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The dizzying gyrations of crypto-assets such as Bitcoin invite comparisons with the tulip mania that swept Holland in the 17th century and the recent dot-com.
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Lagarde moderated a panel discussion on Thursday focused on fintech and the role of central banks, featuring central bank officials and executives from fintech companies.

Fintech, Lagarde said, is already causing disruptions in the financial services industry as new technologies lower the cost of financial transactions. She pointed to distributed ledger technology like blockchain that can help make the banking system more inclusive.

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Skip Navigation. Ms Lagarde said that DLT technology "can be used to speed up information-sharing between market participants and regulators". She added: "The technology that enables instant global transactions could be used to create registries of standard, verified, customer information along with digital signatures.

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In addition, other technologies such as biometrics, artificial intelligence, and cryptography "can enhance digital security and identify suspicious transactions in close to real time," she said. Regulators need to use the same rules "to protect consumers in both digital and non-digital transactions", she added. Industry body Crypto UK said regulatory certainty was "essential to attracting the best of this sector to call the UK home.

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But a spokesperson said that regulators should not "simply retrofit non-digital rules to this unique and evolving sector". Crypto-currencies have come under increasing regulatory scrutiny around the world.

At the beginning of March, Bank of England governor Mark Carney called for increased regulation after crypto-currency "mania". China has gone further by banning initial coin offerings and shutting down digital currency exchanges. The importance of the SDR within the international finance system has diminished after the Bretton Woods agreement collapsed and the world moved to a floating exchange rate mechanism.

The emergence of alternate financing mechanisms and institutions further undermined the role of the SDR. An IMFCoin, as several publications have dubbed it, could potentially reinvigorate the SDR's standing in the international finance system. This is because a digital currency would replace the dollar as a reserve currency in international trade transactions.

According to an article in The Wall Street Journal, an IMFCoin would also help prevent volatility in the currency market that occurs due to trade imbalances. An expert on the IMF's External Advisory Group is quoted in the article as saying that a digital currency could "speed" economic growth. This is because it would prevent countries from hoarding physical currency to maintain reserves. Typically, such hoarding leads to contractions in the global economy. But the development of an IMFCoin will take some convincing.

However, the proponents of the move might face resistance from the United States itself, which may be hesitant to give up its currency's privileges.

That status enables the United States to achieve several economic ends, from running a current account deficit to enabling low interest rates. For her part, Lagarde has said that the agency needs a "geopolitical situation that is propitious" to make the IMFCoin a reserve currency. See also: How the U. Dollar Became the World's Reserve Currency.

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