IMF Issues Crypto Warning – “New Vulnerabilities In The International Financial System”
According to a new release by the International Monetary Fund (IMF), rapid growth in Bitcoin and other cryptocurrencies would lead to “new vulnerabilities in the international financial system” as banks and financial institutions seek to adjust. The IMF cited cybersecurity concerns that could expose inherent instabilities in the banking sector.
The IMF World Economic Outlook report
Banco Santander recently adopted Ripple’s xRapid service, settling cross-border transfers in XRP. Other banks could soon follow, and the effects of this are unknown. Ripple is arguably the most suitable network for the migration of the legacy financial infrastructure to a decentralized and transparent system, despite being a corporate entity. Banks may soon have no choice except to adopt Ripple’s network as it is trusted, advanced, fast, and designed specifically for banks and large financial institutions as a real-time gross settlement system.