Here’s What The Director Of The IMF Thinks About Cryptocurrency

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The role that cryptocurrency is going to play in monetary systems in the future remains unclear right now and just a few years ago the vast majority of people would have argued that there’s no chance of currencies like bitcoin taking over fiat and – in particular – cash payments any time soon.

 

Fast forward to the end of September 2017, however, and this looks like it’s changing. On September 29, Christine Lagarde, Managing Director (MD) of the International Monetary Fund (IMF), just validated cryptocurrency as a concept and all but confirmed its chances of becoming an organic successor to cash based payment systems.

Having been introduced by Mark Carney, Governor of the Bank of England, Lagarde took the stage at a conference in London and, in her own, words, took the audience through a ‘journey in time’ and discussed the importance of crypto based technologies in future systems.

 

Here’s what she had to say on the potential for virtual currencies overcoming the current issues associated with clearing houses and central banks:

 

“Virtual currencies are in a different category, because they provide their own unit of account and payment systems. These systems allow for peer-to-peer transactions without central clearinghouses, without central banks.”

 

She also suggested that the technology that underpins these systems would need to advance if a cryptocurrency was to overtake fiat as a standard means of exchange, purely because the current technology isn’t scalable to the degree necessary on a global scale. There is a degree of truth in that, of course, but it far from invalidates existing leading coins like bitcoin – the technology can and is adapting to address issues of scale as we speak.

 

 

It’s only a small step in the right direction, sure, the importance of this sort of thing cannot be overstated. That policy makers such as Lagarde are having this particular conversation says a lot about just how far bitcoin and cryptocurrency has come to-date.

 

 

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Salau Adeniyi Olayinka (CEP, MCTP,CSCU) is an accomplished Digital Marketer and E-Business Consultant . His passion is writing and sharing of knowledge and meeting people. He intends to use this blog to boost ICT and E-Business Knowledge in Nigeria and beyond.
He is currently the Digital Marketing & I.T Executive for New Creations Properties Limited , a Real Estate Firm in Ogun State, Nigeria as well as the CEO of Fourth Mouse Consulting , a Digital Marketing firm in Nigeria.

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