In her keynote address at the International Monetary Fund (IMF) seminar on financial inclusion in Marrakesh, Morocco, IMF Managing Director Kristalina Georgieva stated that digitalization is “the most important way” to expand financial inclusion.
IMF managing director Kristalina Georgieva says digitalization is “the most important way” to scale up financial inclusion. “It is digital that moves help to people, investment, and the ability of the economy to accelerate,” Georgieva said, citing digital cash transfers in the African nation of Togo implemented during the COVID-19 pandemic.
She advocated for comprehensive national strategies for financial inclusion but reminded the audience of the dangers to financial stability that frequently accompany digitalization.
Recently, the IMF has been actively analyzing necessary crypto regulations. It proposed a crypto-risk assessment matrix (C-RAM) for countries to identify indicators and triggers of potential hazards in the sector on September 29.
In October, the “G20 Finance Ministers and Central Bank Governors Communique” unequivocally adopted the IMF’s Synthesis paper co-authored with the Bank for International Settlements (BIS).
Instead of a blanket prohibition, the paper advocates for comprehensive oversight of crypto. Recommendations at the highest level include:
- Cross-border cooperation and information sharing between regulators.
- A demand for comprehensive governance and risk management frameworks for crypto companies.
- A guarantee of access to pertinent data provided by companies to authorities.
