I have been saying this for quite a long time, crypto currencies will take over paper money once they are fully regulated, but mostly, once central banks issue their own digital currencies.
Today, International Monetary Fund head Christine Lagarde confirmed this by saying that central banks around the world should consider issuing digital currency.
Ms Lagarde acknowledged the advantage of this – “Your payment would be immediate, safe, cheap and potentially semi-anonymous... And central banks would retain a sure footing in payments."
The last part is the gist of everything. Everyone knows that this technology is needed however central banks do not want to lose control of the monetary system.
By creating their own digital currencies, central banks will move on with times creating a safer and faster payment method but at the same time keep the desired control on the money supply, which is one of the major reasons why the current crypto market is facing various hurdles for adoption all over the world.
Ms Lagarde previously said the anonymity of currencies such as Bitcoin means they are used by criminals and terrorists.....I wonder why she is now in favour of such technology!
Is it finally time we start seeing some volatility in the crypto market?