Crypto Assets Could Reduce Demand for Central Bank Money: IMF Director

The role of cryptocurrencies in the evolution of money remains a valid debate which has lingered for the best part of the last decade. How the emergence of digital assets will affect the existing monetary system that is upheld by central banks is a subject that is attracting a lot of attention.

Cryptocurrencies represent digital means of transaction in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.