Deputy Managing Director of the International Monetary Fund (IMF) Tao Zhang said government cryptov currencies could become "an accessible and legal digital form of fiat money.
Zhang stressed that government digital currencies can bring many benefits to the traditional financial system.
"Most importantly, it will be a more efficient payment system. Secondly, a more accessible financial system. Thirdly, it will increase stability and reduce entry barriers for new companies. Fourthly, strengthening monetary policy. And fifth, state cryptov currencies will be able to become a means of counteracting the launch of new digital currencies," Zhang said.
Analytical company CB Insights conducted a study of the market of state cryptov currencies. According to analysts, two types of such currencies are being developed in different countries: basic and banking.
Core digital currencies should replace paper money and allow citizens to open accounts directly with the Central Bank. Bank digital currencies should become a means of interbank payments and can pose a threat to the current banking system.
The researchers also reported that 80% of the central banks surveyed are exploring the possibilities of government cryptov currencies.
In early February, chairman of the Governing Council of the Federal Reserve Jerome Powell, speaking before Congress, said that the Federal Reserve is actively working to create a "digital dollar".
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