According to International Monetary Fund ( IMF), cryptocurrency is the future of money. It produced a short video as a tool to illustrate what crypto is and what it actually means for the future, and its own comments reverberate on what the digital currency space has been saying for years. Just as so many aspects of everyday life have gone digital, so will money do the same.
This past Sunday the IMF published the video announcing its creation on Twitter. It didn’t take long for crypto enthusiasts – as well as scoffers – to look at the video and a related article and leave their comments, but not before having to hear from the agency itself that crypto might “completely change the way we sell, buy, save, invest and pay our bills.” It adds that digital currency “could be the next step in the evolution of money.”
As expected, fiat pundits – and even some crypto fans – pointed to certain information deficiencies, but this is an indication of why more education is needed on the topic. One of the continuing arguments for trying to prevent digital currency is its use in illegal activity, despite the fact that fiat has always been used for such things as scams, money laundering, etc. With digital currency, holding up a liquor or convenience store, or mugging someone on the street for $20, would be much harder for someone. Crypto can offer more protections in many ways than fiat ever could, or will ever have.
It should be noted that the report that the IMF references were actually first written in 2018, but today the information is still valid. The fact that the group is once again bringing the subject to light should pique the interest of all and arouse curiosity about what the IMF might be planning for in the near future. The subject of digital currency at the central bank is now an everyday conversation around the world, and a push toward digital currency could come sooner than many might have expected.
This would come as no surprise to anyone who watched the crypto space. Digital currency is logical, and a common-sense solution to a number of issues – the only reason that someone wants to keep it out of the system is because banks are afraid of losing control. But business evolution, like every other industry, is inherent in the business’ survivability. Any industry which hasn’t evolved has failed without exception. There’s no reason the financial industry should not expect the same.