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28 March 2024
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Jack Mallers Architect for El Salvador Bitcoin (BTC) Project Speaks at IMF; Key Takeaways


The IMF seems entertained and excited about a new era that talks about efficient and transparent cross-border payments. Recently it got more attention when Jack Mallers, the architect behind El Salvador’s bitcoin project made a presentation to the IMF about cross-border payments using Tortilla Chips, raisins, etc. This got eyeballs for many as this seems to have been in alignment with IMF’s previous move of discussion on cross-border payments.

To date, we have to fill out forms & wait for days before making payments for imports or cheques. This is because cross-border payments haven’t improved to the fullest. Here, new technologies and refurbished resolution converge to be significant improvements. Reforms possess the capability to be transformational as it makes cross-border payments inexpensive, quicker, & transparent.

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The stakes are lofty. Changes to cross-border payments are connected with the firmness of the international monetary system, financial involvement, and financial markets’ coherence. On the account of the COVID-19 crisis, reforms are foreseen to disclose the innovation and in-demand growth. However, advancement in this sector is likely to happen only with global cooperation.

How IMF Plans to Boost Cross Border Payments?

International cooperation has become significant and it is expected to implement & exceed the G20 roadmap. Notably, rich coordination between the four broad areas will confirm improvements to cross-border payments. First of all, there should be a proper draft in assistance with cross-border payments globally.

Recently, IMF called for international collaboration to frame global crypto regulations to combat threats by cryptocurrencies to financial markets.

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Because it’s for sure that countries contradict in executing capacity, existing infrastructure, and financial sector development. Different countries call for different users. Henceforth, this affects giant tech/firms operating in less liquid markets, cost-conscious small-sized or medium-sized enterprises, and the 1 billion people sending and receiving payments.

Secondly, there must be proper cooperation between countries to get the better of “inaction bias”. Cooperative nature will also assure wide-scaled solutions. Owing to chief technological, design, legal, and executive standards, cooperation can be achieved. Cooperation will even fulfill the needs of a wide community assembled by the IMF. Finally, the use of digital money must be implemented. Digital money can upheave remarkable risks to financial integrity.

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