Central Banks "Seriously" Consider Issuing Cryptocurrencies

Author: 
Michael R.
Date: 
November 15, 2018
Read time: 
1 minute
IMF
Cryptocurrencies
Central Banks

The managing director of the International Monetary Fund (IMF), Christine Lagarde, recently spoke in Singapore about central banks involvement with cryptocurrencies. She mentioned that people “should consider the possibility [for central banks] to issue digital currency” because it would allow citizens to have more trust and privacy in their holdings at banks.

The managing director of the International Monetary Fund (IMF), Christine Lagarde, recently spoke in Singapore about central banks involvement with cryptocurrencies. She mentioned that people “should consider the possibility [for central banks] to issue digital currency” because it would allow citizens to have more trust and privacy in their holdings at banks.

While we appreciate the fact that we should “seriously consider” central bank issuance of cryptocurrency, it does not seem we have much of a choice. She went on to mention that “this is not science fiction. Various central banks around the world are seriously considering these ideas, including Canada, China, Sweden, and Uruguay. They are embracing change and new thinking—as indeed is the IMF.”

Central Bank cryptocurrencies

Evidently, central banks are well versed with blockchain technology. We seem to be at a new stage where cryptocurrencies are not a novelty, and instead, a technology soon to be integrated into the modern system. Even over the past few months, we have seen major banks such as JP Morgan and Morgan Stanley release reports with statistics as well as their own opinions about incorporating cryptocurrencies in their current services.

If you are interested in learning more about cryptocurrencies, we highly recommend checking out our start investing guides to get started today.

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