An IMF executive discussed digital payments

An IMF executive discussed digital payments and the future of finance

According to Kristalina Georgieva, managing director of the International Monetary Fund, digital finance will affect all sectors, including the craft sector.

The ongoing transition to digital finance is likely to affect all sectors, and craftsmen are no exception. According to Kristalina Georgieva, managing director of Bitcoin Evolution the International Monetary Fund, whether or not these workers can access digital money will depend on a number of factors.

Georgieva said at the BlockShow conference on Friday:

„The digital future of the craftsman will be based on four pillars: private sector innovation, public sector involvement, the regulatory and legal framework, and international cooperation.

But how do online payments and finance affect artisans? Digital transactions and capabilities have the potential to accelerate the flow of money. Georgieva noted that if a trader lost his job, the authorities could transfer unemployment benefits more efficiently. Digital finance also provides access to different forms of payments and loans, including across borders. According to the IMF executive, therefore, „it is no longer necessary to be a large company to compete globally“.

The private sector has been crucial to the development of the crypto sector. While some countries are rushing to issue their own CBDCs, the Director of the U.S. Office of the Comptroller of the Currency, Brain Brooks, recently highlighted the efforts of the private sector, particularly with regard to the enormous progress made by stablecoins.

Georgieva said:

„Private sector innovation has been helpful to many people. Individuals are able to best assess the needs of people and businesses, to provide the wide range of products and services that consumers want, and to take the necessary risks for innovation“.

US Congressman Bill Foster mentioned the potential role

The IMF’s senior executive looks to the public sector „to provide a verifiable digital identification system, communication infrastructure, money and other needs“. At an event in October, US Congressman Bill Foster mentioned the potential role of the blockchain in a verifiable digital identification system, a topic that has been much discussed in the crypto world for several years.

Georgieva also referred to the remarkable developments of the CBDC, asking: „Will a digital version of banknotes and coins be introduced? Many countries are considering this very possibility“.

Although the form of money issued by the central bank may change, the function remains the same. It should nevertheless preserve the stability of the other forms of currency, while allowing their evolution and diversity.

Finally, Georgieva discussed the importance of a clear regulatory framework and international cooperation. The crypto sector continues to suffer the impact of regulation (or, in some cases, its lack), but it must be said that some grey areas are beginning to disappear.

Bitcoin is a good keyword: how would you present your role next to Bitcoin?

While this kind of governance is more or less unique in the crypto world, criticism is sometimes expressed: people who want to run master nodes have to put aside a security of 1000 DASH. The critics believe that the fate of DASH would be in the hands of the rich.

What do you think about these concerns?

As much as one can understand such concerns: This reserve is a security reserve, a collateral reserve. Without this, an attacker could set up a large master node network at very low cost – and not only take control of DASH governance, but corrupt the anonymity and fungibility of the crypto currency. This security of 1000 DASH guarantees a decentralized network.

At this point I would also like to emphasize that our roadmap provides a concept called „Masternode Shares“, a concept that should ultimately allow everyone to participate in the network.

DASH on the market

In addition to DASH, there are other crypto currencies that focus on anonymity. Two months ago, Monero has grown drastically in terms of market capital. Recently, a strongly sponsored network called ZCash has been dancing in the round for anonymity. How do you position yourselves in this competition?

On the one hand, DASH’s primary focus is to offer the user a great user experience. Anonymity is only one of many features. Other projects that only focus on anonymity don’t have the whole picture in mind and often push anonymity in favor of usability.

DASH tries to realize anonymity in such a way that the use of mobile devices is not a problem. In addition, anonymity is deliberately kept optional – donations, for example, could be deliberately kept transparent so that DASH and Bitcoin can be used under certain conditions desired by the user.

DASH’s goal is to be a digital counterpart to cash for everyday transactions. That’s why we focus on solutions that can be used in everyday applications. In contrast, Bitcoin seems to be more of a valuable object like gold – which is why people often talk about digital gold.

By focusing on the aspect of „digital cash“ (DASH does not stand for digital cash for nothing), we want to expand DASH’s position as a crypto currency for smaller, more frequent transactions.

DASH Evolution – the future of payments
We are approaching the end of the interview. Can you tell us something about the future plans under the heading „DASH Evolution“?

Oh, we have a lot to do! DASH Evolution is supposed to be the big milestone of development. We are working to make this milestone the future of payment systems.

Evolution will be a user-friendly, decentralized system that includes a web wallet for normal, non-technical consumers. Users will be able to pay as easily as with PayPal – without having to relinquish control over privacy or the money itself.

Sellers will benefit from the fact that the integration of a payment option via DASH can be integrated into an online shop with just a few lines of code. This will enable merchants to address the target group using DASH almost immediately.

Users and dealers will be brought together in a marketplace integrated in the wallet. In a nutshell – Evolution will offer a smooth user experience with regard to the purchasing process and correspond to the best practices of the large payments industry.

It’s always nice to see how enthusiastic people are about a demonstration of Evolution – in that respect Dash will also knock out the big marketplace!