The digital currency sector needs proper regulation but also room to develop, according to Christine Lagarde, chair of the International Monetary Fund (IMF). Financial institutions and regulators should welcome the changes being brought about by the disruptive technology and be proactive in making sure cryptocurrencies adhere to standards of economic stability, privacy and preventing criminal activity, Lagarde said when speaking to the economics committee of the European Parliament. “Cryptocurrency is a new asset class that has been created for people who want to do things with it without having to go through traditional financial institutions,” she said.
The digital currency sector needs proper regulation but also room to develop, according to Christine Lagarde, chair of the International Monetary Fund (IMF). Financial institutions and regulators should welcome the changes being brought about by the disruptive technology and be proactive in making sure cryptocurrencies adhere to standards of economic stability, privacy and preventing criminal activity, Lagarde said when speaking to the economics committee of the European Parliament. The French lawyer is set to become the next President of the European Central Bank in November, where she has promised to ensure institutions are ready for the shifting financial climate.