IMF Chief: Banks don’t have much to fear from bitcoin or the blockchain

Announcements | November 11, 2015 By:

Speaking at a conference in New York City, Christine Lagarde, chief of the International Monetary Fund (IMF) said that banks don’t have much to fear from bitcoin or the blockchain.

“Many of you have heard about not only bitcoin but blockchain and how incredibly convenient it will be to actually generate trust and identify players and whatever pseudo they decide to use. And many of you in the industry are actually worried that those technologies are going to massively disrupt the current industry. Pause for a second,” said Lagarde.

“If those new technologies, and as long as those new technologies are going to abuse, take advantage of, the yield for anonymity, I think the banking industry has quite a few good days ahead of it as long as it takes ownership of those issues of capital and culture in order to actually restore the trust without which you see no trade, no transaction, no business can take place,” she added.

Christine Lagarde has run the IMF since 2011, when she took over from Dominique Strauss-Kahn.