Tuesday, April 17, 2018

IMF flip-flop: Bank chief now says Bitcoin could be beneficial to the global financial system

Less than a month ago, IMF Chief Christine Lagarde had publicly called for a crackdown on Bitcoin and other cryptocurrencies, and even suggested that both governments and the banking cartel use the Blockchain against decentralized cryptos.

Now on April 17 it appears that Lagarde has flip-flopped when she wrote in a blog post that Bitcoin could actually be beneficial to the global financial system.

Bitcoin has received an unexpected boost from Christine Lagarde, after the head of the International Monetary Fund (IMF) detailed the global benefits of cryptocurrency. 
Ms Lagarde wrote in a blogpost that cryptocurrencies like bitcoin could enable fast and inexpensive transactions, while the underlying blockchain technology could make financial markets safer. 
The price of the world’s most valuable cryptocurrency returned above $8,000 following the publication of Ms Lagarde’s comments, though it is unclear if the gains are directly attributable to the news. 
“Just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto assets that survive could have a significant impact on how we save, invest and pay our bills,” Ms Lagarde wrote in the blogpost. – UK Independent
As we at The Daily Economist have always advocated, when The Powers that Be cannot destroy something, their next step is always to try to co-opt it. 

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