The post IMF Highlights Potential of CBDCs for Financial Inclusion in Middle East appeared first on Coinpedia Fintech News
An IMF survey has recently revealed that 19 central banks in the Middle East and Central Asia have decided to consider central bank digital currencies (CBDCs) for uplifting financial inclusion and payment efficiency. Although CBCDs could significantly lower the costs of financial service and increase accessibility, the IMF opines that they are not really essential …
The post IMF Highlights Potential of CBDCs for Financial Inclusion in Middle East appeared first on Coinpedia Fintech News
An IMF survey has recently revealed that 19 central banks in the Middle East and Central Asia have decided to consider central bank digital currencies (CBDCs) for uplifting financial inclusion and payment efficiency. Although CBCDs could significantly lower the costs of financial service and increase accessibility, the IMF opines that they are not really essential in order to achieve these goals. Instead, other digital payment improvements can actually offer more practical benefits. In addition, the survey warns that CBDCs could compete with bank deposits, which would affect the financial stability. In spite of these concerns, countries such as Saudi Arabia are currently exploring the use of CBDC for cross-border trade. However, the IMF advised to consider careful evaluation of CBDC adoption.
