Speaking on a panel with Ripple CEO Brad Garlinghouse during the Singapore Fintech Festival 2018, IMF Deputy General Counsel Ross Leckow highlighted three areas the organization has been “active” in regarding blockchain, cryptocurrency and more.
“The IMF is devoting a lot of attention to fintech and in particular to blockchain,” he told the audience, continuing:
For Leckow, these include artificial intelligence (AI), so-called distributed ledger technology (DLT), cryptoassets and several others.
Member banks and governments, he added, were demonstrating considerable interest in guidance on how to handle and regulate the emerging sector.
“Given the demand for advice in this area, at our annual meeting in Bali last month, we and the World Bank jointly launched an initiative called the Bali Fintech Agenda, which we think is the first comprehensive framework of issues that countries need to think about when designing policy around fintech,” Leckow said.
“This will be an anchor for much of our work going forward.”
The IMF has not remained without controversy over its stance on the more disruptive elements of cryptocurrency, in September coming under fire for advising the Marshall Islands not to issue its own national cryptocurrency over anti-money laundering concerns.