Retail CBDCs bring unknown 'consequences' to financial system: IMF director

Retail central bank digital currencies (CBDCs), according to the managing director of the International Monetary Fund (IMF), will have a wide range of unpredictable consequences.



In an interview given on May 1 at the Milken Institute's 2023 Global Conference, Kristalina Georgieva, an economist at the IMF, advised caution when it came to retail CBDCs.



Georgieva explained the IMF considers retail CBDCs to have far more room for error than wholesale CBDCs.




We think that wholesale CBDCs can be put in place with fairly little space for undesirable surprises, whereas retail CBDCs completely transform the financial system in a way that we don’t quite know what consequences it could bring




The IMF is collaborating with about 50 countries to ensure best practices are adopted, Georgieva said, which she expects to have a huge i


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