Making the digital money revolution work for all – MENAFN.COM

Making the digital money revolution work for all – MENAFN.COM

History moves in uneven steps. Just as the telegraph erased time and distance in the 19th century, today's innovations in digital money may bring significant changes in the way we lead our lives. The shift to electronic payments and social interactions brought on by the pandemic may cause similarly rapid and widespread transformations. But we must look beyond the dazzle of technology and the alluring image of futuristic payment services. At the International Monetary Fund (IMF) we must identify and help countries solve the deeper policy trade-offs and challenges that are arising. The rapid pace of change is a call to action—for countries to guide, and not be guided by, today's transformations. It is also important for the IMF to engage early with countries, and usher in reforms that will contribute to the stability of the international monetary system, and foster solutions that work for all countries. There is a window of opportunity to maintain control over monetary and financial conditions, and to enhance market integration, financial inclusion, economic efficiency, productivity, and financial integrity. But there are also risks of stepping back on each of these fronts. We must enact the right policies today to reap the gains tomorrow. We