The International Monetary Fund (IMF) today concluded its first meeting of the FinTech Senior Advisory Group, which brings together a large number of senior blockchain industry executives.
A total of 14 participants attended a closed meeting with IMF Managing Director Claudine Lagarde, seven of whom were from the blockchain industry.
Participants included Circle's CEO Jeremy Allaire, Chain's marketing director Jill Carlson, Digital Asset's head of business Chris Church, Ripple Ryan Zagone, head of government relations, etc.
Although the meeting itself was not made public, the group meeting was broadcast live by the International Monetary Fund through streaming media and Twitter. Alexander Tapscott, author of the blockchain revolution, told CoinDesk that this marks a step forward in the way global policy decisions change.
Tescott pointed out that unlike the Bretton Woods agreement, which previously linked global currency prices to gold, the current international conference is no longer a "global elite gathering in a smoky and closed log cabin."
Tescott told CoinDesk:
"The International Monetary Fund should use its appeal to bring together central bank managers, and the process should be transparent and inclusive. People outside the central bank should be allowed to contribute to the development of the blockchain. "
The advisory group was announced in March, including several executives from the industry. Tescott’s assessment of the attitude of the meeting was “very positiveâ€, with 80% of the talks focusing on the blockchain, 15% of machine-related talks, and 5% covering other technologies.
Other participants included Zhang Tao, deputy general manager of the International Monetary Fund and former deputy governor of the People's Bank of China, Carolyn Wilkins, deputy governor of the Bank of Canada, and Chen, head of the strategy department of Alibaba Ant Financial Services. Long and the chief information officer of the US Securities Depository and Clearing Corporation (DTCC), Robert Garrison, and others.
In 2016, the International Monetary Fund established an inter-departmental working group focused on finance and technology. Now the working group will work with the advisory group established in March this year to study the economic and management applications of the blockchain, and others. The development of financial technology.
Tescott said: "Although this is not a blockchain organization, but a financial technology organization, most people in this organization are in the blockchain field."
Discussion on the dialogue of "peace and friendship"After a full-day series of meetings, Jill Carlson from Chain said that the meeting was more a dialogue, not a question and answer model. She added that the participants discussed the regulatory mechanisms of the International Monetary Fund, the central bank and international financial institutions.
In addition, in addition to discussing the advantages of blockchain technology to persuade the International Monetary Fund and other institutions to adopt the technology, Carlson also said that they also considered the potential risks of using the technology more widely. Although Carlson did not disclose the details of the discussion, she said, "The group meeting is very transparent, and all parties are sincerely pursuing technology and promoting the democratization of financial services."
International Monetary Fund and BlockchainDuring the period of global economic turmoil, the International Monetary Fund showed its willingness to explore blockchain technology, so this meeting has far-reaching significance.
Yesterday, the International Monetary Fund released a report called “Global Economic Outlookâ€, which predicts that the global economy is “powering forwardâ€, but also expressed concerns about the potential negative impact of increasingly prominent nationalist behavior. It is based on these considerations that the International Monetary Fund is increasingly open to blockchain.
In January last year, the International Monetary Fund released a document supporting cryptocurrency regulation. Earlier this year, it held a closed seminar with the Dubai Ministry of Finance. The focus of the seminar was on blockchain and digital currency. .
Small piece cake OR whole cake?However, according to Tescott, in the IMF's financial technology advisory group, blockchain industry personnel accounted for more than half of the country, indicating that everyone's understanding of the blockchain has undergone a subtle change.
Previously, the industry generally believed that blockchain was a small part of financial technology, but Tescott believes that innovators in various industries (including artificial intelligence, virtual reality, social media and cloud storage) will now blockchain. Treated as "the infrastructure of the transaction," it is the basis for connecting all of these technologies "chains."
Tescott concluded: "This technology is far greater than our previous understanding of it. In addition to providing a foundation for future financial services innovation, it may even change all industries in the world."
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