IMF boss, Christine Lagarde endorses cryptocurrency

by | Apr 18, 2018

The Managing Director of the International Monetary Fund (IMF), Christine Lagarde recently published a blog post where she highlighted the importance of crypto-assets and claims they can transform how we save and invest.

Lagarde affirms that cryptocurrency could help the financial markets function more efficiently, as it is fast and inexpensive to use.

In the past years, cryptocurrency has not only become one the means of payment but also an alternative method of holding and moving funds.

But digital currency, unlike other currencies, is not under the control of any government, and the highest attempt by any government is a demand that income from cryptocurrency is declared for tax purposes.


To state the obvious, trust is still a major challenge as governments across the world are distancing themselves from crypto-assets. Hence, there’s the need for the market to earn the confidence as well as the support of both users and government authorities.

“An important initial step will be to reach a consensus within the global regulatory community on the role crypto-assets should play,” Lagarde writes. She reiterates that international cooperation will be essential since crypto-assets know no boundaries.

Lagarde also calls for the understanding of crypto-assets related risks, as it could affect financial stability, and proposes an even-handed regulatory agenda towards protecting against risks without discouraging innovation.

One cannot overlook the crackdown on the cryptocurrency market, from private and government bodies alike, reminding citizens about the lack of regulation for the digital currency. But, in spite of the crackdown, businesses are still adding it as a payment option. Some even argue that cryptocurrency would eventually go mainstream and replace real cash.

Maybe Lagarde’s stance will change the way governments across the globe see digital currencies.

“If privately issued crypto-assets remain risky and unstable, there may be demand for central banks to provide digital forms of money,” she wrote. She also envisioned governments playing in the digital currency market.

Featured Image: World Economic Forum (cc)

Yinka Awosanya
Yinka Awosanya

Mobile & African Tech Enthusiast │ Data Analyst │ Music


Are you in tech and you are looking at getting a foreign remote job or you want to move abroad? Fill this form and you will get the BEST resources to help you get that high paying remote job as well as japa easily! WAGMI!

Notify of
Inline Feedbacks
View all comments

Recent News

TABS is tomorrow! 💃 💃

TABS is tomorrow! 💃 💃

On #TechpointDigest, we discuss Victory Farms’ $5m investment, Netflix for kids and people with disabilities, and TikTok’s plan to credit creators.

TikTok on a “Branded Mission”

TikTok on a “Branded Mission”

On #TechpointDigest, we discuss Autochek’s new acquisition, TikTok’s Branded Mission, Bamba’s $3.2 million seed, and Jumia’s report for Q1 2022.

[PODCAST] Tax evasion in Nigeria to get harder

[PODCAST] Tax evasion in Nigeria to get harder

Using data mining and machine learning, Nigeria’s Federal Inland Revenue Service plans to make it harder to evade taxes. Listen to today’s episode of #TechpointAfricaPodcast to learn how it plans to do that.

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Blockchain Explorer

Analysis oninnovation, regulations, and trends inthe blockchain sector, as it concerns Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap