapore Fintech Festival. The MD spoke about the retreat of cash and asked if central banks should fill the void with central bank digital currencies (CBDC). The IMF also released a report looking at the pros and cons of CBDC.
Lagarde talked about the various central banks around the world that are seriously exploring CBDC including
Canada,
China, Sweden, and Uruguay. She didn’t mention Singapore perhaps because that was taken for granted at the conference. The
Monetary Authority of Singapore is one of highest profile CBDC explorers, though its current focus is for financial institution use only. In contrast, Lagarde’s talk focused on a consumer CBDC.
“They are embracing change and new thinking — as indeed is the IMF,” said Lagarde.
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