E-money poses serious threats to financial system, says IMF paper

Paper recommends a ‘synthetic CBDC’ to preserve financial stability

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IMF paper argues growth in digital money poses serious risks

Central banks should be cautious about the potential of e-money to destabilise the financial system, a new paper from the International Monetary Fund says.

In The rise of digital money, authors Tobias Adrian and Tommaso Mancini-Griffoli explore the likely impact of technology on banks. The paper marks the launch of a new series of IMF papers called ‘Fintech Notes’.

The authors warn of several financial stability risks that digital currencies pose. Many of their points echo recent comments by

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