International Monetary Fund Makes a Case For Cryptocurrency On Twitter

Last Updated: June 3, 2018 at 12:04 PM EST

The International Monetary Fund, the economic lending institution, presented a video in its official Twitter account in which cryptocurrency is shown as a progressive technology, and exposes the benefits and also the particularities of using cryptocurrencies compared to using conventional banking systems.

The tweet refers to several cryptocurrencies and explains how a cryptocurrency transaction works in a general sense.

The video explains the benefits of a cryptocurrency transaction and features the quick resolve and the lack of intermediation of it; this meaning that the movements are made without the presence of banks that take a cut from the transactions. But it also presents the caveats: problems in scalability and anonymity of transactions that could allow cryptocurrency to be used for illegal purposes.

The International Monetary Fund is an economic international organization integrated by more than 180 countries at a worldwide level that helps countries passing difficulties by lending money on an interest. But, compared to other banking institutions that had condemned the use of cryptocurrencies, the IMF has taken a neutral stance on them, highlighting the benefits of its use but also alerting about the possible downsides of it.

The head of the IMF, Christine Lagarde, has been always interested in the subject of cryptocurrencies, having written several blog posts referring to this matter. She even addressed cryptocurrencies as the main subject of a conference celebrated last September in the Bank Of England, talking about them as the future of money. But she has also written pieces criticising cryptocurrencies as a vehicle for money laundering and terrorism financing in her blog at the IMF webpage.

Despite not having an overly positive position, it is refreshing that institutions like the IMF are taking in interest and considering cryptocurrencies as emerging disrupting technologies, that can help many unbanked people to have more possibilities of buying goods and paying for services all around the world.