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IMF Chief Christine Lagarde Calls for Regulatory Support of Digital Currencies

September 04, 2019

In a statement prepared today for the Economic and Monetary Affairs Committee of the European Parliament, Christine Lagarde, chairman of the International Monetary Fund, calls for the support of emerging technologies, including digital assets, and highlights the need for their open development.

Says Lagarde,

“In this environment, central banks and supervisors need to ensure the safety of the financial sector, but also to be open to the opportunities provided by change.

In the case of new technologies – including digital currencies – that means being alert to risks in terms of financial stability, privacy or criminal activities, and ensuring appropriate regulation is in place to steer technology towards the public good. But it also means recognising the wider social benefits from innovation and allowing them space to develop.”

According to Lagarde, the “crosswinds” of change will require central banks to cooperate and prepare for the future by sharing information and expertise. It will also require stepping out of the echo chamber and listening to a diverse range of groups.

“There is much we can learn from those who see the different aspects of monetary policy in their daily lives, be they trade unions, consumer groups, NGOs or other civil society partners. Beyond the regular accountability hearings in front of this assembly, listening to their voices can only make the ECB’s policymaking stronger.”

Lagarde’s remarks are line with her previous pro-crypto comments calling Ripple and Circle “helpful” and cryptocurrencies “disruptive.”

The chair will relinquish her role at the IMF following her nomination as the president of the European Central Bank, which she’s expected to assume on November 1st.

You can check out the full address here.

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