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by Shaurya Malwa According to a blog post by the IMF chief, authorities around the world have been muddled about the standing of “real threats” and “needless fears” in the crypto-world. In a bid to rule this out, the International Monetary Fund is looking to be an enabler in changing this mindset.
The IMF is seeking a leading position in convincing the world’s central banks to keep pace with digital money and cryptocurrency in the global financial system. Managing Director of IMF, Christine Lagarde, said that in order to decrease the risk factor while ensuring the process bears fruit, policymakers should work in unison, and with an open mind to construct a regulatory framework.
On April 11, during an interview with the South China Morning Post, Lagarde said that they are looking at “something which is developing fast, and which is highly volatile, with benefits and downsides.” Lagarde set down some ground rules to eradicate fear about the crypto-world from the minds of people. She stated that firstly, unlawful use of digital currency and the misuse of the financial inexperience of consumers must be taken care of.
Secondly, the various uses and innovations that are birthed from digital mechanisms are to be given an impetus. Only then will the world come to terms with its nature.
Hence, it goes to show that it’s an amalgamation of having rules that protect, and not suppress innovation, which will ultimately lead to cost reduction: “Firstly, the illicit use of digital currency plus abuse of consumers’ financial illiteracy must be guarded against. Secondly, innovations from the use of digital mechanisms need to be explored and encouraged. Read more from btcmanager.com…
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