In a recent interview with CNBC, the head of the IMF, Christine Lagarde, said that distributed ledger technologies really have great value, and cryptocurrencies really have an impact on the financial sector and even "shake the system."
In her opinion, the space of digital assets should be controlled to maintain stability, and many countries are moving in this direction, with an emphasis on regulation. If cryptocurrencies will grow and develop, measures must be taken to avoid exposing consumers to great risks like QuadrigaCX, Cryptopia hackings and general instability, which is still a characteristic of the market.
“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever…that is clearly shaking the system. We don’t want innovation that would shake the system so much that we would lose the stability that is needed”, Lagarde said.
Lagarde’s comments on crypto space are most likely caused by a growing list of reputable organizations that have begun to see the benefits of decentralized technology. According to Lagarde, technology companies are “forcefully” entering the financial sector and should be tightly regulated. “They will have to be held accountable so that they can be fully trusted,” said the head of the IMF.
Indeed, large technology companies are increasingly turning their attention towards the banking sector. Facebook is working on its own cryptocurrency, and Apple issues a credit card in partnership with Goldman Sachs. The banks, such as JPMorgan, which recently released their digital token JPM Coin, also try to keep up with the times.
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