IMF’s Lagarde: Disruptors like cryptocurrencies are ‘clearly shaking the system'



one of the main topics up there was crypto currencies and all sorts of companies now getting into this effort not least among them Facebook what kind of threat does this pose to the traditional banking system well I think it's you have incumbents the banks commercial banks and you have the disruptors and clearly the disruptors are having an impact on the incumbents we just heard a very large systemic Bank here saying that they're launching their digital coin currently piloted in a way within the institutional clients but to be scaled beyond that we heard from the European Central Bank that they are they have launched in November something that is called tips that enables all the banks in the eurozone to actually transfer instantly at virtually no cost money between them so I think that the role of the disruptors and anything that is using distributed ledger technology whether you call it crypto assets currencies or whatever and it's far from the bitcoins that we used to talk about a year ago that is clearly shaking the system the voice that we heard which was I thought really interesting where those of the the regulators and central bank governors who said well yes this is good and this is helpful and it is changing the business model of commercial banks but we have to be mindful of two things Trust and stability of the system and we are equally concerned we are the IMF about stability we don't want innovation that would shake the system so much that we would lose the stability that is needed and our regulators and doing enough right now to ensure that stability and as well competition from some of these big tech companies being involved in this space you know I think they're mindful of wherever the competition is coming from the central bank governor of Kenya was explaining to us that they gave a banking license to a telecom company and I think in the future we have to look at what lots of data collectors and movers are going to do and whether they're going to move into the banking space forcefully in which case they will have to be regulated they will have to be held accountable so that they can be fully trusted oh my god I know you have a tight schedule thank you for joining us here on Facebook live we always love to have you our viewers are certainly happy to see you back with us thanks so much

12 thoughts on “IMF’s Lagarde: Disruptors like cryptocurrencies are ‘clearly shaking the system'”

  1. My opinion: Disrupters like BIS & IMF and infinite QE by CBs' caused the disrupted debt based system and widening the gap between elite and the rest. Therefor people look for alternative honest money systems like cryptos. By the way XRP is a closed bankster cryptocurrency and will change nothing.

  2. 'Innovation that shakes the system'.
    You mean destroy your control of the people.
    Financial control is the ultimate form of slavery.

  3. Buy BTC. Yea if you have the money or got in early, however I would take Mrs Lagardes advice over any YouTube comment warrior. It's insane how people think they are smarter than her. She said FAR FROM THE BITCOINS WE USED TO TALK ABOUT YEARS AGO. What tech company out there has created a token superior to BTC. I'll let you decide by throwing a rock in a pond and watching the water effects. What's that effect called again?

  4. All I see is Satan is disrupting the Devil. Currency has no intrinsic value but somehow it is putting us in debt, making us go to war and making billions work their lives away for printed paper or digital number. The only thing with any real value is gold.

  5. “The World Bank/IMF is owned and controlled by NM Rothschild & Sons plus 30 to 40 of the wealthiest people in the world. For over 150 years they have planned to take over the planet through money. The former chief economist of the World Bank, Joe Stiglitz, was fired in 2000. He pointed out to top executives that every country the IMF/World Bank forced their way into ended up with a crashed economy, a destroyed government, and some even broke out in riots. Former President of the World Bank/IMF Sir James Wolfensohn, would not comment on his dismissal.”

  6. Bitcoin is going to bring down the global fiat system. It's going to be fun to watch them try to stop it once it's already too late.

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