IMF : Blockchain is probably going to revolutionize the finance

The IMF published an article on its website illustrated with a rather telling miniature featuring the man appropriating Bitcoin and abandoning the credit card. (see above)

According to the International Monetary Fund, such transformations are rare and are capable of boosting productivity in any sector. Only three inventions in history would be similar: the steam engine, the electricity generator or the printing press.

"These changes bring long-term, endless benefits." The IMF then refers more specifically to Bitcoin and virtual currencies. For the organization, crypto currencies make it more difficult to fight money laundering and the financing of illicit activities, but the blockchain technology used to make them work will certainly revolutionize finance by making transfers safer and faster.

The IMF concludes on the digitizing and automation of jobs by stating that 50 million jobs will be eliminated in the USA by 2020.

"The digital revolution should be accepted and improved rather than ignored and repressed. History shows that even with short-term dislocations,reorganization of the economy around revolutionary technologies generates enormous long-term benefits."

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