On September 4, IMF head Christine Lagarde addressed the Committee on Economic and Monetary Affairs of the European Parliament, where she appealed to central banks and financial regulators not to exert excessive pressure on innovations, including cryptocurrencies , in an effort to protect consumers.
“With regard to new technologies, such as digital currencies, it is necessary to be alert when it comes to financial stability, privacy and illegal actions, and to ensure that all the necessary requirements are presented in order to channel technology for the benefit of society, ” she said.
But it also means recognizing the wider benefits to society of innovation and providing space for their development. ”
Lagarde, nominated as chairman of the European Central Bank , promised that if elected, she would promote a policy of flexible regulation in a rapidly changing financial industry.
In April, Lagarde announced that new financial technologies, including digital currencies, are “shaking” the banking system and require supervision to maintain stability.
“I believe that subversive elements and everything that uses distributed registry technology , call them crypto, assets, currencies, as you like, explicitly shake the system.
“We do not need innovations that will pump the system so much that we will lose the necessary stability.”
Publication date 09/05/2019
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