Cryptocurrency is the future of money. Don’t just take my word for it – the International Monetary Fund (IMF) makes the same assertion. It published a short video that was produced as a tool to explain what crypto is and what it means for the future, and its own comments reverberate what the digital currency space has stated for years. Just like so many aspects of everyday life have gone digital, money is going to do the same.
The IMF published the video this past Sunday, announcing its creation on Twitter. It took no time for crypto enthusiasts – as well as scoffers – to take a look at the video, and a linked report, and leave their comments, but not before having to hear from the entity itself that crypto could “completely change the way we sell, buy, save, invest and pay our bills.” It adds that digital currency “could be the next step in the evolution of money.”
As should be expected, fiat pundits – and even some crypto fans – pointed out certain shortcomings in the information, but this is an indication of why more education on the topic is needed. One of the continued arguments for trying to prevent digital currency is its use in illegal activity, despite the fact that fiat has always been used for things like scams, money laundering, etc. With digital currency, it would be much more difficult for someone to hold up a liquor or convenience store, or mug someone on the street for $20. In many ways, crypto can offer more protections than fiat ever could, or ever will.
It has to be pointed out that the report that the IMF references was actually first written in 2018, but the information is still valid today. The fact that the group is bringing the subject to light once again should pique everyone’s interest and arouse curiosity in what the IMF might be planning in the near future. The subject of central bank digital currency is now an everyday conversation around the world, and there might be a push toward digital currency coming sooner than many may have expected.
This wouldn’t surprise anyone who has been watching the crypto space. Digital currency is logical and a common-sense solution to a number of problems – the only reason someone would want to keep it out of the system is because banks are fearful of losing their control. However, just like every other industry, business evolution is inherent to the survivability of the business. Without exception, every industry that hasn’t evolved has failed. There’s no reason not to expect the same from the financial industry.
