The IMF seeks to centralize transactions with CBDCs.
The International Monetary Fund has presented the outlines of a “new class” of cross-border payment system that provides but does not require a single ledger to record central bank digital currency transactions, programmability and improved information management.
In addition, the platform would help central banks intervene in FX markets, aggregate information on capital flows and resolve disputes, Adrian said. The platform could be adapted for domestic wholesale and retail CBDC as well, he said. The XC platform was designed on the model of CBDC infrastructure. There would be a settlement layer with a single ledger. Access to it would be expanded. Currently, institutions have to have a reserve account with a central bank to carry out cross-border operations, but the XC platform would allow the trading of tokenized domestic central bank reserves. Liquidity would still come from institutions with reserve accounts.
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