IMF Releases Digital Currency Handbook for World’s Central Banks

Central bank digital currencies can push the world away from depending on the U.S. dollar, the organization said.

International Monetary Fund Headquarters in Washington on Aug. 4, 2023. Madalina Vasiliu/The Epoch Times

The International Monetary Fund (IMF) released a handbook for global central banks regarding the development and implementation of central bank digital currencies (CBDCs).

The IMF’s “Central Bank Digital Currency Virtual Handbook” published last week pointed out that the increased use of CBDCs can “reduce dollarization” of the global economy—a situation where countries move away from relying on the U.S. dollar as a reserve currency. De-dollarization would push up borrowing costs in the United States, making loans expensive for businesses and individuals, thus affecting economic growth. Stock market values can also crash, reducing the savings and investments of Americans.