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Bitcoin [BTC], Ethereum [ETH] and XRP are vying for a spot in the cashless world, says IMF Managing Director
Published 14m ago via ambcrypto.com
AMB Crypto via ambcrypto.com
The IMF Managing Director, Christine Lagarde spoke about cryptocurrencies and blockchain technology, during her speech at the Singapore Fintech Festival. The Managing Director stressed on three topics during her speech, including issues regarding the changing nature of money and the revolution of Fintech, role of central banks in the new financial landscape particularly in digital currency, and the disadvantages related to it and the solutions which can effectively minimize them. Christine Lagarde started off by speaking about the changing nature of money and fintech.
Because the fintech revolution questions the two forms of money we just discussed – coins and commercial bank deposits, And it questions the role of the state in providing money”
The Managing Director stated that now, millennials, reinventing how the economy works with their phones and that data is the new gold. Furthermore, the Managing Director stated that all the central banks should issue their own digital currency, a state back cryptocurrency which is available for the retails payments. She said:
“True, your deposits in commercial banks are already digital.
But a digital currency would be a liability of the state, like cash today, not a private firm. There may be a role for the state to supply money to the digital economy. This currency could satisfy public policy goals, such as (i) financial inclusion, and (ii) security and consumer protection; and to provide what the private sector cannot: (iii) privacy in payments.”
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