In a recent interview with Ripple’s Co-founder Brad Garlinghouse, Ross Leckow, an Internation Monetary Fund [IMF] official discussed the Fintech industry and the role of blockchain in it, especially from the perspective of the ASEAN region. He stated that the monetary authority is taking a noticeable interest in the field and seeking guidance from the best in private as well as public sectors.
He began by mentioning that blockchain is hard to discuss without first talking about other new technologies, such as the Intenet and cloud computing that are reforming FinTech. He added distributed ledgers and virtual assets as the newly integrated part of the industry.
Next, Leckow shared that IMF is engaging with the subjects related to the potential impacts of FinTech on cross-border payments by associating itself with the private and public sectors within the industry. Here, he cited Ripple Co-founder Chris Larsen and said:
“Last year, we put in place a high-level advisory group of industry leaders from private and public sectors to help guide us in our work on FinTech. I’m very happy to say that Chris Larsen, one of the co-founders of Ripple […] part of that group. And we’re grateful for the worldly advice that they give us.”
IMF has 189 countries on the board of members, at present. Leckow, who is also the Deputy General Counsel at IMF stated that most of these nations are looking for guidance on how to approach and unleash the potential of FinTech to boost development. These members are also seeking an approach to placing regulations that guard the industry against the risk posed by new technologies.
The official also revealed that IMF is conducting intense work in the space through several distinct initiatives. The authority has an active program of research and publication dedicated to the industry and the technology. According to the official, his institution has published major studies on virtual currencies, or as he addressed them: crypto-assets.
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