The IMF encourage banks to invest in cryptocurrency
Cryptocurrencies are here to stay and are rapidly becoming international success stories. Due to their rise in popularity, the International Monetary Fund (IMF) thinks it’s time for banks to jump aboard. In a recent discussion at the IMF, staff economists noted how the quickly evolving digital currencies are changing the financial landscape, and that banks will need to be able to react quickly and appropriately if they want to stay relevant in the new world, or risk being left behind. The recommendation hasn’t fallen on deaf ears.
Several financial heavy hitters have recently announced their plunge into the cryptocurrency market. JPMorgan, Wells Fargo and even Goldman Sachs have invested in a new blockchain startup in New York, Axoni. Barclays, BBVA and Credit Suisse are onboard with several other financial entities in order to establish standards for blockchain systems. With backing by leaders in the financial industry, there is a continued air of optimism surrounding cryptocurrency’s future in the international financial community.
In what should be the next step in the acceptance of cryptocurrencies as a legitimate currency, the Legolas Exchange has been created. The exchange is designed to offer a method to merge the differences between cryptocurrencies and fiat transactions. It is being billed as a truly fair and theft-proof exchange where all deposits – cryptocurrency and fiat – are guaranteed through a live bank in Luxembourg, BanQix. It will also feature the ability to allow for cryptocurrency transactions between different blockchains, as well as exchanges between cryptocurrencies and fiat.