IMF head predicts end of banking as Bitcoin and Cryptocurrency triumphs
By
Stella Annan
In a frank talk at the Bank of England conference, the Managing Director of the International Monetary Fund Christine Legarde has stated that bitcoin and cryptocurrency have as much of the future as the internet itself .
Madame Christine Legarde further stated that it could displace central banks, conventional banking and challenge monopoly of national economies.
Christine Lagarde, a Paris native who has held her position at the IMF since 2011 says the problem confronting cryptocurrency is fixable overtime .
According to her, ‘’In the long run, the technology itself can replace national monies and conventional financial intermediation and even puts a question mark on the financial model we know today.” She revealed
In a lecture she chastised her colleagues for failing to embrace the future she warned “Not so long ago, some experts argued that personal computers would never be adopted and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies".