Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Digital currencies of central banks
Tech and Marketing

Digital currencies of central banks: prospects for the development of a new instrument

04.04.2022
2 min read

IMF: digital currencies of central banks is a new stage of financial market development

Digital currency is becoming an increasingly common option for payment transactions. In the beginning, many experts were skeptical about its emergence, predicting that it would never be a full-fledged tool for the financial market. Nowadays it is obvious that electronic money is able to compete with traditional means of payment. Therefore, digital currencies of central banks appear, which allows controlling the growing segment in one way or another.
IMF analysts assessed the prospects of electronic money, which are being developed by central banks in various countries. Now more than 100 regulators are developing or have already issued their digital currency, but full use still has a number of technical and political limitations. According to the IMF, in addition to the problems outlined, inhibit the development of digital money from the Central Bank insufficient level of confidence of market participants in this tool. And in this case, regulators need to create a favorable basis for the further development of the sector.Digital currencies of central banks-2According to the IMF, digital currency opens a new stage in the development of money. Now many countries are not ready to give up the supremacy of traditional money, fearing that it will lead to the destruction and radical restructuring of the financial system. However, at the same time, they are experimenting with digital currencies, looking for their own variants of their use. The number of central banks that are ready to create their own electronic money is regularly increasing, and this indicates great prospects for the sector. A number of countries have gone further than others in this direction, and they are making official digital currency available to the public, with citizens conducting certain transactions using a tool from the central bank. However, regulators are facing problems with the spread of electronic money.
According to IMF analysis, at this stage, many central bank experiments cannot succeed due to technical obstacles, as well as imperfections in the legal system. Unfortunately, there are still no clear mechanisms for the full use of digital currency – and they will not appear until the government solves all the problems that hinder the use of this tool in a wide range of spheres of life of citizens. The credibility of central banks and their policies are also important. Regulators must communicate the importance of digital currency and its empowerment to the government and citizens.
The IMF notes that the development of digital currency, which will be regulated by the Central Bank, will provide a sustainable and secure tool for financial transactions. Moreover, central banks have a decent technical base, which will allow them to create a product that surpasses the characteristics and capabilities of existing private counterparts. The regulators have the power to make electronic money accessible to many people and reduce its cost, which is extremely high today.

Tags: Tech and Marketing
0
Previous Post The U.S. stock market has a record number of private investors Next Post Largest U.S. cryptocurrency exchange plans IPO

You Might Also Like

web analytics
Tech and Marketing
What tasks web analytics helps to solve: an overview of popular services
09.05.2022
Faster Payment
Tech and Marketing
Faster Payment System has quadrupled the volume of transactions
14.04.2022
IT platforms
Tech and Marketing
How IT platforms help to effectively conduct business: the experience of companies
24.04.2022
business intelligence its functions
Tech and Marketing
Business intelligence as a convenient tool for company development
29.04.2022
digital trends
Tech and Marketing
Digital trends: what new approaches will help businesses grow
30.03.2022
artificial intelligence technology in banking
Tech and Marketing
Artificial intelligence: applications for banking
14.05.2022

Recent Posts

  • 1guidelines for cryptocurrency exchanges
    Canada releases guidelines for cryptocurrency exchanges
    25.05.2022
  • 2How IT is used in banks
    How IT in banks helps transform the sector
    24.05.2022
  • 3Development of the financial sector-1
    Development of the financial sector in terms of DeFi potential
    23.05.2022
  • 4export volumes
    India’s export volumes rise to record levels
    22.05.2022
  • 5Ma Huaten
    Who is Ma Huateng: a professional history
    21.05.2022

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • National Stock Exchange of India: an inside look

Social media

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Latest Posts

guidelines for cryptocurrency exchanges
Canada releases guidelines for cryptocurrency exchanges
25.05.2022
How IT is used in banks
How IT in banks helps transform the sector
24.05.2022
Development of the financial sector-1
Development of the financial sector in terms of DeFi potential
23.05.2022

Chaslau Koniukh

Expert Chaslau Koniukh

Chaslau Koniukh – an expert in marketing and project management, IT consulting, international investments, investor, financial analyst. A commodity trader, private consultant, entrepreneur, lecturer, author of several articles on the stock market.

Popular Posts

  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Skolkovo analysts: the Russian energy market is suffering losses
  • National Stock Exchange of India: an inside look
  • Economy of modern China: annual results of GDP data
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram
  • Biography

Chaslau Koniukh – an expert in marketing and project management, international investments, financial analyst.

Social media

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics