IMF’s Lagarde: Disruptors like cryptocurrencies are ‘clearly shaking the system’

IMF’s Lagarde: Disruptors like cryptocurrencies are ‘clearly shaking the system’


One of the main topics up there was cryptocurrencies. All sorts of companies now getting into this
effort, not least among them Facebook. What kind of threat does this pose to the
traditional banking system? You have incumbents, the banks,
commercial banks. And you have the disruptors. And clearly the disruptors are having an impact
on the incumbents. We just heard a very large systemic bank here
saying that they’re launching the digital coin, currently piloted in a way within the
institutional clients, but to be scaled beyond that. We heard from the European Central Bank that
they have launched in November something that is called TIPS that enables all the banks
in the eurozone to actually transfer instantly at virtually no cost money between them. So I think the role of the disruptors and
anything that is using distributed ledger technology, whether you call it crypto, assets,
currencies, or whatever, and it’s far from the bitcoins that we used to talk about a
year ago, that is clearly shaking the system. The voice that we heard which was I thought
really interesting were those of the regulators and central bank governors who said well,
yes, this is good and this is helpful. And it is changing the business model
of commercial banks. But we have to be mindful of two things:
trust and stability of the system. And we are equally concerned, we at the IMF,
about stability. We don’t want innovation that would shake
the system so much that we would lose the stability that is needed. Are regulators doing enough right now to ensure
that stability and as well competition from some of these big tech companies being involved
in this space? I think they’re mindful of wherever the
competition is coming from. The central bank governor of Kenya was explaining
to us that they gave a banking license to a telecom company. And I think in the future we have to look
at what lots of data collectors and movers are going to do and whether they’re going
to move into the banking space forcefully, in which case they will have to be regulated. They will have to be held accountable so that
they can be fully trusted. Madame Lagarde, I know you have a tight schedule. Thank you for joining us here. We always love to have you, and our viewers
are certainly happy to see you back with us. Thanks so much.

77 thoughts on “IMF’s Lagarde: Disruptors like cryptocurrencies are ‘clearly shaking the system’

  1. Bitcoin is going to bring down the global fiat system. It's going to be fun to watch them try to stop it once it's already too late.

  2. “The World Bank/IMF is owned and controlled by NM Rothschild & Sons plus 30 to 40 of the wealthiest people in the world. For over 150 years they have planned to take over the planet through money. The former chief economist of the World Bank, Joe Stiglitz, was fired in 2000. He pointed out to top executives that every country the IMF/World Bank forced their way into ended up with a crashed economy, a destroyed government, and some even broke out in riots. Former President of the World Bank/IMF Sir James Wolfensohn, would not comment on his dismissal.”

  3. All I see is Satan is disrupting the Devil. Currency has no intrinsic value but somehow it is putting us in debt, making us go to war and making billions work their lives away for printed paper or digital number. The only thing with any real value is gold.

  4. Buy BTC. Yea if you have the money or got in early, however I would take Mrs Lagardes advice over any YouTube comment warrior. It's insane how people think they are smarter than her. She said FAR FROM THE BITCOINS WE USED TO TALK ABOUT YEARS AGO. What tech company out there has created a token superior to BTC. I'll let you decide by throwing a rock in a pond and watching the water effects. What's that effect called again?

  5. 'Innovation that shakes the system'.
    You mean destroy your control of the people.
    Financial control is the ultimate form of slavery.

  6. My opinion: Disrupters like BIS & IMF and infinite QE by CBs' caused the disrupted debt based system and widening the gap between elite and the rest. Therefor people look for alternative honest money systems like cryptos. By the way XRP is a closed bankster cryptocurrency and will change nothing.

  7. We try sending money through MPESA. It has worked here in Kenya to an amaizing level. The convenience is extra ordinary. Helped us so much considering we are a poor economy. I can get instant loans, paybills and transfer funds very easily

  8. cuz the banking system is "trusted" and "regulated"… right
    GIVE US BACK THE MONEY THAT SAVED YOU IN 08
    meanwhile we'll use the only trusted value by and for the people, Bitcoin

  9. Wake up and smell the coffee. The IMF is your boss
    http://rvbeypublications.com/sitebuildercontent/sitebuilderfiles/herearelawsinamericamostdontknow.pdf

  10. International Monetary Fund chief Christine Lagarde has been convicted over her role in a controversial €400m (£355m) payment to a businessman. French judges found Ms Lagarde guilty of negligence for failing to challenge the state arbitration payout to the friend of former French President Nicolas Sarkozy.
    The 60-year-old, following a week-long trial in Paris, was not given any sentence and will not be punished.

  11. There are only few things above you pay grade bitcoin is one, Don't try to morph something timeless into time constrain. Adopt bitcoin or watch it take over from a sideline.

  12. Who was at the IMF meetings – Brad Garlinghouse. Who was with Federal Reserve and now with IMF – Ryan Zagone (Ripple). XRP is the only one digital asset around wich is a loooooooooooot of money.

  13. Banks are going to be the next sector after retails to be eaten alive by technology. At least with retails you need someone to cook the food. Banks in actual case can be fully automatic with machines.

  14. LoL 🤣 she describes "controlled private ledgers" that can print more anytime…
    But then talks "Trust, stability, transparency" as if she's ignorant to 10 years of Bitcoin being unhackable 🤣🥴🤪
    Scared of Bitcoin much you orange bank monster?🤷

  15. You’re all dumb if you think Bitcoin was a grassroots innovation. The Elites created Bitcoin/blockchain with an AI system and this is all according to plan.

  16. News about Cryptocurrency on Crypto Insight: IMF and World Bank Launch Internal Cryptocurrency https://thecryptosight.com/imf-and-world-bank-launch-internal-cryptocurrency/ #thecryptosight #thecryptoInsight

  17. Lagarde is a Talking Head for the Masters of the Financial System.

    They are freaking out and try to manipulate the crypto system and in the end Technology will prevail. Is just a Matter of Time

  18. far beyond bitcoin? if it's not censorship resistant, borderless, available to anyone, and all the things andreas antonopolous said bitcoin is, then it's just a database, and you people are just abandoning your fast database tech to adopt a slow database tech, a great step to banks' demise, yay!!

  19. Disruptors (Digital Assets)
    TIPS (Ripple)
    Ledger Technology (Ripple)
    Not last years Bitcoin (XRP)
    Trust and Stability (XRP 100 Billion max circulation)
    Regulations (Adoption of Digital Assets, particularly, XRP even if it ends up just for FIAT conversions.)

    Fill your bags and wait it out. The Moon shot is coming.

  20. Litecoin is the right coin. Trust in real coins that were mined like bitcoin litecoin DigiByte etc. not ones that magically appeared at a criminal exchange. GET YOUR COINS OFF THE EXCHANGES OR YOU DON’T OWN THEM.

  21. IOTA and NANO cryptocurrencies cost $0 for any transactions anywhere in the world. That's the future of banking!

  22. Nobody can trust the IMF (international monetary fraudsters) they want nothing to do with bitcoin or blockchain, she mentioned distributed ledger technology as if to refer it more as a digital asset. Don't be fooled by the worlds biggest ponzi schemer.

  23. No you liar same technology, we are still here, we will keep coming, silent revolution 💪🏽 You can’t manipulate it like you thought bring out the guillitine

  24. Current cryptocurrency is unsustainable because it keeps a historical record of all transactions. Data has to die at some point.

  25. Long term what will the IMF be doing in the crypto space? Will they be working on a digital currency or series of them that are to replace fiat currency? There has to be central banks that already want this to be a reality. So what is next for the IMF?

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