IMF Holds Private Blockchain Focused Advisory Meeting

Pinterest

IMF held today its first high-level advisory meeting on Fintech with most of the focus being on blockchain technology.

According to IMF’s website, the focus was on discussing:

How new technologies can disrupt the nature and provision of financial services and the implications that these changes may have for financial stability and regulation.

A number of senior-level executives, including Jeremy Allaire of Circle, Carolyn Wilkins, Deputy Governor of the Bank of Canada, Tao Zhang, former Deputy Governor of the People’s Bank of China (PBOC), Jill Carlson from Chain, and others, attended.

It’s not very clear what was said behind closed doors, but a livestreamed panel took place where the general theme of balance between innovation and risks, transparency and regulations, was expressed according to reports.

In particular, the panel appears to be of the view that innovation needs to be given room to grow, but at the same time risk needs to be managed. Moreover, while blockchain based innovation may increase risk, it also increases transparency.

According to reports, a panelist noted that FinTech will increase inclusion and therefore improve financial stability, but at the same time add new challenges as money can flow freely across the globe.

Interestingly, ICOs were brought up, with one panelist stating that it is a trend which will impact the financial industry significantly. It’s the first sign this fairly new development has attracted such high level attention, but hundreds of millions have been raised through ICOs in the past year.

The ICO space is currently a bit of a wild west and in a state of flux as well as confusion. On the wild west aspect, there are hardly any quality checks, verifiably independent audits, etc. There are so many of them that few receive even a prima facie look by journalists. Sometimes, even when they do get their attention, the project developers might fail to respond to any probing questions.

The obvious solution here, at this very early stage, is a non-governing body, perhaps supervised by a regulatory authority such as Britain’s FCA. Since ICOs are by their nature international, such non-governing body recognized worldwide would also probably be better than balkanized global regulations which may be contradictory.

Featured image from Shutterstock.

  • Facebook
  • Twitter
  • Delicious
  • LinkedIn
  • StumbleUpon
  • Add to favorites
  • Email
  • RSS

Comments

comments

Filed in: Bitcoin Financial News Tags: 

You might like:

Error establishing a database connection Error establishing a database connection
The Surge Continues: Bitcoin & Ethereum Reach New Heights The Surge Continues: Bitcoin & Ethereum Reach New Heights
Coinbase Users File Motion to Block IRS’ Bitcoin Tax Summons Coinbase Users File Motion to Block IRS’ Bitcoin Tax Summons
You Can Now Pay Bitcoin for Parking at 27 UK Airports You Can Now Pay Bitcoin for Parking at 27 UK Airports
Bitcoin Price Approaches $2,000, Boosted by Global Trading and Improved Scalability Prospects Bitcoin Price Approaches $2,000, Boosted by Global Trading and Improved Scalability Prospects
Ethereum Price Rises Above Historic $100 Ethereum Price Rises Above Historic $100
(+) Daily Analysis: Stocks Bounce Back as Trump Plays War Card & Bitcoin With a New High (+) Daily Analysis: Stocks Bounce Back as Trump Plays War Card & Bitcoin With a New High
Cryptocurrency Miner FoxMiners Rife With Scam Allegations Cryptocurrency Miner FoxMiners Rife With Scam Allegations
© 2017 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.
Email
Print