Jim Yong Kim, World Bank President comments when asked about Blockchain Technology

SOURCE

During the conference on The Future of Development Finance: A Conversation with World Bank Group President Jim Yong Kim, an audience member asked President Kim on what are his thoughts about Blockchain.

Here is his answer

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Jim Yong Kim:

Blockchain, okay, so you know, we're looking really carefully at blockchain, and there's a lot of there's a lot of hope because it's distributed ledger is it possible perhaps that if we use blockchain in developing countries, that we'll be able to follow the money more effectively, we can reduce corruption, there are all kinds of ways of thinking about it. In terms of using Bitcoin or some of the cryptocurrencies, we're also looking at it but you know there's -- that, I'm told the vast majority of cryptocurrencies are basically Ponzi schemes.

And so I think it's still not really clear how it's going to work. But we have actually a working group not only in the World Bank Group but across the multilateral Development Banks looking at the application of blockchain. So I don't have an answer yet but we're looking very carefully, we've got our best people on it, we're working with people in Silicon Valley to try to figure out how it might be applicable.

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Masood Ahmed, Center for Global Development President also gave his two cents.

Massod Ahmed:

I really do worry about how many countries are now beginning to authorize and encourage crypto currencies, ICOs and I think that while we I applaud the fact that you have a working group with the MDBs but my one plead to the MDBs is that you have a lot of credibility just to issue a little bit of a cautionary note to countries now saying very few regulators are on top of what is happening in this area and you countries need to be a little bit more cautious because the people who sell Ponzi schemes are generally very good salesmen. And so you know they do a very nice job in selling and I worry that down the road some of these countries will end up in a little way the same way we had with the financial sector problems where you can start off with private losses but they end up being socialized because somebody's going to pick up the loss

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I've also included the video of the conference:

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