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 (IMF). Its authors, which include economists Dong He, Vikram Haksar and Ross Leckow, suggested digital currencies could help furnish customer solutions related to trust, financial services, security and privacy, while the facilitation of cross-border transfers could reduce compliance costs and curb the funding of terrorism. In Feb. 2018, the company expanded into the Bitcoin and Ethereum markets, along with market data for another 15 currencies, allowing users to trade cryptocurrency without a fee. The IMF said that it was not advocating for any particular form or technology, but rather highlighting how blockchain can be used as an alternative means of payment by banks and other institutions.
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 (IMF). Its authors, which include economists Dong He, Vikram Haksar and Ross Leckow, suggested digital currencies could help furnish customer solutions related to trust, financial services, security and privacy, while the facilitation of cross-border transfers could reduce compliance costs and curb the funding of terrorism. The IMF said that it was not advocating for any particular form or technology, but rather highlighting how blockchain can be used as an alternative means of payment by banks and other institutions.