IMF Managing Director Christine Lagarde said Wednesday that new technologies like digital assets and cryptocurrencies are having a clear impact on the banking sector.
Financial technologies such as digital currencies are"shaking" the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund.
"I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever ... that is clearly shaking the system," she said."We don't want innovation that would shake the system so much that we would lose the stability that is needed," she said.
Banks have responded with their own attempts to embrace new technology. JPMorgan is trialing a digital token called"JPM Coin" that would instantly settle payments between clients and Goldman Sachs is expanding its digital retail bank called Marcus overseas.
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