Cryptocurrency cannot be used as money and digital currency are more reliable said by IMF Chief Georgieva

It has been revealed by the chair and managing director of the International Monetary Fund (IMF) that 110 countries are experimenting with central bank digital currency systems. The interoperability of these currencies is currently the most difficult challenge for monetary authorities to overcome.

In the opinion of Kristalina Georgieva, one of the most important considerations is whether state-backed digital currencies can be used as a trusted medium of exchange by the general public. She stated that she considers digital currencies produced by central banks to be the most reliable kind of digital money and she finds it difficult to think of cryptocurrencies as money because they are not backed by assets that maintain their value over time and because their value can fluctuate dramatically. The International Monetary Fund's chief spoke about Europe's efforts to deal with the challenges posed by the spread of the Covid-19 virus.

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To boost trade, Africa is simplifying international payment systems

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This summer, the Fed will take another step toward creating a digital money

This summer, the Federal Reserve will publish a research paper that examines the possibility of a central bank digital currency. Multiple countries' initiatives in the central bank digital currency arena, most notably China's, have heightened debate about how aggressively the Fed should act. The Federal Reserve is pushing ahead with its plans to create its own digital currency, stating that a study paper will be released this summer that will go deeper into the topic. Despite the fact that the central bank did not announce any particular plans for the currency, Chairman Jerome Powell acknowledged advancements in payments technology and stated that the Fed has been "actively monitoring and responding" to those developments. In the statement, The proper operation of our economy requires that consumers have faith and confidence not only in the dollar, but also in the payment networks, banks, and other payment service providers that allow money to flow on a regular basi...

How will Blockchain boost trade in Africa?

Despite a regional economic slowdown in 2020, over a dozen African countries grew last year. Complicated trade rules and lengthy border processes stifle African economies. These long-standing issues need creative solutions. Blockchain is becoming more practical and scalable in developing markets. It has just opened a regulatory "sandbox" for innovative blockchain-based goods in Ghana. Standard Bank has joined Marco Polo, a trade financing network. Here are four ways blockchain may help African trade: 1. Customs The AU-EU trade deal is still in its infancy. Traditional customs bureaucracy prevents SMEs from joining global trade networks. This procedure can be automated and simplified, saving time and money. 2. Traceability Tracking cross-border goods correctly is critical for standard and certification verification. Already, blockchain is allowing ethical supply chains for a variety of African goods. Its open-source but secure design makes certificates easy to issue and verify...

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