This month, a discussion by staff at the IMF talks about the need for banks to look more seriously than in the past at cryptocurrencies!
The surprising report put out on June 19, 2017 -- is available on the IMF's website:
http://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2017/06/16/Fintech-and-Financial-Services-Initial-Considerations-44985
Summary: "A new wave of technological innovations, often called “fintech,” is accelerating change in the financial sector. What impact might fintech have on financial services, and how should regulation respond? This paper sets out an economic framework for thinking through the channels by which fintech might provide solutions that respond to consumer needs for trust, security, privacy, and better services, change the competitive landscape, and affect regulation. It combines a broad discussion of trends across financial services with a focus on cross-border payments and especially the impact of distributed ledger technology. Overall, the paper finds that boundaries among different types of service providers are blurring; barriers to entry are changing; and improvements in cross-border payments are likely. It argues that regulatory authorities need to balance carefully efficiency and stability trade-offs in the face of rapid changes, and ensure that trust is maintained in an evolving financial system. It also highlights the importance of international cooperation."
Investopedia does a further look into this with their article:
"One of the key findings of the IMF report is that "boundaries are blurring." This means that the borders between intermediaries, service providers, and markets, previously well-defined, have become blurry with the advent of new technology related to digital currencies and cross-border payments. Along with the blurring of these boundaries, the authors of the report suggest that "barriers to entry are changing."
http://www.investopedia.com/news/imf-blockchain-banks-invest-cryptocurrency-blockchain/
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