IMF: Cryptocurrencies could replace the us dollar in countries with a weak currency
Gaining popularity in the world of cryptocurrency can replace the use of the dollar and other foreign currencies in developing countries with weak national currencies, so the world’s Central banks should not ignore this new phenomenon – this was stated by the head of the International monetary Fund (IMF) Christine Lagarde, speaking on Friday in London at a conference dedicated to the 20th anniversary of independence of the Bank of England.
According to the head of the IMF, in countries with unstable economy and volatile national currency, the bitcoin could become widely used and can replace the currency of other countries, such as dollars and euros. “In some of these countries may increase the use of virtual currency. Let’s call it “de-Dollarization 2.0”, she said.… Compared bitcoin with the stock MMM
Lagarde noted that the spread of crypto-currencies can affect the economy and monetary policy in such countries, so the world’s Central banks should not ignore this phenomenon, and to approach him.
“The best response by Central banks will continue to maintain effective monetary policy, openness to new ideas and new requirements with the development of economy”, – recommend it to the banking regulators.
A number of countries have opened their markets to cryptocurrencies – digital tools based on the technology of blockchain, the most popular of which in the world is bitcoin. However, the Russian authorities are wary of this issue, the regulation of cryptocurrencies have not yet introduced, but the Central Bank said that it was premature admission to trading of cryptocurrencies in Russia and warned about the high risks of their use.