Cryptocurrency Trumps Cash & Bank Card In IMF’s Poll For Future Of Payment Method

Cryptocurrency Trumps Cash & Bank Card In IMF’s Poll For Future Of Payment Method

International Monetary Fund (IMF) in its latest poll on Twitter are gauging the public’s view on the future of payment method and digital money.

The poll is trying to find the answer to the mode of payment that people will be using to pay for as mundane as a lunch in the next 5 years. Would it be the traditional cash, the new-age cryptocurrency, mobile phone, or bank card?

Till now, 22,942 votes have been cast and still, over 5 hours are left. But cryptocurrencies are the clear winner with 57 percent votes in its favor. Mobile Phone is the second option that gets the highest votes but no way close to cryptos at 28 percent.

Bank Card gets only 8 percent votes for payment method in the coming future while Cash is the last option people are interested in that gets only 7 percent votes.

https://twitter.com/IMFNews/status/1116082402940551169

What’s interesting is all the comments on this post has been not only from the crypto community but particularly from the XRP army. Whether it's XRP the standard, XRP to the moon, XRP TIp Bot or any other combination of third-largest digital currency, every single comment is from the XRP community and no other crypto asset makes a presence.

Cryptos are Shaking the System: IMF’s Christine Lagarde

Recently, while speaking with CNBC, IMF’s Managing Director Christine Lagarde stated that innovations like cryptos are having a strong impact on the financial sector as evident from the changing business models of commercial banks.

“I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever … that is clearly shaking the system,” said Lagarde.

However, she also warns that such changes must be accompanied by regulation,

“We don’t want innovation that would shake the system so much that we would lose the stability that is needed.”

The banking sector is seen as a multi-billion dollar market that is ripe for disruption by big tech companies as well as startups. We have already seen JP Morgan launching its stablecoin called “JPM Coin.” Last month, Apple released its own credit card in partnership with Goldman Sachs, and now Facebook is developing its own cryptocurrency.

The tech companies that are entering the banking space Lagarde says must be subject to regulation.

“They will have to be held accountable so that they can be fully trusted,” she said.