Banks should consider involvement in cryptocurrencies because " rapid advances in digital technology are transforming the financial services landscape " , according to a staff discussion note from the International Monetary Fund ( IF ) . Its authors , which include Lee Dong He , Vikram Haksar and Ross Leckow , suggested digital banking could help furnish customer solutions related to trust , financial services , security and privacy , while the introduction of cross - border payments could reduce compliance costs and curb the risk of terrorism . policies.﻿﻿ The IMF report also cautioned that , in making this transition , increased vigilance among regulators towards risks such as money - laundering and cyber terrorism might be necessary .
Banks should consider involvement in cryptocurrencies because " rapid advances in digital technology are transforming the financial services landscape " , according to a staff discussion note from the International Monetary Fund ( IF ) . Its authors , which include Lee Dong He , Vikram Haksar and Ross Leckow , suggested digital banking could help furnish customer solutions related to trust , financial services , security and privacy , while the introduction of cross - border payments could reduce compliance costs and curb the risk of terrorism . The IMF report also cautioned that , in making this transition , increased vigilance among regulators towards risks such as money - laundering and cyber terrorism might be necessary .