Christine Lagarde, managing director at IMF (International Monetary Fund) made two shocking posts recently on the organization’ official blog, shocking for at least me and a couple of million other cryptocurrency lovers (I’m pretty sure about the number… or maybe not) as this is a lady in same class with folks like Bill Gates, and everyone that matter that has spoken so far has had one ill observation or more to make known about the digital currency system and their opinions have been more of do away with it than accommodate/groom/tailor it , that made a publication on the dark-side of cryptocurrency by the boss lady just about last month seem to me more like a stylish bashing and a prelude to smack down against the currency, but from her recent post, one can say that was just as plain as the word plain itself.
In her dark-side analysis, she highlighted reasons as to why she feels cryptocurrency is a dangerous affair, though while doing so she hinted at loving the technology.
The same reason crypto-assets—or what some people call crypto-currencies—are so appealing is also what makes them dangerous. These digital offerings are typically built in a decentralized way and without the need for a central bank. This gives crypto-asset transactions an element of anonymity, much like cash transactions.
The result is a potentially major new vehicle for money laundering and the financing of terrorism. -Excerpt from Addressing the Dark Side of the Crypto World
Now in her latest publication, made on the 16th, France’s former finance minister was all motherly about the currency, she was particular about making known that she sees potentials that should not be utterly slapped out in the growing field of blockchain innovation, as she highlighted some of it’s benefits that are just outright awesome, like how it is fast and inexpensive. (Like I agree mama, that candy doesn’t cost us paper and there’s no way I am getting a torn or battered
N100 worth of bitcoin!)
But she still made it known that she still believes for cryptocurrency to really play a major role in the developing the world’s financial sector, it must attain some form of legality so as to be real trustworthy.
Before crypto-assets can transform financial activity in a meaningful and lasting way, they must earn the confidence and support of consumers and authorities. An important initial step will be to reach a consensus within the global regulatory community on the role crypto-assets should play. Because crypto-assets know no boundaries, international cooperation will be essential. – Excerpt from An Even-handed Approach to Crypto-Assets
With a big shot such as hers being unbiased as regards analysis on the Bitcoin led revolutionary system, I think it’s only time before Bitcoin becomes even a greener pasture and my buddy buying a suit for 0.003 last year becomes a thing of the norm, meanwhile, might it just be a snare come actualised if bitcoin goes totally legal and regulated by the government? (as in, dem monkey and snake go start to dey yarn ontop the matter). What do you think? you can make your opinion known via the comment section.
Cirphrank is a pun. Web developer, content writer, 2D minimalist UI, blogger. Breathing poetry.
What makes many mad makes some Philosophers, what makes others sad makes me write. A lover of tech and the arts.