Central bank digital currencies can co-exist with privately issued cryptocurrencies as the dual monetary system evolves, according to the International Monetary Fund.
Today's dual monetary system involves privately issued money by banks, telecom companies or specialist payment providers built on a foundation of publicly issued money by central banks, the IMF said in a blog post.
"This system offers advantages, including innovation and product diversity, mostly provided by the private sector, and stability and efficiency, ensured by the public sector," Tobias Adrian, the IMF's financial counsellor and director of its monetary and capital markets department, and deputy division chief Tommaso Mancini-Griffoli, said in the co-authored post.
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