IMF Head Foresees the End of Banking and the Triumph of Cryptocurrency

Via (Foundation for Economic Education), Jeffrey A. Tucker reports on IMF Director Christine Lagarde's presentation to the Bank of England last Friday.  From the article:

"Christine Lagarde … says the only substantial problems with existing cryptocurrency are fixable over time.

In the long run, the technology itself can replace national monies, conventional financial intermediation, and even 'puts a question mark on the fractional banking model we know today.'

In a lecture that chastised her colleagues for failing to embrace the future, she warned that 'Not so long ago, some experts argued that personal computers would never be adopted, and that tablets would only be used as expensive coffee trays. So I think it may not be wise to dismiss virtual currencies.'"