IMF Report Says there are 100 CBDCs as of July 2022

IMF Report Says there are 100 CBDCs as of July 2022

The International Monetary Fund (IMF) revealed “THE ASCENT OF CBDCs” report noting that there are 100 CBDCs in analysis or growth levels as of July 2022.

According to the report, out of the 100 CBDCs two are absolutely launched: the ‘eNaira’ in Nigeria launched in October 2021, and the ‘Bahamian sand dollar’, which was launched in October 2020.

Out of these 15 CBDCs are nonetheless within the testing section. 65 nations are nonetheless conducting analysis on theirs, whereas 15 extra are already within the Proof-of-concept section. This info was obtained by the IMF from a monitoring webpage for the CBDC.

The IMF says that whereas a CBDC could seem to have many benefits on paper, central banks should first determine whether or not there is a powerful foundation for adopting them, notably whether or not there might be sufficient demand. 

“Some have decided there is not, at least for now, and many are still grappling with this question,” the report states.

Additionally, the IMF harassed that the central banks should take note of the dangers related to issuing CBDCs. Users can take an excessive amount of money out of their accounts without delay to purchase CBDCs, which might result in a disaster, says the IMF.

IMF emphasizes that the flexibility of central banks to handle the hazards introduced on by cyberattacks whereas concurrently preserving knowledge privateness and monetary integrity will have to be thought-about.

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