IMF advises Eastern Caribbean countries to try digital currencies

Author: Xiu MU

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The International Monetary Fund (IMF) recommends Eastern Caribbean countries to try digital currencies.

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According to Bitcoinist, the IMF believes that blockchain-based digital currencies will enhance the resources and capabilities of the Eastern Caribbean Monetary Union (ECCU). This region includes Saint Kitts and Nevis, Saint Lucia, Anguilla, Anguilla Antigua and Barbuda, Dominica, Grenada, and Saint Vincent and the Grenadines.

The IMF made the remarks following a regular visit to the ECCU region, which also believes that the "Investment Citizenship" (CBI) plan was one of the key reasons for the region's GDP growth last year. However, GDP growth is expected to gradually slow to 2.5%, which is consistent with the ECCU's long-term historical average. Similarly, the inflow of CBI may slow down. The IMF advises the region to try a universal digital currency that is regulated by the Eastern Caribbean Central Bank (ECCB), which issues East Caribbean dollars.

Central bank digital currencies appear to be the future trend of major central banks. The Bank of England, the European Central Bank and the Bank of Japan, as well as several other central banks, formed a group studying central bank digital currencies. The Fed also acknowledged that it is considering the use of digital currencies. IMF was one of the first major institutions to predict the use of digital currencies by the central bank.

St. Kitts and Nevis in the region has created favorable conditions for issuing central bank digital currencies. The island nation is building a legal framework oriented towards virtual currencies. At the end of last month, the jurisdiction passed the Virtual Assets Act, which requires companies operating in the virtual asset space to register and pass due diligence verification. The country's prime minister and finance minister, Timothy Harris, said the new bill fully met the goals of a cashless society in the ECCB region.

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