Central Bank going for the blockchain technology
According to reports coming from the leaders of the European Union in Brussels, there have been talks about having Christine Lagarde, the managing director of the International Monetary Fund(IMF) as the next president of the European Central Bank.
The managing director has been following the developments of the Blockchain technology together with the impact of cryptocurrencies for some time now.
She once stated that cryptocurrencies are shaking the current financial system and has been very open to the idea of companies and institutions like the Central Banks issuing their own digital currencies as the Blockchain technology will become a significant technology in the near future.
The European Central bank sees Lagarde as possible president for the institution in the coming years. Though Christine sees cryptocurrencies as a positive development, she still seeks to ‘tame’ the space through regulations if needed.
Some think that her presence and involvement in the European Central Bank will be a positive move for the industry in the long-run.
She thinks that the global economy is quickly approaching some rough times ahead and that some will even try to save the Euro from its demise. However, with the fast development of new technologies like blockchain, which will boost economic growth are more likely to be used, rather than normal fiat currencies like the Euro or the Yen.
Many expect an ECB that is led by Christine Lagarde to be friendly towards the cryptocurrency industry as a whole. She also thinks that a regulatory framework is inevitable for the crypto industry.
International regulations of cryptocurrencies
Significant capital has been poured into the industry over the past few months with social media companies like Facebook quickly entering the cryptocurrency space with a release of their own coin for next year.
The industry is about to go through some major changes in the coming months as Central Banks has even considered creating a G7 task force in order to address some problems directly.
Even though Lagarde is not a cryptocurrency evangelist, her place in the ECB would create some good conditions for the industry to grow. This should paint an optimistic outlook for the cryptocurrency industry and further developments of this technology.
Cryptocurrencies like Bitcoin are one of the most disruptive technologies we have seen in our time and it rivals the internet to oppose, freedom of speech, government regulations, borders, financial freedom and sovereignty to the world.
The technology itself is unstoppable and is expected to bring about one of the biggest technological and financial changes we have seen in a long time.
You may also be interested in:
- IMF’s Christine Lagarde urges banks to quickly create their own cryptocurrencies
- The World Bank has launched its own coin. Impact on the community