The Managing Director of the International Monetary Fund (IMF), Christine Lagarde, talked very positively about virtual currencies and blockchain technology. During an interview with CNBC, she said that digital assets are currently “shaking the system.”
Cryptocurrencies Are Revolutionary
Virtual currencies and blockchain technology have been expanding all over the world during the last years and they do not show signs of stopping in the future. The International Monetary Fund seems also very excited about the potential behind virtual currencies
During a panel discussion on the global network of money payments, Lagarde talked about virtual currencies and crypto.
About cryptocurrencies, she commented:
“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto assets, currencies, or whatever – and it’s far from the Bitcoins that we used to talk about a year ago – that is clearly shaking the system.”
Although the financial institution seems to be closely following digital assets and their evolution in the space, they believe that the market needs clear regulatory rules. The main intention is to provide clarity and rules for these firms to operate and offer their products and services.
As Lagarde mentioned, these companies need to be held accountable in order for them to be fully trusted.
At the same time, the official IMF Twitter account released a poll in which they asked how people think that they will be paying for launch in five years. Surprisingly, 56% of the respondents selected the “cryptocurrency” option. “Mobile Phone” was the second most voted option with 9% of the votes, followed by “Bank Card” with 9% and Cash with 8%. The poll had 37,660 voters.
We would like to hear from you. ⬇
— IMF (@IMFNews) April 10, 2019
Lagarde has also expressed her concerns about the market and virtual currencies. She said that in the banking system, in many countries the difference will be between those who are cannibalized because they do not see virtual currencies coming and those who decide to self-introduce that cannibalization.
Several leaders and experts in finance and technology have been discussing with the IMF chief the latest innovations in the technological and financial world and that could play an important role in the future.
Back in November 2018, Lagarde informed that Central Bank Digital Currencies (CBDCs) could have a legitimate role in the future of the economy. CBDCs are digital assets introduced and controlled by the central bank of a country.