London Daily

Focus on the big picture.
Saturday, Jul 26, 2025

Coin In Bitcoin Name Doesn't Make It Money: IMF Chief

Coin In Bitcoin Name Doesn't Make It Money: IMF Chief

IMF chief said crypto products may be offering faster services at a much lower cost and better inclusivity, but for that also there was a need to separate apples from bananas and regulation would be key there.
IMF chief Kristalina Georgieva on Monday cautioned against confusing crypto products with currencies and said anything not backed by a sovereign guarantee can be an asset class but not a currency, as she asserted that Bitcoin cannot be 'money' just because it has got 'coin' in its name.

Speaking at a session on central bank digital currencies in Davos at the World Economic Forum Annual Meeting, she said crypto products may be offering faster services at a much lower cost and better inclusivity, but for that also there was a need to separate apples from bananas and regulation would be key there.

At the same session, Central Bank of France Governor Francois Villeroy de Galhau said the banknotes also proved to be a great technological advancement when they were introduced.

"I always speak of crypto as assets and not as currencies. For any currency, someone has to take the responsibility, but there is no one in case of so-called cryptocurrencies. Also, currencies need to have a lot of trust and they need to be universally acceptable," he said.

"We cannot have currency on one side and the trust on the other side. They need to be together," he said.

When asked about the loss of trust of people in central banks, he responded, "My impression is that the people are losing trust in crypto also and that loss of trust is more than that in central banks." On CBDCs, he said they would simply be modes of payments and not investment assets.

The governor further said there was a reason why the last word in CBDC was 'currency' and not 'coin'.

He also said the world would still rely on banknotes for the next century despite the advent of CBDCs.

The IMF chief also appeared optimistic about the future of banknotes, alongside the digital money, and cited an example that when the Ukraine war started, there was a huge surge in demand for banknotes due to the fear of cyberattacks.

Experts believe Central Bank Digital Currencies (CBDCs) have the potential to reshape financial systems, changing the landscape of payments and banking. More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world.

The panellists discussed what are the macroeconomic and geopolitical implications surrounding the roll-out of CBDCs and how can the public and private sectors work together to ensure that CBDC development ultimately benefits consumers and minimizes risks to financial stability.
Newsletter

Related Articles

0:00
0:00
Close
Deputy attorney general's second day of meeting with Ghislaine Maxwell has concluded
Controversial March in Switzerland Features Men Dressed in Nazi Uniforms
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
Thai Civilian Death Toll Rises to 12 in Cambodian Cross-Border Attacks
TSUNAMI: Trump Just Crossed the Rubicon—And There’s No Turning Back
Over 120 Criminal Cases Dismissed in Boston Amid Public Defender Shortage
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
Trump Announces $550 Billion Japanese Investment and New Trade Agreements with Indonesia and the Philippines
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
×