Now a part of an IMF panel speaking on Fintech innovation, the co-founder crypto network Ripple, Chris Larsen has been discussing with Christine Lagarde, the IMF’s (International Monetary Fund) Managing Director and Chairwoman, on matters relating to financial technology.
XRP (XRP) Price Today – XRP / USD
The Panel Includes 20 Experts in Fintech
The high-level discussion reportedly involves 20 experts in finance and technology. The group also includes the CEO of Circle Jeremy Allaire. The panel’s discussion is focused on the development of new technological innovations in Fintech and their application in the sector.
There have been no details regarding the specifics of the discussion or what direction the panel is heading to. However, during the Paris Fintech forum back in January 2019,
At the Paris FinTech Forum in January, the IMF’s (International Monetary Fund) Managing Director and Chairwoman, spoke about the need for banks to adopt the emerging technologies in the Fintech sector. Here’s what she had to say:
“Generally, I think the in finance or banking system in many, nations; the difference won’t be between those who survive and those who are disrupted. The difference is going to be between those who that become cannibalized due to the fact that they’re not seeing it coming. They are not embracing it. They self-induce that cannibalization.”
Lagarde on the Benefits of Adopting Emerging Technologies in the Fintech Sector
According to Lagarde, moving with the world when it comes to adopting emerging technologies will reduce your costs, improve your transaction speed, inspire confidence in your users and improve your business relationship with your clients.
In her words:
“I’m using cannibalization here on intention. The reason is that it’s a striking, horrible word. However, it’s really what this means. You are going to have to disrupt your business model. You’ll need to alter it. And in the end, you are going to be able to cut your costs. You are going to expedite your transactions speeds. Which will inevitably inspire confidence in what you offer because you will be building based on an existing backbone. This backbone is your bank along with the confidence you give your users. And the relationship you have come to establish with your different customers.”
“So that is where I see a lot of changes happening. If you think of what Circle and Ripple are offering and all the others that bring something beneficial to the table that’s where they become active and helpful” she added.
Cyber Security and Data Governance Was the Focus of the Panel’s Last Discussion
As per the report regarding the minutes of the IMF panel’s discussions, it is understood that the most recent meeting was focused on the issue of cybersecurity and data governance. For more details of the panel’s discussion you view the IMF website.
In other reports, Ripple’s native digital token the XRP token was recently listed on the Coinbase exchange. While this may be a good thing for users or proponents of the digital asset, many have accused the network of paying for the listing on Coinbase. The fact that some have accused Ripple of paying for Coinbase’s listing speaks volumes after it was found that the digital token appeared to violate Coinbase’s Digital Asset Framework regulations.