IMF Managing Director: Ignoring Cryptocurrencies “Wouldn’t Be Smart”

The chairman of the International Monetary Fund (IMF) spoke about his belief that cryptocurrencies can replace traditional currencies.

IMF chief Christine Lagarde told attendees at the conference in London, “ He said it might not be wise to block cryptocurrencies.”

“Instead of accepting another country’s currency like the US dollar, some of these economies may use increasing amounts of cryptocurrency, we call it dollarization 2.0.” He said.

One of the driving factors behind the potential development will be a factor in consumer choice of new currencies that are “easier and safer” than current monetary policies. This scenario could happen sooner if cryptocurrencies “actually become more stable.” can combat and replace monetary policies. The best response by central banks is to continue to implement the current monetary policy and to be open to new ideas and new demands as economies develop.” He mentioned that it is not for him because it is too volatile, too risky and not yet scalable.

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