Even the Head of International Monetary Fund admitted: “It may not be wise to dismiss virtual currencies”.
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Addressing a conference in London, Head of International Monetary Fund (IMF), Christine Lagarde said “It may not be wise to dismiss virtual currencies”.
Remarkably, Lagarde drew up some plans to help countries, especially ones “with weak institutions and unstable national currencies”, utilize the opportunities that virtual currencies bring to them.
“Instead of adopting the currency of another country—such as the U.S. dollar—some of these economies might see a growing use of virtual currencies. Call it dollarization 2.0.”
One of the factors contributing to the potential of this revolution is the change in customers’ interest in new virtual currencies which are “easier and safer”. It would be much more potential if the virtual currencies are “more stable”.
Lagarde added: “The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.”
However, Lagarde also noted that it would be still a long way to go because the current virtual currencies were “too volatile, too risky, too energy intensive, and because the underlying technologies are not yet scalable”.
Up to now, IMF has been calling for a balanced approach to the management of virtual currencies. Lagarde herself advocated the application of Blockchain technology in financial activities - the topic that was brought up for discussion at organization level by IMF.
As a result, virtual currency market is not only one of the profitable industries but also a breakthrough in global technology and domestic technology of many countries in specific. Investment in virtual currencies is a wise investment.
#Visacoin, #VCX
