WASHINGTON—The International Monetary Fund is calling for a global platform for cross-border payments.
Tobias Adrian, director of the IMF’s monetary and capital markets department, said he wants the IMF to develop a new system to cut the costs of international transfers, according to CoinDesk. The platform would accept CBDC payments, hold them in escrow and issue tokens against them, he said.
“The private sector would be able to extend the uses of the platform by writing smart contracts,” Adrian said, adding that additional papers on how the world’s central banks could work together on the project will be forthcoming.
“Figures published by the IMF suggest that about 97 countries are researching, testing or deploying a CBDC, raising the question about how the different CBDCs would work together to enable cross-border payments – a process that would be costly and unreliable under the current, traditional finance system known as correspondent banking,” CoinDesk said.
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