Christian Lagarde, the Managing Director of International Monetary Fund (IMF) talked positively on the potential of cryptocurrencies in a Bank of England conference in London. Cryptocurrencies are the virtual currencies which are actually digital assets powered by blockchain technology. Bitcoin and Ethereum are the two most popular cryptocurrencies with the major market caps.
Lagarde shares a different point of view than JPMorgan Chase CEO Jamie Dimon and Ray Dalio, the hedge fund founder who recently undervalued Bitcoin, the most popular cryptocurrency with their statements. Lagarde shared a brighter vision of the blockchain technology with the attendees. According to Fortune-The Ledger, Lagarde considers it unwise to neglect the importance of virtual currencies. Instead the citizens are going to prefer virtual currencies one day, she remarked.
Her full devotion was on the subject of cryptocurrency for one third of her talk on the subject “How financial tech can reshape the world by the year 2040”. She pointed on the fact that the high tech engineers are working dedicatedly on blockchain technology for processing payments and this will lead to the high popularity of digital money in the future.
Lagarde added that there are quite solid reasons why citizens should hold virtual currencies rather than holding physical currencies. It will be easier and safer one day, especially in remote areas. The virtual currencies are going to be more stable.
Lagarde’s view matches with the views of other big optimists like the CEO of Fidelity Abigail Johnson who said “I am believer”, talking on an industry conference on digital currencies earlier this year. Lagarde’s opinion can be supported by the present rise in use of cryptocurrencies in the financial market with Bitcoin and Ethereum as the top performers. There are some other alternative cryptocurrencies too (altcoins) which have been embraced by a number of businesses and government agencies which surely points towards a good future for digital currencies.