Cryptocurrencies are Shaking the Financial System, as per IMF General Manager

As per the Managing Director of the International Monetary Fund, cryptocurrencies and digital assets are shaking the existing system. Christine Legarde, the Managing Director of IMF, states that the budding cryptocurrency ecosystem must be regulated and monitored in order to limit the disturbance caused to comprehensive stability.

The International Monetary Fund chief propounded following a panel at the IMF Spring Meetings. The aforementioned meetings were held in Washington yesterday. Furthermore, she called for financial regulation to move with fintech innovation. As per her, the changing business practices of the likes of JP Morgan are substantiation that the cryptocurrency domain is already impacting the status quo.

The Managing Director of the International Monetary Fund, Christine Legarde has warned that cryptocurrencies and digital assets could be the catalyst to shake up the finance and banking industries. Lagarde spoke to CNBC regarding the crypto domain and blockchain technology. She also discussed how it is already changing the way companies do business. She mentioned that as per her, the role of the disruptors and anything that is using DLT, whether one calls it crypto, currencies, assets, or something else, that is clearly shaking the system.

She continued, highlighting that regulation must go along with such changes since such too much innovation could ostensibly shake the system so much that ‘we’ might lose the stability. Lagarde mentioned that “we” don’t want that. Interestingly, the “we” is not clear in her statement.

It is to be noted that start-ups and big tech companies alike are increasingly eyeing the banking sector as a multitrillion-dollar market sitting at the edge of disruption. Notably, Facebook is purportedly developing its own virtual currency. Furthermore, Apple released its own credit card in partnership with Goldman Sachs last month.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin5,583.69 0.24 % 3.90 % 8.03 %
Ethereum172.98 0.47 % 0.36 % 4.16 %
XRP0.323 0.17 % 0.38 % 0.35 %
Litecoin77.50 0.21 % 0.50 % 3.88 %
Bitcoin Cash296.97 0.43 % 1.33 % 6.14 %