IMF chief calls for digitization to achieve “financial inclusion.”
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Now, let’s reimagine the provided text: In her inaugural address at the seminar on financial inclusion held in Marrakesh, Morocco, IMF Managing Director Kristalina Georgieva emphatically asserted that digitalization stands out as “the most important way” to enhance financial inclusion. According to Georgieva, the transformative power of digitization manifests in its ability to facilitate assistance to people, boost investments, and accelerate economic capabilities. Illustrating her point, she cited the successful implementation of digital cash transfers in Togo during the COVID-19 pandemic. While advocating for comprehensive national strategies to promote financial inclusion, Georgieva cautioned the audience about the associated financial stability risks, often intertwined with the process of digitalization.
Notably, the IMF has been actively engaged in analyzing the imperative regulations surrounding cryptocurrencies. On September 29, the organization proposed a crypto-risk assessment matrix (C-RAM), designed to enable countries to identify indicators and triggers of potential risks in the crypto sector.
The IMF’s Synthesis paper, a collaborative effort with the Bank for International Settlements (BIS), received unanimous approval in the “G20 Finance Ministers and Central Bank Governors Communique” in October. The paper advocates for a nuanced approach, favoring comprehensive oversight of cryptocurrencies over an outright ban. Its high-level recommendations encompass cross-border cooperation and information sharing among regulators, a call for robust governance and risk management frameworks for crypto companies, and an assurance of access to relevant data provided by these companies to the authorities.
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