IMF warns stablecoins cannot replace fiscal discipline as global debt risks mount
By Peter Egwuatu The International Monetary Fund (IMF) has warned that the growing adoption of dollar-backed stablecoins must not be allowed to weaken fiscal and monetary discipline in countries whose currencies and assets underpin the digital tokens.“Central banks’ most critical role is to ensure inflation remains low and stable,” the IMF boss said, warning that persistent inflationary pressures leave little room for compromising price stability.“What remains then, by elimination, is the fiscal heavy lifting: difficult social choices between lower primary expenditures and higher taxes, to deliver credible medium-term fiscal consolidation,” the IMF boss said.
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