{"id":272353,"date":"2020-10-20T01:30:05","date_gmt":"2020-10-20T05:30:05","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=272353"},"modified":"2020-10-20T01:30:05","modified_gmt":"2020-10-20T05:30:05","slug":"digital-money-brings-benefits-risks-imf","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/10\/20\/digital-money-brings-benefits-risks-imf\/","title":{"rendered":"Digital money brings benefits, risks: IMF"},"content":{"rendered":"<figure id=\"attachment_272354\" aria-describedby=\"caption-attachment-272354\" style=\"width: 415px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/0388267557.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-272354\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/0388267557.jpg\" alt=\"\" width=\"415\" height=\"260\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/0388267557.jpg 415w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2020\/10\/0388267557-300x188.jpg 300w\" sizes=\"auto, (max-width: 415px) 100vw, 415px\" \/><\/a><figcaption id=\"caption-attachment-272354\" class=\"wp-caption-text\">The International Monetary Fund (IMF) said Monday the push by central banks to develop digital currencies entails both risks and benefits at the global and local levels. (PNA Photo)<\/figcaption><\/figure>\n<div dir=\"auto\"><strong>ANKARA<\/strong>\u00a0\u2013 The International Monetary Fund (IMF) said Monday the push by central banks to develop digital currencies entails both risks and benefits at the global and local levels.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">According to a new report by the international financial body, rapid progress in digital technologies has increased the likelihood of adopting new forms of digital currencies for both domestic and international transactions.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">These include central bank digital currencies (CBDCs) and so-called global stable coins (GSCs) proposed by big technological companies, the report said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">It said these will increase competition, reduce transaction costs, expand access to services, and encourage financial participation via mobile devices.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;CBDCs and GSCs could make cross-border payments less costly and make it easier for households and small firms to have access to financial services,&#8221; the report said.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">But it added it can also reduce the ability of local governments to conduct monetary policy and control domestic financial conditions.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">&#8220;Digital money adoption across borders also entails risks and policy challenges,&#8221; it said, noting this could increase pressures for currency substitution.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Without appropriate measures, foreign CBDCs and GSCs could facilitate illicit flows, it said, adding this will make it difficult for regulatory authorities to enforce exchange restrictions and capital flow management measures.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The scale of digital money adoption will rely on strong network effects but will also depend on design features, country circumstances, legal frameworks, and regulation, the report said.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>ANKARA\u00a0\u2013 The International Monetary Fund (IMF) said Monday the push by central banks to develop digital currencies entails both risks &hellip;<\/p>\n","protected":false},"author":44,"featured_media":272354,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-272353","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-anadolu","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/272353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=272353"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/272353\/revisions"}],"predecessor-version":[{"id":272355,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/272353\/revisions\/272355"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/272354"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=272353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=272353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=272353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}