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As the International Monetary Fund (IMF) continues its effort to advance the technologies behind central bank digital currencies (CBDCs), some members of the crypto community have reacted strongly against the IMF’s efforts to further the initiative.\u00a0<\/p>\n
In a CBDC policy roundtable on June 19, the IMF\u2019s director of the monetary and capital markets department, Tobias Adrian,\u00a0presented a new platform concept for cross-border payments. This includes a blueprint for a payment system that uses one ledger to record CBDC transactions. According to Adrian, the \u201cXC platform\u201d will have a single ledger where digital representations of central bank reserves in any currency can be exchanged.<\/p>\n
While the IMF seemed very eager to share new development, the same cannot be said for many members of the crypto community: From interpreting the move as a \u201cpower grab\u201d to claiming that no one wants centrally-controlled money. <\/p>\n
\nThe IMF is creating a global CBDC platform. Where central banks globally would follow the same regulatory framework. <\/p>\n
So, if you say the wrong thing in one country, you’ll have nowhere to flee as they can switch your money off anywhere in the world in any jurisdiction.<\/p>\n