IMF fintech survey: Central banks testing crypto waters

July 1, 2019 | FinTech

An IMF survey on global adoption of fintech shows a fifth of central banks are weighing the issue of cryptocurrencies

Are fintech’s stated benefits of financial inclusion and a fillip to growth visible on the ground?

The International Monetary Fund (IMF) surveyed various relevant agencies, including central banks, in 189 countries on a range of fintech topics.

It received 95 responses and the resultant paper offers some useful insights.

  1. Cybersecurity within fintechs is top-of-mind for most countries
  2. Asia is a leader in fintech adoption, particularly in China and India
  3. Astoundingly, sub-Saharan Africa is a global leader in mobile money, with 10% of GDP routed through mobile. (In comparison, Asia is 7% and other regions a mere 2%)
  4. Fintech adoption across Europe is uneven, regardless that the EU has issued various policy frameworks. For example, the UK is much ahead of the rest of Europe in terms of innovation and investment.
  5. About a fifth of respondents said central banks were considering issuing their own cryptocurrencies, in light of cost benefits, ease of policy implementation, and competition from other digital currencies. However, work is in early stages.

Conclusion: “While there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity,” the bank said.

Name of source/publisher IMFBlog (https://blogs.imf.org/)

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/08/10_sound_box_2.0_payment_terminal_storage_optimization-2-800x500-1.jpg
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…

https://dailyalts.com/wp-content/uploads/2022/08/planet-g69e0d7747_640.jpg
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.

https://dailyalts.com/wp-content/uploads/2022/08/picpay-lover.jpg
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…

https://dailyalts.com/wp-content/uploads/2022/08/one-braham-logo-2.jpg
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…