CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
  • Market Updates
  • BTC Analysis
  • ETH Analysis
  • XRP Analysis
  • Interviews
CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
    • Spanish
    • Turkish
    • German
    • Bulgarian
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • CryptoPotato Spanish
  • CryptoPotato Turkey
  • CryptoPotato Germany
  • CryptoPotato Bulgaria
Home » Crypto News » IMF Chief: CBDCs Could be Safer and Cheaper Than Cryptocurrencies

IMF Chief: CBDCs Could be Safer and Cheaper Than Cryptocurrencies

Author: Jordan Lyanchev

Last Updated Feb 9, 2022 @ 15:18

While taking the opportunity to slip another crypto bash, IMF’s Kristalina Georgieva said CBDCs can become a safer option in the digital world.

Getting your audio player ready...

Central bank digital currencies have become among the most popular topics of discussion among governing monetary bodies as they are trying to find a way to reduce the impact of private cryptocurrencies. However, IMF’s Managing Director believes that each country has to follow its own route as one type of a CBDC will not work in every nation.

Not a Single Solution

Reports emerge daily of new central banks that are hoping on the CBDC trend, trying to capitalize on the digitalization of money. Cited by Reuters, a research conducted by the International Monetary Fund estimated that approximately 100 such organizations are currently working on launching their own version of digital fiat currency.

The institution has looked into several such countries, including China, Sweden, and the Bahamas – all of which have reported highly advanced products that are close to seeing the light of day.

Yet, given the different ways all of these countries are ruled, IMF’s Managing Director – Kristalina Georgieva – suggested that these early experiences have provided various lessons.

For instance, she believes that a “prudently” designed CBDC can provide more resilience for the local financial network while also reducing transaction costs.

Georgieva also claimed that such a digital product will be “safer” than cryptocurrencies, which are “unbacked” and “inherently volatile.” However, she failed to mention that CBDCs will also be highly centralized since they will be operated by the central banks, unlike bitcoin and other crypto assets that have no central point of authority.

Ultimately, though, Georgieva asserted that “no one size fits all” when it comes down to a CBDC.

“These are still early days for CBDCs, and we don’t quite know how far and how fast they will go.” – she concluded.

CBDCs Across the World

Aside from the aforementioned countries, other nations that have made significant development in launching such products include South Korea, India, Malaysia, and others.

And while the US Federal Reserve still explores the pros and cons of a CBDC, India’s Prime Minister believes the digital version of the country’s fiat currency will strengthen its economy.

Separately, Russia’s second-richest man recently asserted that a CBDC could replace bitcoin. He joined Georgieva in highlighting BTC’s volatility as a potential hurdle.

Featured Image Courtesy of BNR

SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Tags: CBDC China
Enjoy reading? Share with your friends
Facebook Twitter LinkedIn Telegram

About The Author

Jordan Lyanchev
More posts by this author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

Join Our Community

FacebookX YouTubeTelegram


Editorials
10 Best Meme Coins to Watch in June 2025

10 Best Meme Coins to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

7 Best Meme Coin Presales to Watch in June 2025

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Toobit Review 2025: Is Toobit a Safe Crypto Exchange?

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

Hyperliquid Bridge: How to Bridge USDC to Hyperliquid

11 Best Crypto Presales to Consider in June 2025

11 Best Crypto Presales to Consider in June 2025

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

Need for Speed – Only Ultra-Fast Blockchains Will Win the Adoption Race (Opinion)

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

The 5 Best Bitcoin Mining Pools in 2025: Complete Guide

Join Our Newsletter
Become a CryptoPotato VIP
One Weekly Email Can Change Your Crypto Life.
Sign-up FREE to receive our extended weekly market update and coin analysis report
We NEVER send spam. You can unsubscribe at any time.
Invalid email address
Thanks for subscribing!
Footer Logo
About
Advertise on CryptoPotato
About Us | Contact Us | Careers
Editorial Policy
Terms of service | Privacy Policy | GDPR
More Sections
IEO List | Evaluations
Airdrops
Scholarship
Disclaimer
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
© Copyright CryptoPotato 2016 - 2025
Scroll to top
One Daily Email Can Change Your Crypto Life.

Sign-up FREE to receive our extended daily market update and coin analysis report

We never send SPAM. You can unsubscribe at any moment
Invalid email address
Thanks for subscribing!