Central Banks Should Consider Issuing Cryptocurrency — Head Of IMF
Christine Lagarde, the head of the International Monetary Fund, believes that the state central banks should think about issuing cryptocurrencies. She announced this at the Singapore Fintech Festival, Forbes reports.
According to Lagarde, the cryptocurrency will be in line with the foundations of the domestic policy of any country. That includes financial integration, security, and consumers protection. Besides, the digital currency will provide confidentiality of payments and reduce risks in conducting banking operations.
Having a cryptocurrency, its owner should not worry about his or her money. People are waiting for a financial and technical revolution that will allow them to integrate money into social networks. The currency will be available for online use, including micropayments, it will become cheap and safe, protected from criminals and prying eyes, Lagarde stressed.
In a controversial dispute with opponents of the issuance of digital currencies, the head of the IMF claims that new technologies will mitigate the potential threats to financial stability and improve the partnership between the private and public banking sector.
Another advantage, according to Lagarde, may be the prospect of integration of the remote and marginalized regions of the world into the international financial system since banks are still in no hurry to render services to the poor.
As previously reported, the IMF found vulnerabilities caused by cryptos in the global economy.