Crypto News: Cryptocurrencies Expected to Cause “Massive Disruptions” – IMF Managing Director

Speaking at the IMF Annual Meetings in Washington D.C., Lagarde warned financial institutions that “we are about to see massive disruptions” as a result of cryptocurrency and distributed ledger technologies. The IMF head stressed the need for institutions and regulators to “adjust… to the impact of the combined breakthrough technologies that will impact markets.”

The IMF Managing Director indicated that the institution is considering experimenting with applications for distributed ledger technology. Lagarde discussed such in the context of the IMF’s ‘Special Drawing Right’, a currency created and administered by the IMF intended to function as an international reserve asset. Lagarde stated “what we will be looking into is how this currency, the special drawing right, can actually use the technology to be more efficient and less costly.”

Lagarde described bitcoin as a broad and nuanced phenomenon, dismissing those who claim that bitcoin is a ‘fraud’, or a Ponzi ‘scheme’. Lagarde told reporters “I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, Ponzi-like schemes, it’s a lot more than that as well.”

Full story at http://bit.ly/2z7nWYk

Source: Bitcoin News

 

 

 

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