The situation around the blockchain is entering a new phase. At first, enthusiasts were engaged in cryptocurrency, then businessmen. Now the state takes the stage. The consequences of this step are difficult to assess in advance. However, Christine Lagarde, head of the International Monetary Fund, urged Central Banks to work more actively to create national cryptocurrencies.
At the FINTECH festival in Singapore, Christine Lagarde said that in the modern world, the role of money is changing very rapidly. Therefore, central banks must respond promptly to its challenges. The emergence of cryptocurrency has provided countries with an opportunity to significantly increase the stability of the financial system, proposing to individuals and organizations a new approach to cooperation.
The release of digital currencies of the Central Bank will help support new technologies, and in a number of states many have already taken this path. However, there are certain risks. If the authorities are able to create a comprehensive solution in the blockchain, then private business will lose this competition. Therefore, Christine Lagarde believes that the state should produce its stablecoins, and businessmen to provide with their help a full range of services.
In a number of countries, work on the launch of such coins is in full swing. Sweden, China and Canada are developing a stable exchange rate cryptocurrency. After their launch, the situation in the financial space will change completely.
The Bank of Sweden turned out to be a pioneer in this movement; it is starting the test launch of the national E-Krona stablecoin. It is not yet known how long the testing will last, and how soon ordinary users will get access to this asset. However, Riksbank has a plan according to which, by 2030, the country will completely abandon cash.
Already, more than 90% of the calculations here are carried out through electronic payments, so there is a high probability of achieving this goal. Stablecoin is expected to greatly simplify the billing system and make them faster and more convenient. People should not worry about security here either, the country is among the leaders on this indicator.