Wednesday , June 23 2021

IMF Chairman Cristin Larger takes on central banks for digital currency, banking news and top stories



The Fingec Festival was also held at the Singapore Fintech Festival on Wednesday (Oct 14). Managing Director of International Banking Fund, Christine Lagarde, Economic scenario, better security, customer care,.

By distributing digital currency, governments can satisfy public policies that are unable to achieve private policy, indicating that countries like Uruguay, China and Sweden introduce virtual currencies.

Banks are not taking the precaution to serve the poor and the rural people, "he said.

The role of the state in controlling the money Fintech, or financial technology, has revolutionized.

"Fintek revolution questions … ask for coins and commercial investments, question the role of the state for payment," she said.

But in addition to millennia, the phone and money, how economies and money are saving?

They also said that digital currencies can be used and integrated into social media. They will be available for personal use online and personalized, including micro payments.

"Of course, we expect it to be cheap and secure, protecting the criminals and the eyes behind the back," they added.

You can not ignore this evolution. If most people in a country adopt digital forms of money, "the basic infrastructure for money will be weakened and left behind in the internal organs".

People are concerned about the rise of cryptronicity by distributing their digital currency. The widely used cryptocurrencies now includes Bitcoin, ethereum, and dogecoin.

Private companies and their concerns can be invested in security within the mysterious days. Trust in digital currencies will suffer when a personal system fails.

"Think of cyber attacks, glitter, bankruptcy, and withdrawal from a local market," adding that "there is only a small relationship in money supply.

Customers who design digital currencies can ensure their identity authenticity and record transactions.

"But if the law is not requested, third parties or government will not be allowed to recognize," she added. If the authorities suspect black money laundering or terrorist financing activities, you can remove the cover of anonymity.

They said that central banks should not go to them. But it can work with private companies that help provide a financial solution that can help in the development of private innovation.

"Banks and other financial institutions can handle digital currency, including startups," they said, central banks can focus on backward settling, which is relatively good.

"This is a public-private partnership," Largard added.

Ravi Menon, managing director of Singapore Monitory Authority, said: "The payment was made to the Central Bank's digital currency as a result of the electronic payments which already have electronic transactions.

Prime Minister Narendra Modi also said at a function on Wednesday. South Asian countries benefited from digital banking, biometrics and connectivity.

Digital banking through mobile phone "lakhs of people (income) receiving insurance from their (bank) accounts and getting old age pension".

"A scholarship will be transferred directly to her account (transfer) to her account, she will remain in place (sheet)," he added.

Singapore Finte Festivals will end on Friday at Singapore Expo


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