Note from the Publisher:The head of the IMF is saying that digital currencies will be adapted by banks within five years. Think she should talk to the BOJ (see article here) and wake them up. But wait, she and the IMF could not even spell bitcoin three years ago. Maybe the digital currencies coupled with the central banks miscalculations may speed up her timetable for her. Technology changes faster than meetings and forum discussions, but at least there is recognition.
“It was not more than three years ago that the establishment icons of the world like the Wall Street Journal and the International Monetary Fund (IMF) were wholly ignoring Bitcoin and the world of digital currency. It is clear that these innovations and financial advancements like Bitcoin’s Blockchain technology cannot be ignored any more.
The Wall Street Journal held a twenty-minute Q&A with one of the world’s most powerful financial executives, Christine Lagarde, Managing Director of the IMF, to discuss many topics that affects the economic world we live in. Among the questions posed at the request of people who sent in questions to WSJ’s economics editor Sudeep Reddy, included how digital currencies like Bitcoin would affect the future of economic growth. Lagarde gave a positive response: ‘Ultimately, I think it will be in the interest of financial institutions to adopt those technologies (digital currencies) because, like any economic player in that field, they want to reach out to new markets. They want to not just keep their market base but expand it. And the way to expand it is to reach out to new territories’.”