The IMF: Cryptocurrencies are the Next Step in the Money Evolution
Kataryna Habeliia August 24, 2020
The International Monetary Fund published a training video in which he spoke about the advantages and disadvantages of cryptocurrencies.
Cryptocurrencies could be the next step in the evolution of money, according to an educational video from the International Monetary Fund. It was first published in June 2018, but yesterday, 23 August, it reappeared on the organization’s official social media.
An IMF spokeswoman said that digital money solves the problems of the existing financial system. In particular, thanks to decentralization and cheaper and faster transactions. The video never mentions the word blockchain, and bitcoin (BTC), Ethereum (ETH), and XRP appear only once on a slide illustrating transfers in cryptocurrency.
Speaking about the risks of a new type of assets, the organization called the anonymity of transactions of most popular cryptocurrencies. They cannot be tracked and used by criminals. The IMF also stressed that if you lose your password, you may lose all funds. Among the disadvantages of digital money, the representative of the organization called the high volatility of their quotes.
“If we can reduce risks, who knows, perhaps this will be the next step in the evolution of money,” — the International Monetary Fund concluded.
Last April, the IMF pointed out Ripple as an alternative payment processing option in its new report on fintech in Africa. The organization published a document advising that DLT systems can be used to efficiently process foreign payments. Also, the development of the blockchain team can be supported by international banks and payment companies.