The International Monetary Fund (IMF) has released a paper in which it clarifies its concerns about the huge growth of crypto-coins. In other words, the agency wants central banks to develop their own digital currencies to try to curb the advance of crypto-coins.
The IMF suggests regulating the digital currency market in the medium term, although it does not come up with clear proposals on how this could be done.
The main topics of the document are:
The barriers between intermediaries, markets and new service providers are blurred.
Input barriers are changing, being reduced in some cases but increased in others, especially when the growth of large closed networks reduces competition.
Trust remains essential, although there is less appreciation for traditional financial intermediaries and more for networks and new types of service providers.
Technologies can enhance cross-border transactions, offering better and cheaper services, reducing the cost of investments in combating money laundering and combating the financing of terrorist actions.
According to the document, "the financial services industry is changing. But it is too early to say whether this process will be an evolution or a revolution. The creation of policies should be agile, experimental and cooperative ".
This is a good sign of the direction the politics will go when it comes to crypto! Thanks for sharing!
Of course, they are looking into it now. They have to adapt or it's lights out.
That is true. They are starting to have to do something about it.
They won't be able to compete with our nominal fees per transaction.
Its inevitable that crypto as it exists now, will be co-opted or obsoleted by the 'establishment', the only question remains what flavour it will be.
Yes, the establishment is very powerful, and when they start to feel really threatened, they will act against the cryptocurrencies
Over regulation, taxation, and surveillance. Governments ruin whatever they touch. Just look at NY State. In order for us to use an exchange it has to have a bit license. Technically - we can't even use Steemit! (I think).