IMF’s deputy managing director Bo Li lauds CBDC’s ability to control what people buy

At the IMF-World Bank Annual Meeting on Friday, the IMF’s deputy managing director, and former deputy governor of the People’s Bank of China, Bo Li, said CBDCs would help financial programmability.

“A CBDC can allow government agencies and private sector players to program, to create smart contracts, to allow targeted policy functions,” he explained.

Li explained that a CBDC can be programmed and targeted for a specific use like welfare payments, food stamps, and consumption coupons.