The managing director of the IMF, a driving force behind CBDC development, says retail CBDCs will bring about unforeseeable “consequences” to the financial system.
A myriad of unforeseeable “consequences” will be brought about by retail central bank digital currencies , the managing director of the International Monetary Fund claimed.at the Milken Institute’s 2023 Global Conference.
Georgieva explained the IMF considers retail CBDCs to have far more room for error than wholesale CBDCs. “We think that wholesale CBDCs can be put in place with fairly little space for undesirable surprises, whereas retail CBDCs completely transform the financial system in a way that we don’t quite know what consequences it could bring.”
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