Today the IMF held a series of panels on cross border payments, with the first one focusing on central bank digital currency (CBDC). The line up was an impressive one moderated by the IMF Managing Director, with the heads of the central banks of the U.S., Saudi Arabia (current G20 leader), and emerging market Malaysia as well as the General Manager of the Bank for International Settlements (BIS).
The basics are well covered in many central bank reports. We’ll focus on the highlights, with one of the most interesting points coming from the BIS on addressing emerging market risks.
Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), opened by highlighting that cross border payments are slow, opaque and costly. And they’re inaccessible to the 1.7 billion unbanked.
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