The International Monetary Fund (IMF) released a report in which it called cryptocurrencies “open” and “adaptive,” which makes them the key to the ideal monetary system.
IMF analysts noted that the traditional monetary system is good only in its stability and security, but in all other parameters it can be improved. Cryptocurrencies, in turn, are highly innovative, open and adaptable to changing conditions in financial markets. This makes them the key to creating the future perfect monetary system.
That said, according to IMF analysts, cryptocurrencies also have significant disadvantages, including a lack of stability, efficiency and ability to integrate into the current financial system. Indeed, the collapse of the Terra ecosystem rocked the entire cryptocurrency industry, but had little impact on the traditional financial system.
Therefore, the report notes, the pros of traditional money and cryptocurrencies should be combined when creating a future financial system. This is possible with the creation of state-owned cryptocurrencies (CBDCs).
“CBDCs can provide new technical capabilities, including programmability, linkability and tokenization, which would open up useful opportunities for end users. In addition, they can act as digital money, make payments fast and secure, and the transaction fee can be as low as 0.2%. Many CBs are already working on such projects. On a global level, public cryptocurrencies can provide direct transactions between different CBs. Digital technology promises a bright future for the monetary system,” IMF analysts wrote.
Recall, the IMF assessed the impact of the fall of bitcoin on the financial system.