The International monetary Fund (IMF) published a paper on the future of digital money systems. The organization looks classic banks and credit card providers in competition with new forms of money concepts. The digital currencies can replace in the future, possibly even well-established structures. Furthermore, the IMF warns of the risks to financial stability and consumer protection. Further publications on the topic will follow.
From Polina Khubbeeva
17. July 2019BTC$9.789,00 2.88%part Facebook Twitter LinkedIn xing mail
The International monetary Fund (IMF) published on 15. July a document on the subject of digital currencies. The organization focuses, in particular, with the increasing competitiveness of FinTechs in comparison to conventional banks.
The paper, authored by Tobias Adrian and Tommaso Mancini Griffoli, is the first release of a new series of publications of the IMF. This bears the title of “Fintech Notes.” In it, the authors are concerned, therefore, to examine the future of the digital economy. Digital money systems take a prominent place in this all-round analysis of future economies.
For the IMF is the future of money digital
“Digital forms of money are increasingly used in the purses (Wallets) of consumers. At the same time they are also in the minds of the political decision-makers. Cash and Bank deposits compete with so-called E-Money. This is an electronically stored monetary value, represented in and linked to currencies such as the Euro or the Dollar.“ In this way, the IMF authors of the Reports describe the increasing relevance of digital money systems.
Adrian and Griffoli even go a step further and the ability to recognise that digital currencies will replace traditional financial infrastructures even. The new financial undertakings, questioning of fact, part of the business models of credit card providers. The growing popularity of the E-Money models, which have a more stable coins, points according to the IMF, in addition to the fact that these models are consumer-friendly than conventional payment systems.
IMF skepticism about stable coins remains
However, banks will continue to exist according to the IMF, likely to continue. Despite the popularity of Stablecoins new company in the future could be with their products, easy to new banks.
Also, underline the authors of the document the risks of the new money concepts. These include the formation of new monopoly structures. Furthermore, they could potentially threaten weaker currencies. And of course, the IMF Report also mentions the known issues around consumer protection and financial stability. Similarly, the authors point to the possible illicit activities (e.g. money laundering), which brings the use of digital currency systems.
The International monetary Fund (IMF) is a specialized Agency of the United Nations (UN). Its main task is the granting of loans to countries with currency complications. The IMF is also engaged in the promotion of international monetary cooperation and the stabilization of exchange rates. He is also the sister organization of the world Bank.
In the past, representatives of the IMF were quite open-minded, if also reluctant, to the rise of Bitcoin and co., at the Latest since the launch of Facebook Libra-Coin accept, the international monetary guardians with the reality and the relevance of digital currency concepts to acknowledge.
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