The International Monetary Fund (IMF), an organization focused on promoting “global monetary cooperation” in order to help underdeveloped nations achieve Millenium Development Goals and various other socioeconomic initiatives, recently announced the launch of “Learning Coin.”
The IMF will be working with the World Bank, a global financial institution that helps fund projects mainly in developing countries, to create an app specifically for the Learning Coin project. The app will allow users to access educational blog posts and several other research materials that can be used to enhance their learning as they try to better understand how Learning Coin, a “quasi-cryptocurrency,” works in real-world scenarios.
Recently, Christine Lagarde, a prominent French politician and head of the IMF, had said: “I think the role of the disruptors and anything that uses distributed ledger technology, whether you call it crypto assets, currencies or whatever—and it’s far from the Bitcoins we used to talk about a year ago—that is clearly shaking the system.”
Cryptos Most Useful Where “Economic Freedom Is Highly Restricted”
In response to Lagarde’s statements, Dr. Martin D. Weiss, the founder and CEO of Weiss Cryptocurrency Ratings, told Crypto Insider that “in the world’s financial capitals, crypto still lives in the shadows of giant, established structures and infrastructure, with only minimal impact.”
However, he pointed out that “in regions where economic freedom is highly restricted, where the establishment is teetering on the brink of chaos, or where the masses simply have no access to financial services, the door is opening for disruptive technologies like distributed ledgers to fill the void.”
He continued:
“Right now, only those who truly need Bitcoin are willing to put up with the hurdles of using it. But as the technology and protocols evolve to become more user-friendly, we believe distributed ledger technology (DLT) will replace legacy financial infrastructure in much the same way the internet has overtaken telecommunications.”
World’s Legacy Systems Facing “Major Scaling Issues”
When questioned about what we can expect from legacy players as the crypto industry grows and evolves, Dr. Weiss noted: “The choices will be to adapt or die. Traditional financial infrastructure could undergo a major DLT overhaul. Ultimately, financial service providers who do not use the technology could wind up in the same place as news organizations stuck in era of hard copy.”Elaborating further on how the traditional financial industry is planning to integrate blockchain-based systems, Dr. Weiss revealed: “Already, the world’s legacy financial infrastructure is facing major scaling issues. It’s inefficient and slowed by a myriad of intermediaries. It’s unable to meet the demands of everyday people, especially those in emerging markets.”
According to Dr. Weiss: “DLT is the only known, viable solution. It has the potential to fling open doors to efficient financial services provided to anyone with a smartphone and an internet connection. It will democratize finance in a way the world has never before experienced. And it’s hard to imagine a scenario in which DLT does not completely replace today’s financial infrastructure.”
“Do-No-Harm” Approach
Responding to a question regarding the development of regulations for cryptocurrencies, Dr. Weiss recommended: “The “do-no-harm” regulations that set the ground rules–and facilitated the growth — for the world wide web provide the best model and metaphor.But regulators and legislators have a tough road ahead:
First, to better understand the fundamental principles of DLT;
second, to overcome their fears about how the technology might enable bad actors on the global scene;
third, to pass legislation, such as the the Token Taxonomy Act, which defines which cryptocurrencies are exempt from legacy regulations; fourth to establish rules for better transparency to investors; and finally, to create a global, borderless regulatory framework.”
Going on to explain how Weiss Crypto Ratings is contributing to the crypto industry, the company’s founder noted: “The cryptocurrency space currently suffers from an abundance of misinformation and a paucity of Big Data-driven research that’s objective and free from conflicts of interest. The Weiss Crypto Ratings are designed to help fill that gap.”
Previous Industrial Revolution “Set Off Equally Transformative Cultural Changes’
When asked about his long-term and short-term goals, as an individual, participating in the crypto space, Dr. Weiss stated:
“Right now and into the future, our goal is to help empower all stakeholders to cut through the hype and fear, make prudent decisions, and direct their resources to the projects that truly have the best potential to change our world for the better.”He added:
“Long term, a major endeavor will be to explore — and seek to map out — the most likely next phase in mankind’s long history of techno-cultural evolution. Looking back, we know that the invention of stone tools coincided with the development of language; the discovery of agriculture and storage facilities spurred the emergence of the first nation-states; and the industrial revolution set off equally transformative cultural changes.”He further noted:
“But looking ahead, there’s little awareness of the cultural and social transformations that might come in the wake of the DLT revolution. We will explore that horizon, suggest ways for the public to prepare, and recommend pathways for investors to participate.”
Originally posted on Crypto Insider : https://cryptoinsider.com/weiss-crypto-ratings-founder-believes-blockchain-networks-will-replace-legacy-systems/