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 .
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 report also cautioned that, in making this transition, increased vigilance among regulators towards risks such as money-laundering and cyber attacks might be necessary.