IMF short for International Monetary Fund, the UN organization responsible to promote international monetary co-operation and trade, has featured Bitcoin in a cover photo for an article case study. Bitcoin is placed as a future mode of payment next to cash, cards, and mobile wallets. The article and the cover photo is visible on their homepage.
The article outlines that the digital revolution has already changed the way people work and interact and it’s time that financial models of the past, adopt and adapt towards the new digital revolution.
In the article, IMF wrote:
This digital transformation results from what economists who study scientific progress and technical change call a general-purpose technology—that is, one that has the power to continually transform itself, progressively branching out and boosting productivity across all sectors and industries. Such transformations are rare. Only three previous technologies earned this distinction: the steam engine, the electricity generator, and the printing press. These changes bring enormous long-term benefits.
IMF mentions that although Bitcoin and other cryptocurrencies are proving to be quite a challenge when it comes to combating illegal activities the underlying technology behind Bitcoin (blockchain) will revolutionize the financial ecosystem of the world, and the rise of peer to peer payments is inevitable.
“The answer lies not in denial but in devising smart policies that maximize the benefits of the new technology while minimizing the inevitable short-term disruptions.”
“How can we ensure that the next Google or Facebook is not gobbled up by established firms?”, asks IMF.
The article also mentions that for a short period of while financial institutions will have trouble monitoring peer-to-peer payments but urges them to adapt towards the rapidly changing ecosystem of Digital payments.
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