During her opening speech at the Singapore FinTech Festival, International Monetary Fund (IMF) managing director Kristalina Georgieva urged the public sector to “keep preparing to deploy” central bank digital currencies (CBDCs) and related payment platforms in the future.
Georgieva expressed her optimism about the implementation of CBDCs worldwide but said, “We have not yet reached the land,” and there is still much uncertainty:
“Adoption of CBDCs is nowhere close. But about 60 percent of countries are exploring them in some form today.”
Georgieva believes CBDCs can replace cash, offer resilience in advanced economies and improve financial inclusion in underbanked communities. According to Georgieva, CBDCs can co-exist with “private money,” being its “safe and low-cost alternative.”
Georgieva also highlighted the importance of technological infrastructure in CBDC projects, personal data protection and even the possible role of artificial intelligence (AI) in enhancing the national digital currencies. She put a particular emphasis on cross-border payment support:
“To the extent CBDCs are deployed, they must be built to facilitate cross-border payments, which are at present expensive, slow, and available to few. Again, we must start this work today so we don’t have to backpedal tomorrow.”
The IMF head presented the organization’s CBDC virtual handbook and noted the Bank for International Settlements (BIS) role in the public sector’s digital money experiments.
The IMF has recently been active in its analysis of necessary crypto regulations. On Sept. 29, it proposed a crypto-risk assessment matrix for countries to spot indicators and triggers of potential risks in the sector.
The IMF’s Synthesis Paper — jointly prepared with the Financial Stability Board — was unanimously adopted by G20 finance ministers and central bank governors in October.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.