The good news is, one of the most important financial institutions in the world credits cryptocurrencies in no small extent, saying the new virtual currencies could replace fiat if certain issues are dealt with.
In the report, released by IMF, it reads:
“These assets may one day serve as alternative means of payment and, possibly, units of account, which would reduce the demand for fiat currencies or central bank money.”
Many have expressed shock on this declaration as this is an organization that could be the last to accept virtual currencies.
When this will happen, no one knows yet. However, IMF has hope in future technological innovations to solve most of these issues faced by virtual currencies at the moment. As these unfolds, then we’ll be a step closer to declaring cryptocurrencies as the currencies for micro-payments and borderless transactions.
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