1/ Head of the IMF, Christine @Lagarde, gave her second - much more optimistic - assessment of #crypto yesterday in her blog. From my background as a political scientist in international relations, I can't stress enough how powerful this institution is.
blogs.imf.org/2018/04/16/an-…
blogs.imf.org/2018/04/16/an-…
2/ To me this can't get more bullish. Such a stance from the director of the IMF is foreshadowing things to come. She sees the space overcrowded but points out that "the crypto-assets that survive could have a significant impact on how we save, invest and pay our bills."
3/ Similar to the G20, she does not see crypto as a systemic risk. Banks however, "will face challenges to their business models, should there be a large-scale shift away from government-issued currencies toward crypto-assets."
4/ Legislators are advised to pay attention to what is happening, keep an open mind but remain vigilant at the same time in the face of high leverage trading and speculation.
5/ Lagarde goes out of her way to praise blockchain security, efficiency and convenience. She even recognizes the advantages of Smart Contracts and points out benefits for developing countries.
6/ Lastly, Lagarde calls for consensus within the global regulatory community about the future role of crypto-assets. I really like the distinction here in not only talking about currencies. The IMF seems to understand that the "tokenization of the real world" is coming.
7/ Let me stress stressing once more that to me this trumps G20, CME, whatever. I've got a background in international relations and development politics and when push comes to shove, countries crawl in front of them.
8/ I want to finish pointing out how well researched this short piece appears to be. Somebody has done their homework and obviously takes DLT, crypto currencies and tokenization of assets seriously. You thought bald bull @giancarloCFTC was bullish? Wait for it.
