Have No Fear Says IMF President, Blockchain is no Threat

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The Financial Times reported today that, while speaking at a conference in New York City, Christine Lagarde, chief of the International Monetary Fund (IMF) and finance minister under former French president Nicolas Sarkozy, said attendees worried that the banking industry could be altered or rendered obsolete by the blockchain should “pause for a second” and says anonymity will hold it back.

“Many of you have heard about not only bitcoins but blockchains and that unbelievable technology that underlies the bitcoins of this world at the moment, and how incredibly convenient it will be to actually generate trust and identify players and whatever pseudo they decide to use,” she said, according to FT. “And many of you in the industry are actually worried that those technologies are going to massively disrupt the current industry.”

“Pause for a second,” she allegedly told the bankers. “If those new technologies, and as long as those new technologies are going to abuse, take advantage of, the yield for anonymity, I think the banking industry has quite a few good days ahead of it as long as it takes ownership of those issues of capital and culture in order to actually restore the trust without which you see no trade, no transaction, no business can take place.”

About Richard Kastelein

In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ' The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write.

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Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.

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