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Bitcoin Magazine
2018-10-15 16:01:40

IMF, World Bank Set Framework Around Fintech Advances

The International Monetary Fund (IMF) and the World Bank have weighed in on sovereign considerations and global implications of blockchain and other financial services technologies.The Bali Fintech Agenda, released at the conclusion of their annual meeting, distills the issues and concerns around disruptive technologies like distributed ledgers and smart contracts. The 12-point agenda intends to provide guidance to countries in their assessments of policy options around specific circumstances and priorities. “Countries are demanding deeper access to financial markets,” World Bank Group President Jim Yong Kim said in statement on the agenda framework. “The Bali Fintech Agenda provides a framework to support the Sustainable Development Goals, particularly in low-income countries where access to financial services is low.” IMF Managing Director Christine Lagarde echoed the sentiment. Pointing to the estimated 1.7 billion adults around the world without access to the financial services sector, she said, “Fintech can have a major social and economic impact for them and across the membership in general. All countries are trying to reap these benefits, while also mitigating the risks.”As outlined in an IMF press release, the focus of the 189 member countries must include the following goals:Embrace the Promise of Fintech Especially for low-income countries, small states and the underserved, fintech can hasten ...