IMF advisor sees power in global ledger that works with CBDCs
Tobias Adrian, a financial counselor at the International Monetary Fund (IMF), recently discussed ways to revolutionize money with the global equivalent of a central bank digital currency (CBDC) system. In a speech at a roundtable on CBDCs this week, Adrian explored the underlying infrastructure of money and shared a blueprint for enhancing cross-border and domestic payments, saying it could usher in a new era of financial transactions. He discussed the difficulties cross-border payments face, including high costs, slow processing and need for more transparency. Adrian noted the IMF, World Bank, Bank of International Settlements and the Financial Stability Board have been working together on this issue. A potential solution would involve a trusted ledger to provide a secure and reliable electronic system where property rights can be recorded. “Expressed in today’s language, the vision is for a trusted ledger , which is essentially an electronic document representing property rig...