Ripple (XRP) and International Monetary Fund (IMF) Talk Blockchain and Crypto Assets Research

The post World war period was a great time for international cooperation. After the slaughter that had taken place, many sought to understand the complexities of the causes of the war. Unsurprisingly, it was found financial stability was a great antidote for the poison of war. So the International Monetary Fund (IMF) was formed to foster peace through global monetary cooperation, to help promote high employment and aid in the reduction of poverty around the world.

With changing times the core principles of the organization have remained the same. However, the organisation, headquartered in Washington, D.C., is now focussed on a new challenge: international payment systems. Accounting for the changing nature of the financial and banking sectors they now also look to advise in issues of balance of payment management and navigate through various financial difficulties.

In line with that thought, Ross Leckow, an Internation Monetary Fund [IMF] official was in conversation with Brad Garlinghouse, Ripple’s Co-founder. Amongst other things, they discussed the Fintech industry and the role of blockchain in it. This was brought up when, during the talk, attention was focused on the present situation in the ASEAN region. At this, Ross stated that his organisation was indeed quite interested in the possibilities and said.

“Last year, we put in place a high-level advisory group of industry leaders from the private and public sectors to help guide us in our work on FinTech. I’m very happy to say that Chris Larsen, one of the co-founders of Ripple […] part of that group. And we’re grateful for the worldly advice that they give us.”

It appears that the IMF has been exploring the possibilities for some time. They have collaborated and also looked for guidance from both public as well as private players. The chief cause of interest is the field of cross-border payments. They are naturally intrigued by the possibilities that blockchain might offer and its potential impacts on FinTech. Although the Deputy General Counsel at IMF was quick to drag in other “new technologies”, such as the Intenet and cloud computing, that he felt were positively impacting his area of expertise. Later, the conversation again drifted to distributed ledgers and virtual assets and Ross conceded that Fintech was the future.

Fintech( financial technology) is the amalgamation of new and emergent technologies and innovations with existing financial institutions to provide a better alternative to the traditional financial methods in delivering services.

The IMF and its board of 189 member countries are keen to weigh any useful advice on the topic of harnessing the full potential of FinTech to boost development, especially the post-global financial crisis of 2008. Some of the member states are also open to suggestions in regards to regulations that guard their citizenry against the possible risks posed by these emergent technologies. The IMF man also revealed their active participation in research and publications dedicated to the industry as a whole and crypto-assets in particular.

Apart from news purported by the far right and far left media, this is one of the most peaceful times in recorded history. There are still a lot of major challenges facing us. However, the tactile acknowledgment by an international organisation of IMFs stature is good for the industry.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Chinese Internet Giant Arm, Tencent Cloud, Looks to Form A 100-Member Blockchain Alliance

Tencent’s cloud computing arm venture is bringing together a 100-member blockchain alliance to further blockchain implementation and find new real-world use cases of the...

OKEx Crypto Exchange Launches ETH Options Contract; EOS Options Trading to Follow

One of the largest cryptocurrency trading and derivative platform OKEx, announced the launch of its Ether options contract on June 4th. On June 18th, the...

Bitcoin Market Currently in ‘Fear' But Don’t Try to Predict What’s Gonna Happen Next

Bitcoin will do what bitcoin does. And if anyone tries to bet on the digital currency’s next move, it will prove you wrong. We have seen...

Fed Reserve of Philadelphia Research: Account-Based CBDCs May Replace Commercial Banks

A research paper published on June 1, 2020, by the Federal Reserve of Philadelphia shows account-based central bank digital currency (CBDC) could potentially replace...

US Federal Bank Regulator (OCC) Issues Notice for Feedback on Crypto and DLT Activity

The Office of the Comptroller of Currency (OCC) has asked for feedback in matters crypto and distributed ledgers according to two notices published on...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today