IMF calls cryptocurrencies the next step in the evolution of money

The International Monetary Fund published a training video in which it talked about the advantages and disadvantagesa new type of assets.

Cryptocurrencies could be the next step inevolution of money, says the IMF educational video. It was first published in June 2018, but yesterday, 23 August, it reappeared on the organization's official social media.

What are cryptocurrencies? https://t.co/ggONlLkA2r pic.twitter.com/yYpj3Jf37E

— IMF (@IMFNews) August 23, 2020

The IMF spokesman said that digital moneysolve the problems of the existing financial system. In particular, thanks to decentralization and cheaper and faster transactions. The video never mentions the word blockchain, and Bitcoin (BTC), Ethereum (ETH) and XRP appear only once on a slide illustrating transfers in cryptocurrency.

Speaking about the risks of a new type of assets, inorganizations have named the anonymity of transactions in most popular cryptocurrencies. They cannot be tracked and used by criminals. The IMF also stressed that if you lose your password, you may lose all funds. Among the disadvantages of digital money, the representative of the organization called the high volatility of their quotes.

“If we can reduce the risks, who knows, perhaps this (cryptocurrencies, - ed.) Will be the next step in the evolution of money,” the International Monetary Fund concluded.

Last April, the IMF pointed out Ripple toas an alternative for processing payments in its new report on fintech in Africa. The organization published a document advising that DLT systems can be used to efficiently process foreign payments. Also, the development of the blockchain team can be supported by international banks and payment companies.

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