Cryptocurrencies Should be Given Room to Grow, Asserts IMF Chief
Brian Njuguna Sep 05, 2019 02:04
Christine Lagarde, the IMF Chief has asked financial players, such as central banks, to be open-minded when it comes to innovations, such as cryptocurrencies, as they should be given space to grow.
During an IMF press release, Christine Lagarde, the IMF (International Monetary Fund) chief, has asserted that financial players, such as central banks, have the mandate of protecting consumers. Nevertheless, they ought to be open-minded when it comes to technological advancements, such as cryptocurrencies.
She affirmed:
”In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”
Conversely, Lagarde is eyeing the European Central Bank’s (ECB) presidency. She has, therefore, promised to be diverse, inclusive, agile, and committed towards the realization of the institution’s objectives. Lagarde has also emphasized that she will ensure that ECB adheres to the speedily transforming landscape.
Lagarde has been stipulating that cryptocurrency regulation is fundamental for international prosperity. She has also claimed that the conventional financial space will continue being shaken up by blockchain innovators, hence change is inevitable. For instance, incumbents are being made to reshape the financial structure so that blockchain technology can be incorporated.
Lagarde stipulated:
Image source: Shutterstock“I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever — and it’s far from the Bitcoins we used to talk about a year ago — that is clearly shaking the system.”
