Published On: Wed, Jun 28th, 2017

IMF Looking at how Blockchain Technology Can Revolutionize the Banking Industry

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The International Monetary Fund urges banks to pursue blockchain investment before they face irrelevancy in the face of a competing fintech industry.
How A Central Authority Can Stand to Benefit
A staff discussion note from June 2017 provides evidence of the IMFs position on cryptocurrencies, as they move to adapt and promote adoption.
The Director of the IMF Christine Lagarde has previously praised blockchain technology for the savings and speed it offers the financial services industry. Her comments were made back in 2016 at the World Economic Forum in Davos where she presented a report entitled “Virtual Currencies and Beyond”. This new note covers much of the same ground, discussing issues such as the “blurred boundaries”, issues of “trust” and the competitive emergence of the fintech industry.
“Central banks are assessing how fintech may impact their current dominant role in payments systems and the provision of a medium of exchange.” IMF note.
“Boundaries are blurring”

The blurred boundaries that Lagarde discusses in her report refer as much to the role of the financial services industry as they do to international boundaries. Both are set to be …

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