The G20 countries will work towards establishing international taxation for cross-border payments as well as handling issues with money-laundering.
IMF’s Managing Director called for central banks digital currencies, stating that they could provide financial inclusion, security, and consumer protection, which can not be offered by the private sector.
Ten years have gone by since the world witnessed a major financial collapse of the banking space, and also the birth of Bitcoin. Here a look at the journey of digital assets so far.
Dong He, deputy director of the IMF’s Monetary and Capital Markets Department, published an article where he suggested that crypto assets may reduce demand for central bank money and proposed central banks create their own digitized assets.
Lagarde said that the same blockchain technology which underpins cryptocurrencies can be used to regulate cryptocurrencies and also track whether they are being used for any illicit activities.