The managing director of the International Monetary Fund says it is developing a digital money platform for global central banks.

CTOnews.com June 20, according to Reuters, International Monetary Fund (IMF) Managing Director Christina Georgiyeva said yesterday that IMF is developing a central bank digital currency (CBDC) platform to achieve transactions between countries.

"CBDC should not be a fragmented national proposition that in order to achieve more efficient and fair transactions, we need systems that connect countries and we need interoperability," ▲ Touyuan Pexels Georgiyeva told the African Central Bank meeting in Rabbah, Morocco. For this reason, at IMF, we are working on the establishment of a global CBDC platform. "

The IMF wants central banks to agree on a common regulatory framework for digital currencies to achieve global interoperability. Georgiyeva stressed that failure to agree on a common platform would create a financial vacuum that would be filled by cryptocurrencies.

CBDC is a digital currency controlled by the central bank, while cryptocurrencies are almost always decentralized, and IMF has always been an advocate of CBDC.

Georgiyeva also said that 114 central banks are already at some stage of CBDC exploration, and about 10 have "crossed the finish line". "if countries develop CDBC only for domestic deployment, we are not making full use of the potential of these digital currencies," she said.

Georgiyeva believes that CBDC can also help promote financial inclusion and reduce the cost of remittances, noting that the average global cost of remittances is 6.3%, reaching $44 billion a year (CTOnews.com Note: currently about 315.04 billion yuan).

CTOnews.com previously reported that the people's Bank of China has been at the forefront of CBDC exploration, and the country's first digital RMB hard wallet based on account model was officially unveiled in mid-June.