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IMF is actively “devoting attention” to blockchain technology

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The International Monetary Fund (IMF) reveals its plans to use its current research and experimentation with blockchain technology as an “anchor” for its future policies through a comment made on November 12.

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Speaking on a panel in presence of Ripple CEO Brad Garlinghouse in Fintech Festival 2018, at Singapore, the Deputy General Counsel of IMF, Ross Leckow pointed out to three areas in which the organization is “active” regarding blockchain, cryptocurrency and more.

He said, “The IMF is devoting a lot of attention to fintech and in particular to blockchain,” adding, “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.”

For Leckow, these include distributed ledger technology (DLT), crypto assets, artificial intelligence and others.

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He further asserted that the research has been going on in blockchain and cryptocurrency at IMF with reference to various published documents in recent years.

Governments and banks, he said, are showing interest towards how to handle and regulate this emerging market, saying, “Given the demand for advice in this area, at our annual meeting in Bali last month, we and the World Bank 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.”
“This will be an anchor for much of our work going forward.”

The IMF has also attracted some controversy recently when they advised Marshall Island not to issue its native cryptocurrency over concerns of anti-money laundering.

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