The IMF talked about the advantages of Central Bank Digital Currencies (CBDCs), which are available to oil exporting countries. Needless to say, there are a number of potential benefits from the implementation of CBDCs to improve cross-border payments and strengthen economic competitiveness.
Given the status of oil and gas exporting countries, increasing the efficiency of international settlements through CBDCs is indeed an attractive prospect. However, all the risks and rewards of such a move should be carefully weighed.
On the one hand, using CBDCs could simplify cross-border payments, reduce costs and speed up transactions by reducing intermediaries and standardizing data formats. This is especially important for the energy sector with its large export flows. In addition, the implementation of CBDCs would potentially contribute to the development of payment infrastructure and financial services within the country.
On the other hand, CBDCs carry certain risks. There are questions about the compatibility of such a currency with existing payment systems and its potential for use in global settlements. It is also necessary to take into account potential risks for financial stability and monetary policy when transitioning to a CBDC.