Crypto-assets enable fast & inexpensive financial transactions, while offering some of the convenience of cash. Some payment services now make overseas transfers in a matter of hours, not days. If privately issued crypto-assets remain risky and unstable, there may be demand for central banks to provide digital forms of money―an idea we explore in the forthcoming
The underlying technology of crypto-assets—distributed ledger technology, or DLT—could help financial markets function more efficiently. Self-executing & self-enforcing “smart contracts” could eliminate the need for some intermediaries.
Christine Lagarde,
Managing Director,
International Monetary Fund
Steepshot |