Bitcoin

IMF’s website features the picture of Bitcoin as the “future of payment” on its homepage

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.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

Share
Published by
Ishan Garg

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

1 month ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

2 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

3 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

3 months ago