Central Banks Urged To Consider Direct Bank Access For E-Money Firms

Authorities worldwide should consider giving e-money firms access to central bank funds unlocking “enormous benefits for cross-border payments”, according to a director at the International Monetary Fund (IMF).

Tobias Adrian, director of the IMF’s monetary and capital markets department, said that a year ago “the talk was about crypto-assets”.

“We have moved on, since then,” he said, speaking at a Tuesday joint conference with the Swiss National Bank. “Now, we must reckon with e-money, a new form of digital currency with the potential to be much more disruptive.”

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