During the Remaking of Global Finance discussion in Davos, global leaders talked about the current situation with the US dollar, eventual future economic trends and CRYPTOCURRENCIES
Participants In The Discussion
- Christine Lagarde, IMF director
- Paul Achleitner, chairman of the Supervisory Board of Deutsche Bank AG
- Laurence Fink, CEO of BlackRock Inc.
- Philip Hammond, UK chancellor of the Exchequer
- Steve Mnuchin, US secretary of the Treasury
Obviously market-moving statements can be made from two people in this discussion - Christine Lagarde and Steve Mnuchin, so we will focus on them.
Steve Mnuchin's Primary Concern On Crypto
My number one focus on cryptocurrencies – and whether that be digital currencies or bitcoin or other things – is that we want to make sure they're not used for illicit activities.
We've heard this before, at least 10000 times, so nothing new here.
Steve Mnuchin On Regulations
Cryptocurrency wallet services are subject to same regulations as banks.
and
It's important to create unilateral regulations across borders
So, he would like crypto's to be regulated, of course this is a doube-edged knife. On one hand it means that this is a step towards centralization, on the other hand - a regulated market is a lot more attractive for investors, which means Institutional Money and GAINS
Mnuchin On FinTech
"We encourage FinTech, we encourage innovation, but we want to make sure that all of our financial markets are safe and aren't being used for illicit activities"
Obviously Mr. Mnuchin realizes that FinTech is the future of Financial Services.
Lagarde + Crypto = Terrosists and Anonimity
Lagarde's remarks were that
"...usual laundry list of risks people have come to associate with blockchain technology and cryptocurrencies, such as terrorist financing and transaction anonymity."
Lagarde On Blockchain
"I think there is a definition of inclusion that applies to those who are saving in banks rather than investing in assets and securities. I think inclusion is also about the 2 billion people who currently don't have access to the financial markets, who do not have a bank account, who cannot bank and who cannot transact. And I think that what is happening in the various innovation fields that we see in the markets, using mobile, using algorithms that can actually facilitate and reduce the number of intermediaries is actually going to help with the inclusion of those people."
This is something I really liked ! Usually Lagarde is more negative than positive on the matter. Although everytime she mentions the possible benefits of blockchain, in this statement it is more on a positive note and I think we might see her agency announce something big in the near future involving blockchain technology.
Conclusion
The other participants said a lot of similar things concerning cryptocurrencies, that they are used mostly by terrorists and crimnals BUT the blockchain technology will change "the way we are doing business"
I think this years discussion on blockchain and crypto's are on a lot more positive note. Bankers and Economists see the unlimited potential of blockchain and how it can really change everything. I really believe wide adoptance is around the corner. If you see WeissRatings* and their TOP 5 picks they are all BLOCKCHAINS - EOS,ADA,NEO,ETH,STEEM.
I guess we should be buying more STEEM and EOS.
