The IMF says there is no one-size-fits-all model for central bank digital currencies

The International Monetary Fund says evidence suggests that there is no one-size-fits-all model for central bank digital currencies (CBDCs) as countries all over the world are looking to implement CBDCs as currency. 

On Wednesday, the IMF published a study examining six countries, including China, Sweden, and the Bahamas, where digital currency is already operating. 

IMF Managing Director Kristalina Georgieva said the main takeaway from the study is that there is no one-size-fits-all model to implement CBDCs.

“Clearly, what can be gleaned from these experiences does not necessarily apply elsewhere. The sample of countries remains small and country circumstances differ widely,” the report said. 

China has been leading the world adoption of CBCDs, trying them out during the 2022 Winter Olympics in Beijing. In July of last year, the European Central Bank launched its digital version of the euro. The U.S. Federal Reserve has moved more slowly but published a report on the digital dollar last month. 

The IMF has been conducting CBDC research and aims to provide technical assistance to member countries who seek to implement digital currencies, said Georgieva. 

“CBDC is still in its infancy, and there are still open issues as well as commonly identified obstacles,” concluded the report.