In a
remarkably frank talk at a Bank of England conference, the Managing
Director of the International Monetary Fund has speculated that
Bitcoin and cryptocurrency have as much of a future as the Internet
itself. It could displace central banks, conventional banking, and
challenge the monopoly of national monies.
Christine
Lagarde–a Paris native who has held her position at the IMF since
2011–says the only substantial problems with existing
cryptocurrency are fixable over time.
In the long
run, the technology itself can replace national monies, conventional
financial intermediation, and even “puts a question mark on the
fractional banking model we know today.”
In a lecture
that chastised her colleagues for failing to embrace the future, she
warned that “Not so long ago, some experts argued that personal
computers would never be adopted, and that tablets would only be used
as expensive coffee trays. So I think it may not be wise to dismiss
virtual currencies.”
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