The International Monetary Fund (IMF) will continue to keep a close eye on the development of blockchain technology according to Deputy General Counsel, Ross Leckow.
While speaking to an audience at the ongoing Singapore Tech Festival 2018, the top official who shared the stage with Ripple CEO Brad Garlinghouse made these remarks,
“The IMF is devoting a lot of attention to fintech and in particular to the blockchain. [...] But we think that it’s difficult to talk about blockchain without considering it in light of the other new technologies that are forming part of the fintech debate.”
After describing artificial intelligence as another significant contributor to the growth of global fintech, he outlined some steps that have been taken by the IMF to foster the growth of blockchain technology.
So far, the agency has published several reports as part of its research project into blockchain and cryptocurrencies. In the latest of those reports in released in October, the IMF pointed out that the current growth level of cryptocurrencies mean that will affect the global economy in the next few years.
IMF’s Comprehensive Framework On Blockchain
Another major step that has been taken by the IMF towards providing a suitable environment for the growth of blockchain technology is the Bali Fintech Agenda which it launched in collaboration with the world bank during an annual meeting last month.
Leckow described the agenda as the “first comprehensive framework of issues that countries need to think about when designing policy around fintech,” He believes that the framework will also serve as an anchor for future blockchain and fintech policies that will be developed by the IMF.