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Tag: IMF

UN-Backed Banker Alliance Announces Green Plan To Transform The Global Financial System

The most powerful private financial interests in the world, under the cover of COP26, have developed a plan to transform the global financial system by fusing with institutions like the World Bank and using them to further erode national sovereignty in the developing world.

Whitney Webb writes for the Unlimited Hangout.

On Wednesday, an “industry-led and UN-convened” alliance of private banking and financial institutions announced plans at the COP26 conference to overhaul the role of global and regional financial institutions, including the World Bank and IMF, as…

Who Needs the IMF When You Have Bitcoin?

Christopher Nolan’s third Batman film, “The Dark Knight Rises,” is generally considered the weakest entry in the series, in part because it’s so easily read as a celebration of neoliberal authoritarianism. The film’s plot has the villain, Bane, take over Gotham City, wipe out all financial ledgers and reign over a kind of mega-Occupy movement. To fight back, Batman engages in a series of moral compromises that he justifies as, more or less, necessary exceptions to defend a more broadly just system.This article is excerpted from The Node, CoinDesk’s daily roundup of the most…

Nigeria’s eNaira faces a bunch of privacy challenges • The Register

Opinion Nigeria recently became the first African country to launch its central bank digital currency (CBDC), the eNaira. However, there are significant privacy challenges that could make eNaira a lot less attractive.
The central concern? Authorities may see every transaction. This could potentially provide a great deal of data on individuals, making them vulnerable to malicious use for political or commercial purposes.
At the same time, there are fears that due consideration has not been given to the broader societal and rights implications. A recent IMF analysis [PDF] suggests adopting…

imf: IMF report explains why digital naira has drawn attention from the outside world

NEW DELHI: The International Monetary Fund (IMF) has explained in a report published on November 16, the reasons why eNaira or the CBDC of Nigeria has received so much attention from the world The IMF report titled ‘Five observations on Nigeria’s Central Bank Digital Currency’ was authored by Jack Ree. In its report, the IMF acknowledged that the newly launched Nigerian CBDC has attracted a lot of interest from many global institutions, particularly central banks. The IMF was involved in the rollout process of eNaira and would help the Central Bank of Nigeria in technical assistance…

IMF, CBN To Aid Other Countries Deploy CBDC

With the successful launch of the eNaira, the International Monetary Fund (IMF) has said it will be working with the Central Bank of Nigeria (CBN) to advise other counties interested in deploying Central Bank Digital Currency (CBDC).
The IMF however noted that though the e-Naira has the potentials for Financial Inclusion and boost Diaspora remittances but could pose risks to Nigeria’s financial stability.
It therefore  urged the CBN to watch the product with a view to properly managing risks that may arise from the initiative.
On boosting remittances,  the fund said,…

IMF: CBN needs to manage cyber security, operational risks of eNaira

The International Monetary Fund (IMF) says there is a need to manage cyber security and operational risks associated with the eNaira, Nigeria’s new central bank digital currency (CBDC).

IMF said the eNaira is expected to increase financial inclusion and facilitate remittances, but potential risks will need to be addressed.
Jack Ree, an economist at the IMF’s African department, said this in an article titled ‘Five Observations on Nigeria’s Central Bank Digital Currency’, and released on Tuesday.
“Like digital currencies elsewhere, the eNaira carries risks for…

Singapore announces 15 finalists for Global CBDC Challenge – Ledger Insights

Today the Monetary Authority of Singapore (MAS) announced 15 finalists for its Global CBDC Challenge to find the best solutions for retail central bank digital currencies (CBDC). Singapore has not committed to launching a CBDC itself. The initiative was launched in conjunction with the World Bank, the IMF and other global institutions.

“The Global CBDC Challenge aims to discover and develop retail CBDC solutions that will benefit the global community,” said Sopnendu Mohanty, MAS Chief FinTech Officer. “There was a healthy diversity of solution approaches across the…

ConsenSys, Visa, G+D amongst winning Global CBDC Challenge teams – Ledger Insights

Today the Monetary Authority of Singapore (MAS) announced the three winning teams from its Global CBDC Challenge for retail central bank digital currency (CBDC). They are ConsenSys which partnered with Visa, central bank service provider Giesecke+Devrient (G+D), and Criteo, which used Intel hardware.

In related news, MAS announced the launch of its retail CBDC initiative Project Orchid earlier this week.

