International Monetary Fund, or IMF, manager Kristalina Georgieva said more than half of all central banks in the world are exploring how to launch digital currencies.

Speaking at a virtual conference hosted by Bocconi University on Oct. five, Georgieva said the IMF was looking at cardinal banking concern digital currencies, or CBDCs, and digital currencies equally a whole from the perspective of macroeconomic stability. She said the technology had given people the opportunity to make "seamless, and less costly" transfers, and chosen CBDCs the most reliable grade of digital currency, given they had "backing of the state" and were generally regulatory compliant.

"We did a survey of our membership, and information technology was very impressive: 110 countries are at some phase of looking into CBDCs," said the managing manager.

Georgieva added that stablecoins "fill the digital gap in privately issued money," but labeled Bitcoin (BTC) and other cryptocurrencies equally avails rather than coin. She highlighted price volatility as one of the principal concerns for the latter and said public trust equally well as established legal and regulatory frameworks would be necessary for CBDCs to take off.

Currently, the Commonwealth of the bahamas is the only nation with a state-backed digital currency — the Sand Dollar, which the Central Banking concern of the Commonwealth of the bahamas launched in October 2022. The People's Banking concern of China has been piloting its own CBDC in different provinces, and completed cross-border tests in collaboration with the key banking concern of Hong Kong. However, the largest economy in the world, the United States, is notwithstanding seemingly ambivalent about the matter.

Related: IMF Weighs the Pros and Cons of a Central Banking company Digital Currency

A contempo Imf study asked emerging markets and developing economies to "consider the benefits of issuing central banking concern digital currencies" in an endeavour to ensure financial stability. The statement follows the fund saying in April it would "pace up" monitoring projects in the crypto space, including CBDCs, stablecoins, and digital currencies, to see how the International monetary fund might be able to "keep step with policy challenges" effectually the technology.