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The post-World War period was a great time for international cooperation. After the massacre that took place, many tried to understand the complexity of the causes of the war. Not surprisingly, financial stability has been a great antidote to the poison of war. So the International Monetary Fund (IMF) was established to promote peace through global monetary cooperation, to help promote employment and poverty reduction aid worldwide.
With the changing times the fundamental principles of the organization remained the same. However, the organization, based in Washington, DC, is now focused on a new challenge: international payment systems. Taking into account the changing nature of the financial and banking sectors, they now also look to provide advice on managing the balance of payments and overcoming various financial difficulties.
In line with that thought, Ross Leckow, an International Monetary Fund[[[[IMF]officer was in conversation with Brad Garlinghouse, co-founder of Ripple. Among other things, they discussed the Fintech industry and the role of the blockchain in it. This was raised when, during the speech, the focus was on the current situation in the ASEAN region. At this point, Ross said that his organization was really very interested in the possibilities and he said.
"Last year, we set up a high-level advisory group of private and public sector leaders to help us guide us in our work on FinTech and I am very happy to be able to say that Chris Larsen, one of Ripple's co-founders […] part of that group. And we are grateful for the worldly advice they gave us ".
It seems that the IMF has explored the possibilities for a while. They also collaborated and sought guidance from both public and private actors. The main cause of interest is the cross-border payment sector. They are naturally intrigued by the possibilities that the blockchain could offer and its potential impact on FinTech. Although the Deputy General Councilor of IMF was quick to drag into other "new technologies", such as Intenet and cloud computing, which he felt had a positive impact on his area of expertise. Later, the conversation moved back to the distributed registers and virtual resources, and Ross admitted that Fintech was the future.
Fintech (financial technology) is the fusion of new emerging technologies and innovations with existing financial institutions to provide a better alternative to traditional financial methods in service delivery.
The International Monetary Fund and its board of 189 member countries are ready to evaluate any useful advice on how to fully exploit the potential of FinTech to stimulate development, in particular the post-global financial crisis of 2008. Some Member States are also open to suggestions regarding regulations that protect their citizenship against the possible risks posed by these emerging technologies. The IMF man also revealed his active participation in research and publications dedicated to the sector as a whole and crypt-assets in particular.
Apart from the news demanded by the far-right and far-left media, this is one of the most peaceful moments in history. There are still many important challenges we have to face. However, the tactile recognition of an international organization of IMF stature is positive for the industry.
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