IMF Senior Economist Sees Bitcoin and Blockchain Helping Banks

IMF Senior Economist Sees Bitcoin and Blockchain Helping Banks

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The International Monetary Fund (IMF) has published an article in the Finance and Development magazine that looks at how Bitcoin and blockchain technology has the ability to rewrite the financial sector.

Written by Andreas Adriano, a senior communications officer in the IMF’s communications department, and Hunter Monroe, a senior economist in the IMF’s monetary and capital markets department, the article, “The Internet of Trust,” [PDF] focuses on the history of Bitcoin, its blockchain technology and how it can be used to benefit the financial sector.

When it was first introduced Bitcoin became the perfect avenue to provide an alternative to banks and central banks; however, with Bitcoin’s relative anonymity and its ease of trading it attracted criminals, causing it to have a bad reputation as law enforcement cracked down on it during 2013 and 2014.

It wasn’t long, though, before people started to realize that there

Read more ... source: TheBitcoinNews


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