The head of the IMF: national crypts are the future

The head of the International Monetary Fund (IMF), Christine Lagarde, said that the international community should “consider” the issuance of digital currencies by the central banks (CBDC). This revolutionary phrase came in her speech at the Singapore Fintech Festival on November 14.

IMF Managing Director Christine Lagarde said that although she is not completely convinced of the concept of cryptocurrency, she admits that there may be a future situation in which countries will issue digital tokens supported by their governments or similar assets.

“I think we should consider the possibility of issuing a digital currency, which may be an opportunity for the state to provide money for the digital economy,” she said.

It happened the day after the IMF published a special report on the CBDC, in which it examines the pros and cons of such a financial tool.

As Lagarde pointed out, various jurisdictions are currently considering the process of issuing national cryptocurrencies or are exploring this new area. If this is done properly, according to the head of the IMF, CBDC may “be able to achieve social policy goals”. In particular, she mentioned aspects such as ‘security and consumer protection’ and ‘privacy in payments’.

During a speech in Singapore, Lagarde also pointed out that “choking” the CBDC is nothing good:

“I would also like to stress the risk of stifling innovation – this is the last thing you want.” My main point of view is that we should creatively face these threats. ”

Practical implementations

Currently, the Marshall Islands want to spend their national digital currency, which is then to be in equal circulation with the US dollar. This week, the president of the country maintained its power after the vote of no confidence and will probably continue the issue process of the future national cryptocurrency.

Venezuela has also issued its national digital currency, Petro, which, however, arouses great controversy. The details of its code are not known, its network’s viability charts are not available, neither the Windows and iOS wallets of the project are available, and the Android wallet has been removed from Google Play by Google itself.

From time to time, the KryptoRubla theme, which would be broadcast in Russia, also returns.

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