Bitcoin
$ 29,265.00 3.37%
Ethereum
$ 1,965.69 3.16%
Solana
$ 49.51 5.50%
Dogecoin
$ 0.084292 2.89%
ApeCoin
$ 7.77 2.59%
STEPN
$ 1.34 5.52%
Terra
$ 0.000110 21.39%

IMF MD admits that cryptocurrency is a force to reckon with

imf md believes cryptocurrencies are a force

Christine Lagarde, the managing director (MD) of International Monetary Funds (IMF), has expressed that the value of distributed technologies has enormously increased in recent times, taking to multiple media groups he stated that digital property and virtual cryptocurrencies are evidently transforming international system and have significant sway on the global financial sector.

The concerned MD, hitherto proposed that digital currencies should be considered by central banks. She further stated that the virtual digital assets should be properly scrutinized to preserve permanency – a method employed by a number of countries are looking forward towards.

Emphasizing on management, Lagarde held that the role of disruptors including currency, assets, crypto, etc. is visibly transforming the system. Furthermore, he added that we don’t encourage modernization that might destabilize the whole system.

Unquestionably, in order to develop cryptocurrency, firm procedures need to be employed to avert clients from being exposed to huge perils. For example, incidents of hacking like QuadrigaCX, Cryptopia, and the unpredictability that market is still facing must be looked into.

Lagarde’s latest confident remarks are in line with a list of reputable bodies that have started seeing the benefits of devolved technologies.

In a recent couple of years, the fascination of the banking space, especially blockchain and cryptocurrencies, has been mounting promptly. With the release of JPMorgan Chase’s token JPM Coin, and IBM and Stellar at work with banks for assistance in the issuance of stablecoins.

In recent times, the global forum for economy development called World Economic Forum (WEF) has released a report suggesting about globally 40 central banks piloting widespread research and/or running trial programs linking space, which is also confirmed by an IMF report.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

Related News

Hot Stories

Dogecoin price analysis: DOGE illustrates stable dynamics at $0.0869
Verasity Price Prediction 2022-2031: Soon to hit $0.50 after Crypto.Com listing?
Polkadot price analysis: DOT/USD gains a massive value at $10.08
Vitalik Buterin reveals when Ethereum merge could happen
Shiba Inu Price Prediction 2022-2030: Is SHIB Skyrocketing Soon?

Follow Us

Industry News

President of Panama Refuses to Sign the Cryptocurrency Bill
Gabe Plotkin's hedge fund Melvin Capital shut its doors this week
CFTC indicts 2 men for running a $44M crypto Ponzi scheme
Goldman Sachs: crypto crash has little effect on the US economy
Commonwealth bank halts crypto pilot program