IMF chief: Cryptocurrencies are “shaking” the Financial sector
In an interview with CNBC, the managing director of the International Monetary Fund (IMF) Christine Lagarde stated that the Cryptocurrencies are shaking the system.
According to her, advancements like digital currencies are clearly affecting the financial sector players. It must be observed to look after stability, and guidelines must join such budgetary industry changes.
Lagarde commented in a meeting that was facilitated by CNBC on April 10 following a board talk that was centered around “Money and Payments in the Digital Age” which was likewise part of the 2019 Spring Meetings of the World Bank Group and the IMF in Washington, D.C.
Sarah Youngwood from JPMorgan’s consumer and community banking division, Jeremy Allaire, co-founder and CEO of crypto unicorn Circle, European Central Bank’s (SCB) Benoit Coeure and Patrick Njoroge joined the discussion.
By emphasizing on the guidelines, she commented,
“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system.”
“We don’t want innovation that would shake the system so much that we would lose the stability that is needed.”
Last year in the event of Singapore Fintech Festival on November 14th, chief encouraged to think about how possible it is to issue digital currency.
She favored the digital assets by giving a statement that the payment would be immediate, safe, cheap and potentially semi-anonymous… And central banks would retain a sure footing in payments.
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