@AfricaNews

Digital currencies could coexist alongside traditional banks - IMF boss | Africanews

5 days ago, 12:19

By: With Imf

Managing Director of the International Monetary Fund ( IMF) has said the growth of bitcoin and other digital currencies could make the global financial system safer.

Christine Lagarde said some tools built using the technology behind bitcoin, which are known collectively as crypto-assets, hold the potential to revolutionise the world of high finance by making it faster, cheaper and safer.

In a blogpost as politicians and central bankers gather in Washington for the IMF’s regular spring meetings, Lagarde said there was hope for a world where firms using digital currencies could coexist alongside traditional banks.

“In order for this to happen, we need to keep abreast of rapid market and technological developments. We must act quickly to bridge the knowledge gap that inhibits effective monitoring of crypto-assets, adding there should be systemic risk assessment and timely response policies, as well as measures to protect investors and market integrity’‘, Lagarde said.

The IMF is not the first institution to want to regulate Bitcoin and other digital currencies. The Bank of France and the Bank of England have already expressed their willingness to regulate the use of crypto-currencies.

Christine Lagarde has however previously warned over the risks posed by bitcoin and other digital currencies.


Read More


Category: africa topnews news sports science technology africa_business business

Suggested

3 hours ago, 21:54
@AfricaNews - By: Abdur Rahman Alfa ...
Kenya's Kipchoge beats Ethiopia's Kitata to win 2018 London Marathon | Africanews

Kipchoge has now won nine career marathons - including Hamburg, Rotterdam, Chicago, London, Berlin and Rio - he holds the London course record during his victory in 2016. ...

Category: africa topnews news
9 hours ago, 15:13
@AfricaNews - By: Abdur Rahman Alfa ...
99% of Kenyans support laws criminalizing same-sex unions – Uhuru | Africanews

Much of Africa maintains colonial laws that expressly criminalize lesbian, gay, bisexual and transgender people. East Africa is a hotbed for clamping down on such people with Uganda and Tanzania being ...

Category: africa topnews news
10 hours ago, 14:32
@AfricaNews - By: Africanews
Fired Zimbabwe nurses sue govt, members to resume work on Monday | Africanews

Zimbabwean nurses have called off a strike against poor working conditions and will return to work on Monday, a nurses union said on Sunday. ...

Category: africa topnews news
10 hours ago, 14:02
@AfricaNews - By: Abdur Rahman Alfa ...
Eritrea, Djibouti, Ethiopia hosts top U.S. diplomat on East Africa tour | Africanews

Principal Deputy Assistant Secretary for African Affairs Ambassador Donald Y. Yamamoto will start off his tour in Eritrea, head to Djibouti and round off his activities in Ethiopia. ...

Category: africa news
10 hours ago, 14:02
@AfricaNews - By: Africanews
Libyan oil pipeline attacked, state oil firm confirms | Africanews

The pipeline was attacked in December. The fire broke out 21km from North West Marada, NOC roughly the same area of the December attack ...

Category: africa news
11 hours ago, 13:31
@AfricaNews - By: Abdur Rahman Alfa ...
U.N. human rights chief to meet Ethiopia PM, ex-detainees on official visit | Africanews

The United Nations Human Rights chief Zeid Ra'ad Al Hussein arrives in Ethiopia today for his second official trip in under a year. The visit is on the invitation of the host government, his office co ...

Category: africa news

@AfricaNews

Digital currencies could coexist alongside traditional banks - IMF boss | Africanews

5 days ago, 12:19

By: With Imf

Managing Director of the International Monetary Fund ( IMF) has said the growth of bitcoin and other digital currencies could make the global financial system safer.

Christine Lagarde said some tools built using the technology behind bitcoin, which are known collectively as crypto-assets, hold the potential to revolutionise the world of high finance by making it faster, cheaper and safer.

In a blogpost as politicians and central bankers gather in Washington for the IMF’s regular spring meetings, Lagarde said there was hope for a world where firms using digital currencies could coexist alongside traditional banks.

“In order for this to happen, we need to keep abreast of rapid market and technological developments. We must act quickly to bridge the knowledge gap that inhibits effective monitoring of crypto-assets, adding there should be systemic risk assessment and timely response policies, as well as measures to protect investors and market integrity’‘, Lagarde said.

The IMF is not the first institution to want to regulate Bitcoin and other digital currencies. The Bank of France and the Bank of England have already expressed their willingness to regulate the use of crypto-currencies.

Christine Lagarde has however previously warned over the risks posed by bitcoin and other digital currencies.


Read More

Category: africa topnews news sports science technology africa_business business

Suggested

3 hours ago, 21:54
@AfricaNews - By: Abdur Rahman Alfa ...
Kenya's Kipchoge beats Ethiopia's Kitata to win 2018 London Marathon | Africanews

Kipchoge has now won nine career marathons - including Hamburg, Rotterdam, Chicago, London, Berlin and Rio - he holds the London course record during his victory in 2016. ...

Category: africa topnews news
9 hours ago, 15:13
@AfricaNews - By: Abdur Rahman Alfa ...
99% of Kenyans support laws criminalizing same-sex unions – Uhuru | Africanews

Much of Africa maintains colonial laws that expressly criminalize lesbian, gay, bisexual and transgender people. East Africa is a hotbed for clamping down on such people with Uganda and Tanzania being ...

Category: africa topnews news
10 hours ago, 14:32
@AfricaNews - By: Africanews
Fired Zimbabwe nurses sue govt, members to resume work on Monday | Africanews

Zimbabwean nurses have called off a strike against poor working conditions and will return to work on Monday, a nurses union said on Sunday. ...

Category: africa topnews news
10 hours ago, 14:02
@AfricaNews - By: Abdur Rahman Alfa ...
Eritrea, Djibouti, Ethiopia hosts top U.S. diplomat on East Africa tour | Africanews

Principal Deputy Assistant Secretary for African Affairs Ambassador Donald Y. Yamamoto will start off his tour in Eritrea, head to Djibouti and round off his activities in Ethiopia. ...

Category: africa news
10 hours ago, 14:02
@AfricaNews - By: Africanews
Libyan oil pipeline attacked, state oil firm confirms | Africanews

The pipeline was attacked in December. The fire broke out 21km from North West Marada, NOC roughly the same area of the December attack ...

Category: africa news
11 hours ago, 13:31
@AfricaNews - By: Abdur Rahman Alfa ...
U.N. human rights chief to meet Ethiopia PM, ex-detainees on official visit | Africanews

The United Nations Human Rights chief Zeid Ra'ad Al Hussein arrives in Ethiopia today for his second official trip in under a year. The visit is on the invitation of the host government, his office co ...

Category: africa news
Our App