IMF Chief, ECB President Candidate Advocates for Crypto Regulation Transparency
The chief of the International Monetary Fund (IMF), Christine Lagarde, has recently affirmed that central banks should find the balance between protecting the customers and being open to innovation. She specifically cited cryptocurrencies as some of the innovations that the regulators should be more open to.
According to her, the banks have to be more open to these “opportunities”. Cryptocurrencies are a new technology. This has good and bad sides. They are more prone to be used for criminal activities because they are not so regulated, but they can also bring social benefits with its innovative practices, so shutting them down is a major mistake.
The Campaign For President of the ECB
At the moment, Lagarde is running to be the new president of the European Central Bank (ECB). She affirmed that, in case she becomes the new president, she would prioritize the agility, diversity, and inclusiveness of the institution to improve it.
Another important promise is that she would help the banking institution to be more in tune with the rapidly changing future and to adapt to the current challenges that the financial world faces.
On another occasion, she also talked about the regulation of the crypto assets. According to her, it is inevitable that these assets should be properly regulated. They are too important and too disruptive to be simply be left aside while the world is changing so much.
Cryptos are indeed changing the world, so it is a good idea to take them into account when thinking about any possible future. Nobody expected the blockchain technology to have such an impact ten years ago (except Bitcoin diehards, obviously), so the world has to be prepared.