Parliamentary Dialogue Series: Digital Money, Cryptocurrency and the Future of Finance

The fourth edition of the Parliamentary Dialogue Series, co-organized by the World Bank Group, the Parliamentary Network on the World Bank and IMF, and the International Monetary Fund, themed Digital Money, Cryptocurrency and the Future of Finance took place virtually on December 14.

This timely event was held in the backdrop of the increasing use of digital money, cryptocurrencies and myriad innovative technologies of finance, all of which pose both opportunities and challenges to the people, governments, and central banks, with major public policy and regulatory implications.

Recent developments in the global financial market reveal that while promoting financial inclusion through digital technologies and currencies can enable poverty reduction and increased prosperity, their development should be accompanied by a wide range of legislative measures and public policies aiming to protect the people and create awareness about inherent benefits and risks.

Introducing digital currencies requires a delicate balance between developments on the design front and on the policy front. Getting the design right calls for time, resources, and continuous learning from experience, including shared experiences across countries. Policy aspects involve developing new legal frameworks, regulations, and case law.

Parliamentarians are key to the implementation and the regulation of digital currencies and technologies to make sure they reach their intended objective of promoting transparency and financial inclusion. In this context, this event brought parliamentarians together with leading experts from the World Bank and IMF to build awareness around the use of digital currencies, as well as best practices regarding their regulation.