The head of International Monetary Fund (IMF), Christine Lagarde, has endorsed the idea of central bank digital currencies (CBDCs) – virtual coins created by state authorities in a centralized way similar to the issuing of fiat currencies. The governments should move in this area by taking into account several concerns including preventing criminals from using CBDC as a tool to hide their illegal activities, the IMF Managing Director said on Wednesday.

Lagarde delivered a speech, dubbed “Winds of Change: The Case for New Digital Currency,” during a fintech festival in Singapore. Addressing the declining usage of cash, the IMF boss said:

“I believe we should consider the possibility to issue digital currency. There may be a role for the state to supply money to the digital economy,” Lagarde told …

This article appeared first on Cryptovest

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