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IMF Boss, Lagarde agrees that cryptocurrency could help the financial markets function more efficiently, as it is fast and inexpensive to use.
For some years now, cryptocurrecy has become one means of payment. Although digital currency, unlike other currencies, is not under the control of any government, and the highest attempt by any government is a demand that income from cryptocurrency is declared for tax purposes.
One of the major issues cryptocurrency is facing from government, is the issue of trust. Hence, there’s the need for the market to earn the confidence as well as the support of both users and government authorities.
“An important initial step will be to reach a consensus within the global regulatory community on the role crypto-assets should play,” Lagarde writes. She reiterates that international cooperation will be essential since crypto-assets know no boundaries.
Lagarde also calls for the understanding of crypto-assets related risks, as it could affect financial stability, and proposes an even-handed regulatory agenda towards protecting against risks without discouraging innovation.
She further said:
“If privately issued crypto-assets remain risky and unstable, there may be demand for central banks to provide digital forms of money,”
Do you think Lagarde’s stance will change the way governments across the globe see digital currencies?