Topic: The international monetary Fund urged Central banks to issue digital currencies - page 2. (Read 377 times)
November 14, 2018, 07:54:30 AM
How would this work though, would it be interchangable with normal paper money? How would the money be distributed from central banks to normal people? I see great merit in the idea but I think it would have to be done on the private side instead of the public side. i.e banks adopting the blockchain in to their operations.
November 14, 2018, 07:39:22 AM
Hmmm. Weird. This is Lagarde's official blog: https://blogs.imf.org/bloggers/christine-lagarde/ and I haven't seen anything as of late about her saying those things. Anyways, she seems to be open-minded though, but I'm under the impression that her opinion is still sort of in the gray area based on what I read about her stance on crypto and blockchain in here official blog. Well, its a welcoming news if she really thinks that countries should move forward and like experiment to have their own digital tokens or crypto backup tokens. Specially if someone transact with government like paying taxes and just using those coins and not the traditional fiat.
November 14, 2018, 05:41:50 AM
It is the inevitable future! Banks will eventually have to move to the digital currencies whether they like it or not! However, please note the point that, these digital currencies will simple be a digital representation of the paper money and nothing else! So there's nothing to get excited about! Mark my word, that Banks will never support a semi-anonymous digital currency or decentralization, no country would approve this move. It's simply a number in your bank account instead of holding cold hard cash! Centralized and strictly controlled by the governments!
I agree that it will be the same digital currency as now Fiat money, only the question remains how many will be issued. 
November 14, 2018, 05:06:43 AM
It is the inevitable future! Banks will eventually have to move to the digital currencies whether they like it or not! However, please note the point that, these digital currencies will simple be a digital representation of the paper money and nothing else! So there's nothing to get excited about! Mark my word, that Banks will never support a semi-anonymous digital currency or decentralization, no country would approve this move. It's simply a number in your bank account instead of holding cold hard cash! Centralized and strictly controlled by the governments!
November 14, 2018, 04:57:00 AM
Central banks around the world should consider issuing digital currencies, said on Tuesday, November 12 in Singapore, the head of the International monetary Fund (IMF) Christine Lagarde. Reported by the BBC.
According to her, digital currencies will help to make transactions more secure.
"I think we should consider the possibility of issuing digital currencies. The advantages are obvious. Your payment should be immediate, secure, cheap and potentially semi-anonymous. And Central banks will retain their role in making such payments," Lagarde said.
She also noted that the Central banks of Canada, China, Sweden and Uruguay are already "seriously considering" the possibility of launching a digital currency.
According to Lagarde, the virtual currency issued by the Central Bank, as well as cash, will be a liability of the state, not private firms.
"The more people will be served, the cheaper and more useful this service will be. Private firms may not pay enough attention to security, " she added.
She also noted that although the situation with digital currencies "is not universal", such an opportunity should be studied "seriously, carefully and with a creative approach".
source https://forklog.com/mezhdunarodnyj-valyutnyj-fond-prizval-tsentrobanki-k-vypusku-tsifrovyh-valyut/
According to her, digital currencies will help to make transactions more secure.
"I think we should consider the possibility of issuing digital currencies. The advantages are obvious. Your payment should be immediate, secure, cheap and potentially semi-anonymous. And Central banks will retain their role in making such payments," Lagarde said.
She also noted that the Central banks of Canada, China, Sweden and Uruguay are already "seriously considering" the possibility of launching a digital currency.
According to Lagarde, the virtual currency issued by the Central Bank, as well as cash, will be a liability of the state, not private firms.
"The more people will be served, the cheaper and more useful this service will be. Private firms may not pay enough attention to security, " she added.
She also noted that although the situation with digital currencies "is not universal", such an opportunity should be studied "seriously, carefully and with a creative approach".
source https://forklog.com/mezhdunarodnyj-valyutnyj-fond-prizval-tsentrobanki-k-vypusku-tsifrovyh-valyut/
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