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The ratio of the IMF to cryptocurrency

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The next report of the International Monetary Fund on cryptocurrency has been released. It notes that the next step could be the creation of national tokens and new financial products. For the time being 15, Central Banks are working in this direction. However, there may be several obstacles along the way.

Prospects for the blockchain according to the IMF

Among all official institutions, it is the International Monetary Fund that shows the soberest attitude to cryptocurrencies. It was able to break the web of distrust when the majority of Central Banks had a clear opposition to new technologies.

Its 2016 report said regulators will have to adopt an innovation. Events have shown that these words were prophetic. Resistance to progress was ineffective. The report, published in November 2018, reports on the next stage in the promotion of the blockchain. Central banks of 15 countries have already expressed themselves in favour of openness, work is being done in the following areas:

  • national digital money;
  • recognition of cryptocurrency as a full-fledged financial asset;
  • use of the blockchain for storing and processing information.

The importance of promoting the FATF to develop measures to ensure the security of cryptocurrency circulation. The International Monetary Fund is also ready to contribute to development, for which the Bali Fintech Agenda project is being created. It will be spelt out in it the rules and regulations for regulating the turnover of digital assets. The Office notes that the emergence of national tokens and new financial instruments will make the industry more transparent. In addition, its attractiveness to the population of various countries will significantly increase.

Christine Lagarde, head of the IMF, is confident in the future of cryptocurrency. During a visit to the Singapore Financial Technology Festival, she announced the need to support the blockchain. Although she recognized at the same time that even her ministry did not fully understand the potential and all the possibilities of new technologies.

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