IMF Report: Stablecoins Can Improve Financial Inclusion

In recent years, the adoption of stablecoins has surged in Asian markets.

Both Singapore and Hong Kong are poised to recognize digital currencies pegged to fiat money for use in transactions.

The International Monetary Fund (IMF) views stablecoins as a potential tool for enhancing financial inclusion across Asian nations.

Furthermore, an IMF report released on March 25 advocates for the widespread adoption of central bank digital currencies (CBDCs).

Numerous countries in Central and Southeast Asia are actively pursuing the development of such digital tokens.

The extensive utilization of digital currencies is anticipated to bolster financial inclusion and foster the growth of blockchain infrastructure in the region.

The IMF advises small Asian island nations against issuing their own CBDCs, instead recommending the legalization of stablecoins like Tether (USDT) for payment transactions.