Central Bank Digital Currencies Would Let Governments Control What People Spend Money On: IMF Official

A participant stands near a logo of IMF at the International Monetary Fund–World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, on Oct.12, 2018. Johannes P. Christo/Reuters/File Photo

The International Monetary Fund (IMF) has said that central bank digital currencies (CBDCs) could potentially allow a government to control what people spend their hard-earned cash on.

Speaking at the IMF-World Bank annual meeting on Oct. 15, Deputy Managing Director Bo Li said that a CBDC could improve “financial inclusion” through programmability.