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In a remarkably at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
–a Paris native who has held her position at the IMF since 2011–says the only substantial problems with existing cryptocurrency are fixable over time.
In the long run, the technology itself can replace national monies, conventional financial intermediation, and even "puts a question mark on the fractional banking model we know today."
In a lecture that chastised her colleagues for failing to embrace the future, she warned that "Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies."
Here are the relevant parts of her paper:
Jeffrey Tucker is Director of Content for the . He is also Chief Liberty Officer and founder of , Distinguished Honorary Member of , research fellow at the , policy adviser of the , founder of the CryptoCurrency Conference, member of the editorial board of the , an advisor to the blockchain application builder , and author of five books, most recently , with a preface by Deirdre McCloskey (FEE 2017). He has written 150 introductions to books and many thousands of articles appearing in the scholarly and popular press.
This article was originally published on FEE.org. Read the .
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