Crypto Falls; IMF Chief Tells Central Banks to Consider Issuing Digital Coins By

© Reuters. – Cryptocurrency prices were lower on Wednesday, even as International Monetary Fund director Christine Lagarde urged central banks to look into issuing digital currencies.

Lagarde said central banks need to “fill the void left by the decline of cash.”

“Various central banks around the world are seriously considering these ideas,” Lagarde said in Singapore on Wednesday. “While the case for digital currency is not universal, we should investigate it further, seriously, carefully and creatively.

Some central banks, including the Bank of Canada and the People’s Bank of China, are already considering issuing digital coins to the public. Sweden’s Riksbank is starting a pilot project next year to develop a virtual currency.

Others are split on the idea or have no intention of issuing alternative currencies.

At the moment digital currencies are only issued to banks. If issued to the public, it could challenge current banking systems and the threaten the price stability of current digital coins.

dipped 1.71% to a two-week low of $6,353.30 on the Bitfinex exchange, as of 8:35 AM ET (13:35 GMT).

Cryptocurrencies overall were lower with the total coin market capitalization at $205 billion at the time of writing, compared to $212 billion on Tuesday.

, or Ether, decreased 1.29% to $211.12 and was at $49.342, down 3.80%, while slumped 5.26% to $0.50239.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Be the first to comment

Leave a Reply

Your email address will not be published.