IMF Senior Economist Sees Bitcoin and Blockchain Helping Banks
The International Monetary Fund (IMF) has published an article in the Finance and Development magazine that looks at how Bitcoin and blockchain technology has the ability to rewrite the financial sector. Written by Andreas Adriano, a senior communications officer in the IMF’s communications department, and Hunter Monroe, a senior economist in the IMF’s monetary and capital markets department, the article, “The Internet of Trust,” [PDF] focuses on the history of Bitcoin, its blockchain technology and how it can be used to benefit the financial sector. When it was first introduced Bitcoin....
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UK-based banking giant HSBC sees blockchain technology to benefit state-installed central banks, institutions that are tasked and responsible for a country's economic growth and wellbeing. In a document obtained by Business Insider, HSBC sees the potential of blockchain technology to transcend private and investment banks and influence or even enhance central banks' policies. The publication reports that HSBC sees central banks' current method of helping the economy through interest rates has a few drawbacks. Notably, there's no guarantee of the money pumped into the real economy as the....
The International Monetary Fund (IMF) has published an article in Finance and Development magazine that examines the case for bitcoin's blockchain technology and suggests that while the technology might have been built to "avoid banks" it could have benefits for the banking and trading sectors. Authored by Andreas Adriano, a senior communications officer in the IMF’s communications department, and Hunter Monroe, a senior economist in the IMF’s monetary and capital markets department, the piece, titled "The Internet of Trust" provides an overview of bitcoin's history,....
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A healthy dose of skepticism is well, healthy. As for The Economist, their opinion is pretty much in lockstep with much of the world’s biggest industries that have been predicted to be ripe for adoption of blockchain technology. With specific mention of the financial and banking industry, the editorial goes into why blockchain technology may be a slowly adopted innovation. In the editorial, the author points to the hyper-competitive nature of financial firms and banks as being a hindrance to the proliferation of blockchain technology. Due to the lack of cooperation between the world’s....
Central bank digital currencies are the next frontier for blockchain. Roxe wants to make BTC hashrate the anchor for future CBDCs. Global payment network Roxe has recruited a seasoned economist from the International Monetary Fund, or IMF, to help lead its central bank digital currency project backed by Bitcoin’s (BTC) hashrate. Andreas Jobst, whose career spans the IMF, World Bank and Bermuda Monetary Authority, has been appointed as Roxe’s chief currency economist, the company announced Wednesday. Jobst will be tasked with helping to scale Roxe’s CBDC Plus Program and payment network,....