The Rise of Digital Money: A Strategic Plan to Continue Delivering On The IMF’s Mandate

July 29, 2021

Preview Citation

Format: Chicago

The Rise of Digital Money: A Strategic Plan to Continue Delivering On The IMF’s Mandate, (USA: International Monetary Fund, 2021) accessed September 19, 2024

Summary

Rapid technological innovation is ushering in a new era of public and private digital money, bringing about major benefits in terms of efficiency and inclusion. To reap the full benefits and manage risks, authorities around the world will have to address new policy challenges. These are widespread, complex, rapidly evolving, and have profound implications. This paper identifies the main challenges currently arising regarding consumer protection and financial integrity, domestic financial and economic stability, as well as the stability and efficiency of the international monetary system. The paper argues that many of these challenges intersect the Fund’s mandate. The Fund must therefore monitor, and advise on, this rapid and complex transition for all members. The paper ends with a broad vision of how to deliver on this mandate and serve its members, including by enhancing resources, and collaborating closely with other institutions. This is the first of two papers, the second of which lays out a more detailed operational strategy.

Subject: Central Bank digital currencies, Currencies, Digital currencies, Financial sector policy and analysis, Financial sector stability, Monetary policy, Money, Political economy, Technology, Virtual currencies

Keywords: Central Bank digital currencies, Currencies, Digital currencies, Digital money adoption, Financial sector stability, Global, IMF's mandate, Issued digital money provider, Paper at-a-Glance, Transparency policy, Virtual currencies

Publication Details

Pages:

27
Volume:

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DOI:

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Issue:

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Series:

Policy Paper No. 2021/054
Stock No:

PPEA2021054
ISBN:

9781513589558
ISSN:

2663-3493

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