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.
Is the Here? A Chilling Look at Collapsing Volumes The buzz around crypto has gone…
In the fast-moving world of crypto and blockchain, smart investors are eyeing for big gains.…
Ever Felt Lost in Blockchain Jargon? Blockchain sounds cool, but it often feels like a…
Why the Might Ditch the Over Gaps The world of crypto is buzzing with talk…
Betrayal in the System: Leaks Data to Crime Rings A shocking case has rocked France's…
Revealed: Survival Secrets of Without Real Profits Picture this: a company pours millions into ads,…