Ripple co-founder and Circle CEO part of ‘High-Level Advisory’ group for IMF

[Magician]

The entry of cryptocurrencies and blockchain technology into institutional processes made news again, with the International Monetary Fund’s [IMF] High-Level Advisory group convening in Singapore. The delegation aimed to discuss Fintech process and how data and cybersecurity were key focus areas.

The IMF stated that it will use the previously discussed Bali Fintech Agenda as the framework for the Fund’s engagement with its members. The official IMF release stated,

“Following the launch of the Bali Fintech Agenda, developed by the International Monetary Fund (IMF) and World Bank, the Fund is deepening its engagement with a broad range of public and private sector stakeholders.”

The original Bali Fintech Agenda was a set of 12 policy elements aimed at helping member countries harness the benefits and opportunities of financial technology’s rapid advances in the market. The inclusion of Chris Larsen, the Founder and Executive Chairman at Ripple, caught the eye of many in the cryptosphere as this may point to a deeper analysis into the cross border transaction department.

Another famous proponent from the cryptosphere who was part of the High-level Advisory Group was Jeremy Allaire, the CEO of Circle. This was further evidenced by the first clause of the Bali Fintech Agenda, which stated,

“Embrace the Promise of Fintech with its far-reaching social and economic impact, particularly in low-income countries, small states, and for the under served, and prepare to capture its possible wide-ranging benefits, including: increasing access to financial services and financial inclusion; deepening financial markets; and improving cross-border payments and remittance transfer systems.”

The Agenda also suggested methods such as regional payment systems, enabling new models that reduce layers of intermediaries and access to domestic payments systems. It also mentioned fostering standardization, interoperability and fair and transparent access to key infrastructures. Christine Lagarde, the Managing Director of the IMF gave her stand on cryptocurrencies earlier and stated,

“We are starting to develop specific work programs on fin-tech guided by the Bali Fintech Agenda, as the nature and scope of our members’ needs become clearer. Part of this will involve research and policy analysis focusing on some of the themes highlighted in the Agenda.”

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