July 11, 2024
IMF Director Advocates "Financial Inclusion" Through Digitalization
Policy & Regulation

IMF Director Advocates “Financial Inclusion” Through Digitalization

During her opening speech at the International Monetary Fund’s (IMF) seminar on financial inclusion in Marrakesh, Morocco, IMF Managing Director Kristalina Georgieva emphasized the crucial role of digitalization in expanding financial inclusion. She stated that digitalization is “the most important way” to enhance financial inclusion, highlighting how digital technologies can improve access to financial services, investments, and overall economic acceleration. She specifically pointed to the example of digital cash transfers in Togo implemented during the COVID-19 pandemic as a way in which digital solutions can benefit people.

Georgieva called for the development of comprehensive national strategies for financial inclusion but also cautioned about the financial stability risks associated with digitalization. The IMF has recently been actively involved in analyzing the need for cryptocurrency regulations. On September 29, the IMF proposed a crypto-risk assessment matrix (C-RAM) designed to help countries identify potential risks and triggers in the cryptocurrency sector.

The IMF’s Synthesis paper, co-prepared with the Bank for International Settlements (BIS), received unanimous adoption in the “G20 Finance Ministers and Central Bank Governors Communique” in October. The paper advocates for comprehensive oversight of cryptocurrencies instead of an outright ban. Its key recommendations include promoting cross-border cooperation and information sharing among regulators, establishing robust governance and risk management frameworks for cryptocurrency companies, and ensuring that relevant data is accessible to authorities from these companies.

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