Central Bank Digital Currencies ‘Can Replace Cash,’ Says IMF Director

The International Monetary Fund released a virtual handbook for central banks to create central bank digital currencies.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva at the IMF headquarters in Washington on Oct. 10, 2022. Drew Angerer/Getty Images

The development of central bank digital currencies (CBDC) could potentially replace cash, although widespread adoption will take time, International Monetary Fund (IMF) Director Kristalina Georgieva says.

While appearing at the Singapore FinTech Festival on Nov. 15, the IMF chief championed the benefits of digital currencies, saying that they can bolster “financial inclusion.”