A report by IMF experts claims that two thirds of the countries of the Middle East and Central Asia are exploring the possibility of introducing national digital currencies. Bahrain, Georgia, Saudi Arabia and the UAE have already advanced to the concept verification stage, and the Republic of Kazakhstan is ahead of everyone, completing the implementation of the digital tenge project.
The IMF believes that digital currencies of central banks can expand the availability of financial services and reduce their cost by eliminating intermediary structures and stimulating competition:
"The accelerating study of CBDC in oil exporting countries is due to the fact that classic international payments are associated with difficulties such as differences in data formats and regional rules, as well as complex compliance checks."
The foundation's report emphasizes that choosing the appropriate functionality for the implementation of CBDC, eliminating financial illiteracy of people, and increasing trust in financial institutions are the main tasks for states working on the concept of national digital currencies.
The introduction of digital currencies will be a long and complex process, and central banks need to be careful when implementing them, IMF experts say.
Earlier, analysts at the International Monetary Fund said that residents of countries with restrictive financial regulations are increasingly turning to bitcoin for safe cross-border transactions.