According to Christine Lagarde, the world is changing fast and money needs to change with it. The head of the IMF is confident that Central banks can provide modern digital economy safe and comfortable with digital money
(Photo: Andrew Harrer / Bloomberg)
What is happening in today’s world change is change and the role of money, the demand for cash is declining rapidly, and it is possible that in some 20-30 years to pay them would be virtually impossible, warns the head of the International monetary Fund (IMF) Christine Lagarde. Speaking at the FINTECH conference in Singapore, Lagarde urged Central banks of different countries already, to think about issuing its own digital currency.
“We are the world of information, where data has become the “new gold.” And this means that the money itself must change. We expect that they will be more comfortable, perhaps even, will look not so serious. We expect that they will be integrated with social networking, available online and suitable for payments between individuals, including micropayments. And, of course, we expect that all this will be cheap, safe and protected from criminals and prying eyes,” said Lagarde.
According to her, the Central banks must be ready to fill the gap arising from the withdrawal from the market of cash, because only the state can provide a digital economy is not just convenient, but also guarantees the safety of users and society as a whole money. In particular, according to Lagarde, issued by the Central banks digital currency in the digital world could be “cheap and effective” alternative to payments by large private companies, and to prevent monopolies.