IMF chief says crypto-currencies upset system while poll reveals crypto transfer in 5 years

Christine Lagarde, Executive Director of the International Monetary Fund, continues to recognize the growing impact of cryptocurrencies on traditional financial badets and calls for the need to act wisely and having in mind the regulatory solutions.

At the IMF's spring meeting on Wednesday, and following a round table on the global money and payments network, Lagarde made several statements about crypto and blockchain.

Lagarde told CNBC:

"I think the role of disrupters and everything that uses distributed ledger technology, whether it's cryptographic badets, currency or whatever – and that's far away bitcoins we were talking about a year ago – which is clearly upsetting the system. "

In order to maintain the integrity and stability of the financial system, which is suffering the rapid impact of technology companies, the IMF chief pleads in favor of regulatory restrictions to guide the wave of innovators.

"They will have to be held responsible so that they can have full confidence."

"We do not want an innovation that would upset the system to the point of losing the necessary stability."

In a recent IMF survey on Twitter, respondents said cryptocurrencies would be widely accepted in the next five years, with emerging technology overshadowing cash, mobile phone applications and credit cards as a form of payment.

We would like to hear from you. ⬇

How do you think you will pay for lunch in 5 years? #IMFmeetings #Digital payments

– IMF (@IMFNews) April 10, 2019

A group of 19 finance and technology executives recently held two meetings with IMF chief Lagarde to examine the overall impact of the latest technological innovations on the financial services sector. On November 14, 2018, the IMF held a meeting of the High Level Advisory Group on Financial Technology in Singapore.

Lagarde has expressed her concern about the fact that incumbents are interfering in the sand, while computer scientists who offer resizing solutions to make crypto-currencies widespread will be cannibalized by the next era of technology. financial.

"I think in the banking system generally in many countries, the difference will not be between those who are disturbed and those who survive. The difference will be between those who are cannibalized because they do not see it coming, and they do not embrace it, and those who provoke it themselves. "

The members of the high level advisory group are:

• Jeremy Allaire, Executive Director, Circle
• Dr. Long Chen, President, Alibaba Digital Economy Institute (formerly Head of Ant Financial Services Group Strategy)
• Santiago Fernandez de Lis, Chief Economist, Financial Systems and Regulatory, BBVA
• Robert Garrison, Managing Director and Chief Information Officer, Depository Trust and Clearing Corporation
• Sharon Yang, Assistant Deputy Secretary, International Financial Markets, US Treasury
• Erwin Haryono, Head of the Fintech Office of the Bank of Indonesia
• Chris Larsen, Executive Chairman, Ripple
• Klaus M. Löber, Head of Supervision Division, Directorate General Market Infrastructure and Payments, European Central Bank
• Adam Ludwin, General Manager, Chain
• Blythe Masters, Board Member, Digital Asset
• Greg Medcraft, Director, Financial and Enterprise Affairs Branch, Organization for Economic Co-operation and Development
• Professor Robert Merton, MIT Sloan
• Sopnendu Mohanty, Chief Financial Officer, Monetary Authority of Singapore
• Mu Changchun, Deputy Director General, Payments and Regulations Department, People's Bank of China
• Patrick Murck, Fellow at Harvard Berkman Klein Center
• Marco Santori, President and Chief Legal Officer, Blockchain.com
• Carolyn Wilkins, Senior Deputy Governor, Bank of Canada,
• Bradley J. Wiskirchen, General Manager, Kount
• Nasir Zubairi, Managing Director, Luxembourg House of Financial Technology