Christine Lagarde openly supported the use of the blockchain technology at the global level. The IMF director said that regulators need to apply this technology in order to deal with the challenge that comes along with promises, connected with cryptocurrencies. The virtual money becomes more popular with every passing day and it can pose significant risks to financial stability. That is why the global central banks need to be one step ahead and explore and adopt the blockchain.
“The technology that enables instant global transactions could be used to create registries of standard, verified, customer information along with digital signatures. Better use of data by governments can also help free up resources for priority needs and reduce tax evasion,” Lagarde said. Undoubtedly, the IMF is ready to take on the role of the main regulator. “No country can handle this challenge alone. We are uniquely situated to be a forum for helping develop answers in the evolving crypto-asset space,” Ms Lagarde added.
Some experts noted that the IMF announced its official stance ahead of the high-impact event. The G20 Summit is due to start in just a few days in Buenos Aires, where one of the main topics for discussion will be the future of the cryptocurrency market. So, now investors look forward to hearing the decision of the global central banks.
