IMF fintech survey: Central banks testing crypto waters
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.
- Cybersecurity within fintechs is top-of-mind for most countries
- Asia is a leader in fintech adoption, particularly in China and India
- 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%)
- 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.
- 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/)|
Latest Alternative Investment 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…
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.
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…
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…