The IMF, G20, and World Bank Ratchet Up the CBDC Game

Happy Tuesday, Blockfolians

The Lede

Hot on the heels of last week’s BIS report about the design principles of central bank digital currencies, an IMF virtual meeting has prompted a lot more hot CBDC action.

Crypto Diaries: IMF & World Bank cozying up to Blockchain &  Cryptocurrencies | Data Driven Investor

First and most significant, a new report from the G20 nations (plus the IMF and World Bank) is set to formalize standards for CBDCs by the end of 2022. The IMF and World Bank are set to be able to facilitate CBDC transactions between countries by 2025.

Additionally, a draft letter obtained by Reuters from the G7 suggests that currency competition from Libra is still top of mind.

On top of this, the OECD is planning a tax framework that it will pitch to the G20 next year.

Phew, talk about a lot happening all at once. CBDCs are coming quickly - more quickly it seems than most imagined.

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