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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