The CBDC competition was organized in conjunction with the World Bank, the IMF and several other global organizations, with a high profile panel of judges including the head…

110 countries are ‘at some stage’ of CBDC development By Cointelegraph

International Monetary Fund, or IMF, managing director Kristalina Georgieva said more than half of all central banks in the world are exploring how to launch digital currencies.
Speaking at a virtual conference hosted by Bocconi University on Oct. 5, Georgieva said the IMF was looking at central bank digital currencies, or CBDCs, and digital currencies as a whole from the perspective of macroeconomic stability. She said the technology had given people the opportunity to make “seamless, and less costly” transfers, and called CBDCs the most reliable form of digital currency, given…

IMF recommends CBDC and global crypto standards for financial stability By Cointelegraph

The International Monetary Fund (IMF) released a set of policies for the emerging markets and developing economies to ensure financial stability amid global crypto adoption.
The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments, citing the dramatic increase in the value of the crypto markets despite the bearish trends from May 2021. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML)…

110 countries are ‘at some stage’ of CBDC development

International Monetary Fund, or IMF, managing director Kristalina Georgieva said more than half of all central banks in the world are exploring how to launch digital currencies.Speaking at a virtual conference hosted by Bocconi University on Oct. 5, Georgieva said the IMF was looking at central bank digital currencies, or CBDCs, and digital currencies as a whole from the perspective of macroeconomic stability. She said the technology had given people the opportunity to make “seamless, and…

110 Countries Are Exploring CBDC At Some Stage, Says IMF Managing Director

Managing Director of the International Monetary Fund(IMF), Kristalina Georgieva, recently talked about digital currencies, including CBDC, in one of her recent speeches. The IMF MD gave this speech at the T20 Summit hosted by Bocconi University and Italian Institute for International Political Studies (ISPI) on Oct. 5. The submit included sessions with different policymakers and experts who discussed topics relating to various international challenges. The topics…

Why The IMF Hates Bitcoin

The International Monetary Fund (IMF), along with a string of other financial institutions, really does not like Bitcoin. So, let’s do the usual, thinking through what the IMF is and why it even matters.What Is The IMF?The IMF and the World Bank are like the parallel universe versions of Shaggy and Scooby-Doo. They have no idea what they are doing, and yet the decisions they make determine how the show ends. The only difference is that no one wants to watch this version of the show,…

Roxe hires ex-IMF economist to lead Bitcoin hashrate-backed CBDC project

Global payment network Roxe has recruited a seasoned economist from the International Monetary Fund, or IMF, to help lead its central bank digital currency project backed by Bitcoin’s (BTC) hashrate. Andreas Jobst, whose career spans the IMF, World Bank and Bermuda Monetary Authority, has been appointed as Roxe’s chief currency economist, the company announced Wednesday. Jobst will be tasked with helping to scale Roxe’s CBDC Plus Program and payment network, which allows countries to issue new primary or secondary fiat currencies backed by the computational power of Bitcoin….

Headed for a Collapsing Debt Bubble

A $1.9 trillion stimulus package was recently signed into law in the United States. Can such a stimulus bill, plus packages passed in other countries, really pull the world economy out of the downturn it has been in since 2020? I don’t think so.

The economy runs on energy, far more than it operates on growing debt. Our energy problems don’t appear to be fixable in the near term, such as six months or a year. Instead, the economy seems to be headed for a collapse of its debt bubble. Eventually, we may see a reset of the world financial system leading to fewer interchangeable currencies, far less international trade and falling production of goods and services. Some governments may collapse.

[1] What Is Debt?

I understand debt to be an indirect promise for future goods and services.… Read more...

Notes on CBDCs

Talking of Bretton Woods, this IMF article alludes to a huge change coming but lacks real clarity outside of allowing much more fiscal stimulus via monetary mechanisms.

https://www.imf.org/en/News/Articles/2020/10/15/sp101520-a-new-bretton-woods-moment

And tomorrow, the IMF holds a conference on digital currencies and cross-border payment systems..

https://meetings.imf.org/en/2020/Annual/Schedule/2020/10/19/imf-cross-border-payments-a-vision-for-the-future

But it’s not just the IMF. This was first floated by Mark Carney at the Bank of England over a year ago and set the course for a new system…

https://www.bankofengland.co.uk/-/media/boe/files/speech/2019/the-growing-challenges-for-monetary-policy-speech-by-mark-carney.pdf

His big idea is a move away from the dollar, using CB digital currencies so its affects on world trade, flows and debts was not so pronounced.… Read more...

China´s House of Cards

China’s economy is a house of cards. It’s dominated by the heavy hand of the CCP, it’s rife with corruption and cronyism, and China’s GDP numbers are propped up by useless infrastructure projects.

Add to that all of the debt that is unreported, and bad debt that is not written down, and you have a recipe for implosion.

State-owned banks aren’t obligated to report their activities to international financial organizations such as the Bank of International Settlements and the International Monetary Fund.

https://www.zerohedge.com/news/2019-08-09/bailout-3-chinese-bank-200-billion-assets-nationalized

https://www.marketwatch.com/story/pimco-says-biggest-risk-for-emerging-markets-right-now-is-unreported-china-lending-2019-08-15?mod=mw_theo_homepage

https://www.scmp.com/economy/china-economy/article/3018991/chinas-total-debt-rises-over-300-cent-gdp-beijing-loosens