IMF Held Its First Meeting on Blockchain
The International Monetary Fund (IMF) held the first meeting of the consultative fintech group, which discussed the prospects of application of the blockchain.
14 persons took part in the meeting. Among them present, Circle CEO Jeremy Aller, Chain Marketing Director Jill Carlsson, Digital Asset Chief Development Manager Chris Church, Director for Government Relations Ripple Ryan Zagon, IMF Deputy Managing Director and former Deputy People's Bank of China Tao Zhang, Senior Vice Governor of the Bank of Canada Carolyn Wilkins, Chief Executive Officer for Strategic Development at Ant Financial Services Long Chen and Director of Investment Division DTCC Robert Harrison.
Alex Tapscott, the blockchain enthusiast, author of the work "Blockchain Revolution", spoke about the course of the discussions. According to him, about 80% of the discussion concerned the technology of the distributed ledger, 15% - machine learning and 5% had to discuss other fintech technologies.
The main task of the advisory group is to study the economic and regulatory consequences of using blockchain in the financial sector.
The General Director for financial stability at the National Bank of Rwanda, Pis Uvase, also post in Twitter on the main topics that were discussed at the meeting. According to her, fintech will help reduce the period of calculations, exclude outdated procedures for reconciling documents and reduce the costs of financial structures for conducting transactions, but it can not be said that banks will disappear or become obsolete. The main risk of new technologies will be the difficulty with controlling cross-border payments.
#IMFonFinTech however FINTECH creates new challenges and risks as capital freely flows cross border"
Jill Carlson told that at the first meeting the discussion focused mainly on the questions exploring the blockchain and other fintech innovations within the IMF and possibility to organize cooperation with central banks and international financial institutions.
Speech at the meeting was not only about the benefits, but also about the risks of blockchain tech into the financial sphere.