The need for a development-centred climate change policy at the International Monetary Fund
Sara Jane Ahmed, Laveesh Bhandari, Rishikesh Ram, Amar Bhattacharya, Kevin P. Gallagher, Toby Melissa C. Monsod, Marilou Uy Policy Brief
The Case for Harmonising Central Bank Digital Currencies for Cross- Border Transactions
This Policy Brief was first published in https://t20ind.org
Cross-border transactions face serious inadequacies, such as high costs, low speed, limited access, and insufficient transparency. Network effectsa caused by entrenched legacy systems prohibit radical upgrades in cross-border payment infrastructures. In the long term, a novel multilateral solution with a ‘clean slate’ advantage should be a more pressing priority than tweaking legacy systems for improved efficiency. More than 100 countries worldwide are in various stages of developing central bank digital currencies (CBDCs). A collective action to harmonise domestic CDBCs for cross-border transactions is needed to avoid losing the ‘clean slate’ advantage.
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