IMF To Show Massive Support For Cryptocurrency and Blockchain Industry

Popular World’s finance organization, International Monetary Fund (IMF), said its plan to continuously support the crypto and the blockchain industry is still in progress and promised subsequent research in the industry.

IMF’s Deputy General Counsel, Ross Leckow, spoke in a panel with Ripple’s CEO, Brad Garlinghouse at the ongoing Singapore Fintech festival yesterday.

As the numerous benefits and importance of the crypto industry continue to exceed human expectations as seen in the past, Leckow said the IMF is presently experimenting with the blockchain technology to adopt the tech as the bedrock for its future policy.

According to Leckow, the IMF has deployed its resources to specific areas of the fintech industry, especially cryptocurrency and the blockchain technology.

“The IMF is devoting a lot of attention to fintech and in particular to the blockchain. But we think that it’s difficult to talk about blockchain without considering it in light of the other new technologies that are forming part of the fintech debate,” Lecckow told the audience.

Leckow stated that the monetary body is taking a noticeable interest in the industry while seeking guidance from the best in private as well as public sectors.

More to come in future for Blockchain

During the conversation, Leckow also pointed out that this is not the first time the IMF will be throwing its weight behind the new industry. He outlined a number of initiatives taken by the IMF to promote blockchain in the past and assured the public that there is more to come for the industry.

“At our annual meeting in Bali last month, the World Bank and we jointly launched an initiative called the Bali Fintech Agenda, which we think is the first comprehensive framework of issues that countries need to think about when designing policy around fintech,” Leckow said.

At present, IMF has 189 countries on the board of members, Leckow said that most of these nations are looking for guidance on how to approach and unleash the full potentials of blockchain to boost the development of various sectors.

These member countries are also seeking an approach to placing regulations that guard the industry against the risk posed by new technologies.