Connect with us


IMF Backs A Global Central Bank-backed Digital Currency Network



Global CBDC: IMF Working on Global CBDC Platform Concept 

In a bid to foster efficient and fairer international transactions, the International Monetary Fund (IMF) is actively developing a global platform for Central Bank Digital Currencies (CBDCs), Reuters reported.

IMF Managing Director Kristalina Georgieva emphasized the need for interoperability between countries during a conference attended by African central banks in Rabat, Morocco, on Monday. Unlike decentralized cryptocurrencies, CBDCs are digital currencies controlled by central banks.

Georgieva stated that CBDCs should transcend national boundaries and not remain fragmented propositions within individual countries.

To achieve this, she said that the IMF has been working towards a common regulatory framework that will enable seamless global interoperability for CBDCs.Failure to establish such a platform could create a void that cryptocurrencies will likely fill, she added.

Backing the ‘official’ digital currency

Georgieva highlighted that 114 central banks worldwide are already exploring CBDCs, with approximately 10 having made substantial progress in their implementation.

She also stressed that the potential of CBDCs would be underutilized if they were solely developed for domestic use. By connecting countries and facilitating cross-border transactions, CBDCs could enhance financial inclusion and reduce the costs of remittances. Currently, the average cost of money transfers amounts to 6.3 per cent, equivalent to $44 billion annually.

Georgieva further emphasized the importance of backing CBDCs with assets. While acknowledging the investment potential of cryptocurrencies backed by assets, she cautioned against speculative investments in cryptocurrencies lacking such support.

Tracking the global rise of CBDC 

The rise in CBDC exploration is evident as per US-based think tank Atlantic Council, with 114 countries—representing over 95 percent of global GDP—actively considering or advancing CBDC projects. In contrast, in May 2020, only 35 countries were contemplating CBDCs. Presently, 60 countries are in an advanced exploration phase, including development, pilot testing, or launch.

Eleven nations have already fully launched their CBDCs, with China’s pilot project reaching approximately 260 million people and expanding across the country in 2023. The most recent addition to the list is Jamaica, which introduced its own CBDC called JAM-DEX.

The imposition of financial sanctions on Russia has spurred countries to seek alternative payment systems that circumvent the dominance of the U.S. dollar. As a result, there are currently nine cross-border wholesale CBDC tests and seven cross-border retail projects, almost double the number compared to the previous year.

Throughout 2023, more than 20 countries are expected to take significant steps towards piloting their CBDCs. Australia, Thailand, Brazil, India, South Korea, and Russia intend to commence or continue pilot testing next year. Additionally, the European Central Bank (ECB) is likely to initiate its CBDC pilot in the near future.

As of December 2022, all G7 economies have transitioned from research to the development stage of CBDCs. Notably, the New York Federal Reserve’s wholesale CBDC experiment, Project Cedar, propelled the United States into the development phase.

Among the G20 countries, 18 have reached the advanced stage of CBDC development, with seven already in the pilot phase. Almost every G20 nation has made substantial progress and allocated significant resources to CBDC projects in the past six months.

Source:- Wionews

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply


If you can’t afford it, don’t ask him – Toke Makinwa tells ladies



Toke Makinwa says women should stop asking men for things they cannot buy for themselves. In a chat with Iyabo Ojo, Toke averred that having the disposition that a man will buy a woman anything is the reason why men do not respect women anymore.


Toke during the chat expressed her displeasure at women who are in the habit of asking men for money to buy wigs, bags, shoes and other mundane things.

‘’If you can’t buy it for yourself, don’t ask him. Don’t do it. And they are the reason why men insult women. As a women, when you now have standards, then they look at you as if you are asking for too much. Just because the bare minimum has asked you to buy her a wig”

“As a woman, you’re living in Mushin, and you’re putting pressure on a guy to buy you a house in Banana Island. I’m sorry. Make it make sense. Can you buy it? Can you even move yourself out of where you are small?

“If he meets you maybe like halfway and you are saying to him that ‘Bros, I worked hard to get halfway but I’ve a dream. My dream is not to be here where you met. And I’m not lazy. For me to leave this point to get to that point, you can see the triat of hard work. Are you going to join me to move there or are you going to be there?’ Period.”

Continue Reading


Rema, Yemi Alade, Tayc, Davido… Here Are All The Winners Of The First-Ever Trace Awards



Global music powerhouse and Afro-music tastemaker, Trace held its inaugural Trace Awards 2023 on October 21, 2023, at the BK Arena in Kigali, Rwanda, to celebrate the creativity, talent, and influence of African and Afro-inspired music and artists. More than 150 artists were nominated in the awards ceremony, which showcased the excellence and diversity of Afro-centric music in genres such as Afrobeat, Dancehall, Hip Hop, Afro-pop, Mbalax, Amapiano, Zouk, Kizomba, Genge, Coupé Décalé, Bongo Flava, Soukous, Gospel, Rap, Rai, Kompa, R&B, and Rumba.

The awards ceremony, which was hosted by Nigerian music veteran D’Banj alongside Angolan global supermodel Maria Borges, featured a star-studded lineup of performers, including DavidoYemi AladeBlack Sherif, Kizz Daniel and more.

This year’s nominees included stars like Davido, Burna BoyBlxckie, Yemi Alade, Libianca, and DJ Maphorisa, among others. If you weren’t able to tune in, here are the winners of the Trace Awards 2023.

  • Best Music Video – “Baddie” Yemi Alade (Nigeria)
  • Best Artist France & Belgium – Tayc (France)
  • Best Producer – Tam Sir (Ivory Coast)
  • Best Artist North Africa – Dystinct (Morocco)
  • Best Artist UK – Central Cee
  • Best Artist Indian Ocean – Goulam (Comoros)
  • Best Artist Francophone Africa – Didi B (Ivory Coast)
  • Best DJ – Michael Brun (Haiti) 
  • Best Gospel Artist – KS Bloom (Ivory Coast)
  • Best Artist The Caribbean – Rutshelle Guillaume (Haiti) 
  • Best Artist Anglophone Africa – Asake (Nigeria)
  • Best Global African Artist – Rema
  • Best Newcomer – Roseline Layo (Ivory Coast)
  • Best Collaboration – “Unavailable” – Davido (Nigeria) with Musa Keys (South Africa)
  • Best Dancer – Robot Boii (South Africa) 
  • Best Artist Lusophone Africa – Lisandro Cuxi (Cape Verde)
  • Changemaker Trace Award – Mr Eazi (Nigeria)
  • Best Live – Fally Ipupa (DRC)
  • Lifetime Achievement Award – 2Baba (Nigeria)
  • Album of the Year – “Love Damini” – Burna Boy (Nigeria)
  • Best Female Artist – Viviane Chidid (Senegal)
  • Best Male Artist – Davido (Nigeria)

Continue Reading


Davido and Chioma Have Welcomed Twins – Pastor Gospel Agochukwu Confirms



According to Evangelist Gospel Agochukwu, Nigerian famous artist Davido has given birth to a pair of twins.

On Tuesday morning, the man of God announced the information.

On the church’s official Facebook page, the cleric posted a recording of his conversation with Davido.

The chat claims that Davido told the cleric the prophecy he made last year had come true.

In November of last year, Agochukwu said that God had promised him Davido and Chioma would welcome twins after Ifeanyi’s passing.

Despite neither Davido nor Chioma having made an official announcement, congratulations have kept coming in on social media.

Continue Reading


Call Blow Naija