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Central Bank cryptocurrencies (CBDC) are seen as a way to strengthen the current ecosystem by governments around the world.

A strong monetary ecosystem can only be enabled by the technical prowess of the cryptocurrency, which is supported by central bank confidence.

According to the article attributed to BIS executives John Frost and Hyun Song Shin as well as IMF Deputy Managing Director Agustin Carstens, digital technologies hold great promise for the future of the monetary system.

The IMF’s gloomy forecast of a global economic slowdown has raised concerns about the next recession in cryptocurrency markets. Cointelegraph previously reported that Bitcoin (BTC) markets are likely to recover when uncertainty about the current state of the economy and geopolitical tensions are resolved.

However, the IMF noted that liquidations, bankruptcies and various losses at major companies such as Celsius, Three Arrows Capital and Voyager Digital Holdings had only a minor impact on traditional financial systems.

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