Outgoing IMF Head Christine Lagarde, believes financial institutions such as Central banks and other financial bodies should remain vigilant in protecting consumer interests while at the same time being open to innovations like cryptocurrencies.
The outgoing International Monetary Fund (IMF) head who is the nominee to be the next president of the European Central Bank (ECB), told the Economic and Monetary Affairs Committee of the European Parliament that Central banks and other financial regulators should embrace the opportunities presented by changes brought about innovations such as Cryptos.
In her opening statement to the economic committee Lagarde said;
”In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognizing the wider social benefits from innovation and allowing them space to develop.”
Lagarde also talked up her potential as an aspiring European central Bank Head. She promised that if she got the opportunity to be at the helm of the ECB, she would put her focus in making sure that financial institutions promptly adapt to the rapidly changing financial environment.
Throughout her term as the head of the international Monetary fund (IMF), Lagarde has consistently acknowledged the role of cryptos in the financial world, and how they are altering the traditional financial order. Back in February, Lagarde claimed that the regulation of cryptocurrencies was “inevitable” and necessary on an international level.In April, she said that Blockchain innovators are “shaking the traditional financial world” and having a clear impact on incumbent buyers.
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