Altcoin News: Christine Lagarde: “the Blockchain Technology Is Shaking the Financial System”

April 12, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The Chairman of the International Monetary Fund (IMF), Christine Lagarde, stated that blockchain companies are shaking the traditional financial system and influencing its participants.

Christine Lagarde made a statement in an interview on CNBC. According to the head of the IMF, blockchain companies have a strong impact on the participants of the traditional financial system and change it from the inside. As Lagarde noted, this led to JPMorgan launching its own cryptocurrency, and then the effect will only intensify.

“I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever — and it’s far from the Bitcoins we used to talk about a year ago — that is clearly shaking the system,” the IMF chairman said.

Lagarde also noted that the transformative potential of blockchain-based technologies is widely welcomed by regulators and central banks. They recognize positive changes from new inventions for business models of commercial banks. And yet, according to Christine Lagarde, you need to treat new technologies with caution.

“We have to be mindful of two things: trust, and the stability of the system […] we don’t want innovation that would shake the system so much that we would lose the stability that is needed,” the IMF chairperson stressed.

Note that Lagard has repeatedly responded positively about the blockchain. She considers cryptocurrencies useful and blockchain technology as promising. In addition, in her opinion, the authorities of many countries need to consider the concept of state cryptocurrency, as citizens of developed countries refuse cash and go to digital media.

Author: Marko Vidrih