Christine Lagarde, director of the International Monetary Fund, made the case for central bank digital currencies (CBDCs) at the Singapore Fintech Festival in November. CBDCs, she suggested, could enhance financial inclusion, security, and privacy. Lagarde also touched upon cryptocurrencies, explaining that bitcoin and its cousins are “vying for a spot in the cashless world.”
This apparent endorsement invigorated bitcoin enthusiasts, who often claim that crypto can be used to achieve many, if not all, of the goals that Lagarde laid out. Numerous projects, like Ripple, have sprung up to reduce the cost of international remittances. And others, like Zcash and Monero, have emerged to protect the identities of their users.
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