IMF Official: Central Banks Need to Compete With Crypto
An IMF official believes central banks need to offer "better" fiat currencies in order to fend off potential competition from cryptocurrencies.
The International Monetary Fund and the World Bank have launched an internal crypto token to fill a "knowledge gap" around blockchain tech.
Decentralized systems are coming for the banks, argued Circle CEO Jeremy Allaire, in a panel Wednesday at the International Monetary Fund.
A new IMF paper suggests that cash and bank deposits could be left behind as digital money and fiat-pegged cryptos see greater adoption.
Christine Lagarde, head of the IMF, encouraged the exploration of central bank digital currencies in a speech on Wednesday.
The IMF says the Republic of the Marshall Islands should reconsider introducing a cryptocurrency as a second legal tender over perceived risks.