IMF’s CBDC push receives negative feedback from crypto community No one wants this.

The International Monetary Fund (IMF) is working on advancing the technologies behind central bank digital currencies (CBDCs). However, some members of the crypto community are not in favor of this initiative. During a CBDC policy roundtable on June 19, the IMF’s director of the monetary and capital markets department presented a new platform concept for cross-border payments. The platform called “XC platform” will have a single ledger where digital representations of central bank reserves in any currency can be exchanged. While the IMF was excited to share this new development, the crypto community interpreted it as a power grab and criticized the idea of centrally-controlled money. According to a Reddit user, the IMF is using issues such as financial inclusion as a Trojan horse to push CBDCs forward and gain more control. Another community member described CBDCs as a dystopian nightmare, giving government agencies complete control over individuals. However, the IMF continues to work on this initiative and present its new platform concept for cross-border payments.