IMF Plans to Launch Cross-Border Payment Platform for Central Bank Digital Currencies
The International Monetary Fund (IMF) has revealed its plan to develop a cross border payment platform which is called the XC platform that would enable transactions in central bank digital currencies (CBDCs) . This announcement follows the IMF's commitment to release a CBDC handbook to assist countries in improving CBDC capabilities and bridging potential digital divides .
The International Monetary Fund (IMF) has revealed its plan to develop a cross border payment platform which is called the XC platform that would enable transactions in central bank digital currencies (CBDCs) . This announcement follows the IMF’s commitment to release a CBDC handbook to assist countries in improving CBDC capabilities and bridging potential digital divides .
Benefits of the XC Platform for Users
During a recent roundtable discussion with the central bank of Morocco IMF officials outlined the anticipated XC platform and its potential benefits . The director of the IMF’s Monetary and Capital Markets Department Tobias Adrian highlighted the advantages of faster transactions and reduced fees . He also emphasized how redirecting some of the $45 billion currently paid to transfer providers could benefit the economically disadvantaged .
Enhancing Accessibility and Security
The XC platform is planning to provide a user friendly interface and enable cross border transactions without the need for reserve accounts with central banks . It would facilitate scheduled payments and prioritize user privacy and data protection . The platform’s purpose is to adjust to the growing popularity of CBDCs and modernize cross border payments in the digital era .
Final Thoughts
The IMF’s intention of creating the XC platform is a significant step toward improving international payment systems as interest in central bank digital currencies keeps on growing . The platform in question has the potential to completely change the way organizations and individuals conduct cross-border transactions using CBDCs by providing quicker transactions, lower fees and increased accessibility . The IMF is dedicated to assisting countries in accepting and making use of the advantages of digital currencies as seen by its CBDC manual and the XC platform which promote financial inclusiveness and contribute to bridging the digital divide .
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