{"id":4351,"date":"2017-03-23T15:35:17","date_gmt":"2017-03-23T15:35:17","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=4351"},"modified":"2019-04-12T17:14:11","modified_gmt":"2019-04-12T17:14:11","slug":"fintech-now-becomes-a-top-priority-for-the-international-monetary-fund-imf","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/analyses\/fintech-now-becomes-a-top-priority-for-the-international-monetary-fund-imf\/","title":{"rendered":"Fintech now becomes a top priority for the International Monetary Fund (IMF)"},"content":{"rendered":"<p><strong>In a recent statement, the International Monetary Fund (IMF) announced the launch of the High Level Advisory Group to deepen its understanding of Fintech issues.<\/strong><\/p>\n<p>Last 15th of March, the <a href=\"http:\/\/www.imf.org\/en\/news\/articles\/2017\/03\/15\/pr1784-imf-managing-director-welcomes-establishment-of-high-level-advisory-group-on-fintech\" class=\"broken_link\"><strong>IMF announced<\/strong> <\/a>the creation of a brand new group composed of 14 top-executives and industry pioneers\u00a0in the finance and technology sector. The profiles of the members are ranging from well-known <strong>academics<\/strong> to entrepreneurs in <strong>blockchain<\/strong> as well as\u00a0<strong>regulators<\/strong> and <strong>investors<\/strong>.<\/p>\n<p>The new group is composed of (<em>left to right<\/em>) Jeremy Allaire (Circle),\u00a0Dr. Long Chen (Ant Financial Services),\u00a0Santiago Fernandez de Lis (BBVA),\u00a0Robert Garrison\u00a0(DTCC),\u00a0Chris Larsen (Ripple),\u00a0Adam Ludwin\u00a0(Chain),\u00a0Blythe Masters (Digital Asset),\u00a0Greg Medcraft\u00a0(ASIC),\u00a0Professor Robert Merton\u00a0(MIT Sloan),\u00a0Patrick Murck (Harvard Berkman Klein Center),\u00a0Marco Santori (Cooley),\u00a0Alex Tapscott (Northwest Passage Ventures),\u00a0Carolyn Wilkins\u00a0(Bank of Canada),\u00a0Bradley J. Wiskirchen (Kount).<\/p>\n<p>Christine Lagarde, Managing Director of the IMF, stated\u00a0in a recent article<\/p>\n<blockquote><p>&#8220;The widespread adoption of new technologies, such as blockchain-based systems, offers many potential benefits. But it also gives <strong>rise to new risks<\/strong>, including <strong>risks to financial stability<\/strong>.&#8221;<\/p><\/blockquote>\n<p>As part of the\u00a0Fund&#8217;s mission to<strong> ensure the stability of the international monetary system<\/strong>, the group will assist the IMF in the &#8220;study of the economic and regulatory implications of developments in the area of Fintech&#8221;.<\/p>\n<p>Beside the positive\u00a0impact of\u00a0Fintech on the financial industry, especially in emerging countries, the IMF is warning against\u00a0<strong>financial instability<\/strong> that could arise if <strong>regulators<\/strong> fail to adapt to these new challenges.<\/p>\n<p>So far, the Fund focused its researches on the implications of <strong>Cryptocurrencies<\/strong>\u00a0and <strong>Blockchain<\/strong> on <strong>cross-border transactions<\/strong>. It published a <a href=\"http:\/\/www.imf.org\/external\/pubs\/ft\/sdn\/2016\/sdn1603.pdf\" class=\"broken_link\"><strong>report<\/strong><\/a>\u00a0last year titled &#8220;Virtual Currencies and Beyond: Initial Considerations&#8221; in which it defines the concept of <strong>Virtual Currencies<\/strong> and <strong>Distributed Ledgers<\/strong> and details <strong>6 regulatory and policy<\/strong> challenges for the sector.<\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a recent statement, the International Monetary Fund (IMF) announced the launch of the High Level Advisory Group to deepen its understanding of Fintech issues. Last 15th of March, the IMF announced the creation of a brand new group composed of 14 top-executives and industry pioneers\u00a0in the finance and technology sector. The profiles of the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[551],"tags":[305,390,134,1317,1315,1316,1319,1313,3,1314,1318,334,339,1320,265,809,586,228,1312],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Fintech now becomes a top priority for the International Monetary Fund (IMF) - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/analyses\/fintech-now-becomes-a-top-priority-for-the-international-monetary-fund-imf\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fintech now becomes a top priority for the International Monetary Fund (IMF) - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"In a recent statement, the International Monetary Fund (IMF) announced the launch of the High Level Advisory Group to deepen its understanding of Fintech issues. 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