Christine Lagarde:" I do not think BTC is a pyramid"

It's time for the world's central banks and regulators to get serious about digital currencies.Global financial institutions are taking risks by not watching and understanding emerging financial tech products that are already starting to shake up the financial services and global payments system, according to IMF Managing Director Christine Lagarde.

Asked whether she agreed with JPMorgan Chase CEO Jamie Dimon's comments that bitcoin is a "fraud," Lagarde said it's important to look at the broader implications of technologies like digital currencies.

"I think we should just be aware of not categorizing anything that has to do with digital currencies in those speculation, ponzi-like schemes," she said. "It's a lot more than that as well."

Lagarde didn't rule out that the IMF could at some point develop its own cryptocurrency."What we will be looking into is how this currency, the special drawing right, can actually use the technology to be more efficient and less costly," she said.

Source: Bloomberg Pro Terminal

Trader Bozhidar Arabadzhiev

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