IMF / Cross-Border Payments—A Vision for the Future




19 Oct 2020


Washington, D.C., United States



IMF / Cross-Border Payments—A Vision for the Future
Washington, D.C.
1. Wide shot, IMF building exterior
2. Wide shot, IMF building exterior with annual meetings signage
3. Medium shot, MD Kristalina Georgieva speaking
19 OCTOBER 2020, Washington, D.C.
3. SOUNDBITE (English) Kristalina Georgieva, Managing Director, IMF
“Fixing these shortcomings will require a concerted and coordinated global effort involving a variety of public and private actors. And it is urgent, given the need to spur economic recoveries and counter fragmentation, particularly post COVID-19. We must improve existing systems and we must explore new ones potentially taking advantage of central bank digital currencies. Coming up with new solutions could bring significant efficiency gains, but it could also affect monetary and financial stability. Widespread use of new forms of digital money could make it harder for country authorities to run independent monetary policy and control domestic financial conditions,”
4. Medium shot, MD Kristalina Georgieva moderating panel
5. SOUNDBITE (English) Jerome Powell, Chair, Federal Reserve
“We are committed to carefully and thoughtfully evaluating the potential costs and benefits of a central bank digital currency for the U.S. economy and payment system, as well as for its international implications. We've been actively participating with other central banks and the BIS in that work. And we feel that collaboration has been very productive. We have not made a decision to issue it a CBDC, and we think that there's a great deal of work yet to be done, as well as extensive public consultation to be had with all stakeholders before making such a decision. The dollar is the world's principal reserve currency, as you pointed out. And I assure you that we will be approaching this question with great care”
6. Wide shot, MD Kristalina Georgieva speaking
7. SOUNDBITE (English) Ahmed Abdulkarim Alkholifey, Governor, Saudi Arabian Monetary Authority
“We believe digital payments, including the CBDC in both retail and wholesale situation would be helpful in supporting a safer and hopefully more efficient payment system overseen by central banks,”
8. Wide shot, MD Kristalina Georgieva speaking
9. SOUNDBITE (English) Agustín Carstens, General Manager, Bank of International Settlements
“The key difference with the CBDC is that the central bank will have absolute control on the rules and regulations that will determine the use of that expression of central bank liability. And also, we will have the technology to enforce that. Those are those two issues are extremely important”
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10. Wide shot, Annual meetings signage on IMF building
11. Wide shot, IMF building exterior
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