• Latest
Network Effects Could Spark Blaze of Digital Money Adoption

Network Effects Could Spark Blaze of Digital Money Adoption

July 16, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Litecoin

Network Effects Could Spark Blaze of Digital Money Adoption

coinnewsdaily by coinnewsdaily
July 16, 2019
in Litecoin
0
Network Effects Could Spark Blaze of Digital Money Adoption
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022

The International Monetary Fund (IMF) has argued that network effects could spark the blaze for the mass adoption of new digital monies.

In a fresh report published on July 15, the IMF aims to create a conceptual framework for categorizing new digital monies such as Facebook’s Libra and stablecoins as well to think through the implications of their emergence for central bank policy.

In its analysis of e-monies — including but not limited to blockchain-based assets — the IMF identifies six factors that could drive their rapid growth for payments: convenience, ubiquity, complementarity, low transaction costs, trust and network effects. The report states:

“The first five reasons may be the spark that lights the fire of e-money; the sixth is the wind that could spread the blaze. The power of network effects to spread the adoption of new services should not be underestimated.”

To bolster its claims, the IMF points to the rapid switch from email to SMS and from SMS to social messaging platforms such as Whatsapp, noting that adoption of the latter was exponentially faster than the initial switch to email — noting that its 1.5 billion user base is attributable more to word of mouth than to formal marketing strategies.

The IMF also creates a taxonomy indicating its view of the thriving digital money sector, notably adopting the blockchain industry’s cornerstone principle of decentralization as one of its principle classificatory parameters:

 “Money trees.” A taxonomy of the digital money landscape. Source: IMF 

Devoting a section of its analysis to the question of central bank digital currencies (CBDCs), the IMF proposes a hybrid approach that would be established by a public-private partnership — defining the proposed asset as a synthetic CBDC (sCBDC). 

A central bank would have limited responsibility as regards a prospective sCBDC, offering settlement services — including access to its reserves — to e-money providers, who would, in turn, be robustly regulated. This hybrid — and not full-fledged — sCBDC would stand to benefit from the comparative advantage of the private sector to innovate and interact with consumers while relying on the central bank to provide trust and efficiency, the report argues. The IMF concludes:

“Much lies in the hands of central bankers, regulators, and entrepreneurs […] but one thing is certain: Innovation and change are likely to transform the landscape of banking and money as we know it.”

This spring, the IMF managing director Christine Lagarde said that blockchain innovators are shaking the traditional financial world and having a clear impact on incumbent players, having previously acknowledged that the organization could potentially release its own digital asset in future.



Credit: Source link

Tags: Litecoin
Share76Tweet48
Previous Post

Canadian Town Says Yes to Accepting Bitcoin for Property Taxes

Next Post

Binance Wants to Open a New Local Exchange in South Korea: Report

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

Bitcoin Will Overtake Gold’s MarketCap in 9 years, Says Bobby Lee |
Bitcoin

Sell or hodl? How to prepare for the end of the bull run, Part 2

April 10, 2022
How to prepare for the end of the bull run, Part 1: Timing
Bitcoin

How to prepare for the end of the bull run, Part 1: Timing

April 3, 2022
Bull or bear market, creators are diving headfirst into crypto
Alt Coin

Bull or bear market, creators are diving headfirst into crypto

April 2, 2022
crypto listing and delisting announcements: week 9
Alt Coin

Crypto Listing and Delisting Announcements: Week 9

February 28, 2022
unstable markets how to invest in cryptocurrency
Alt Coin

How to invest in cryptocurrency when the market is uncertain, explained

December 21, 2021
be your own banker secrets
Alt Coin

Bitcoin and Crypto Wallet Hygiene 101

November 22, 2021
Load More
Next Post
Binance Wants to Open a New Local Exchange in South Korea: Report

Binance Wants to Open a New Local Exchange in South Korea: Report

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,002.000.19%
  • ethereumEthereum(ETH)$1,593.640.90%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$308.310.99%
  • rippleXRP(XRP)$0.4127760.83%
  • cardanoCardano(ADA)$0.3873232.15%
  • dogecoinDogecoin(DOGE)$0.0900874.83%
  • matic-networkPolygon(MATIC)$1.144.94%
  • okbOKB(OKB)$38.588.11%
  • solanaSolana(SOL)$24.432.38%
  • polkadotPolkadot(DOT)$6.511.33%
  • shiba-inuShiba Inu(SHIB)$0.0000123.75%
  • litecoinLitecoin(LTC)$88.580.90%
  • tronTRON(TRX)$0.0630070.53%
  • daiDai(DAI)$1.000.03%
  • cosmosCosmos Hub(ATOM)$13.423.37%
  • chainlinkChainlink(LINK)$7.381.76%
  • leo-tokenLEO Token(LEO)$3.67-4.28%
  • moneroMonero(XMR)$182.416.50%
  • ethereum-classicEthereum Classic(ETC)$21.981.35%
  • bitcoin-cashBitcoin Cash(BCH)$133.94-0.60%
  • stellarStellar(XLM)$0.0936832.14%
  • crypto-com-chainCronos(CRO)$0.0819211.39%
  • filecoinFilecoin(FIL)$5.380.05%
  • algorandAlgorand(ALGO)$0.2600265.26%
  • vechainVeChain(VET)$0.0243821.96%
  • internet-computerInternet Computer(ICP)$5.932.15%
  • aaveAave(AAVE)$87.670.87%
  • eosEOS(EOS)$1.10-0.39%
  • elrond-erd-2MultiversX(EGLD)$44.953.54%
  • theta-tokenTheta Network(THETA)$1.10-2.22%
  • tezosTezos(XTZ)$1.121.78%
  • paxos-standardPax Dollar(USDP)$1.000.05%
  • bitcoin-cash-svBitcoin SV(BSV)$43.89-0.67%
  • huobi-tokenHuobi(HT)$5.101.34%
  • havvenSynthetix Network(SNX)$2.471.39%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.021.27%
  • iotaIOTA(MIOTA)$0.2387320.98%
  • makerMaker(MKR)$671.612.60%
  • zcashZcash(ZEC)$45.89-0.41%
  • neoNEO(NEO)$8.300.58%
  • dashDash(DASH)$51.580.29%
  • zilliqaZilliqa(ZIL)$0.0296953.66%
  • basic-attention-tokenBasic Attention(BAT)$0.2669692.47%
  • compound-governance-tokenCompound(COMP)$55.853.56%
  • nemNEM(XEM)$0.039294-0.09%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$37.507.01%
  • bitcoin-goldBitcoin Gold(BTG)$17.602.10%
  • wavesWaves(WAVES)$2.826.55%
  • qtumQtum(QTUM)$2.680.19%
  • sushiSushi(SUSHI)$1.342.03%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • yearn-financeyearn.finance(YFI)$7,674.672.24%
  • golemGolem(GLM)$0.2502942.04%
  • omisegoOMG Network(OMG)$1.523.03%
  • ontologyOntology(ONT)$0.218277-0.15%
  • digibyteDigiByte(DGB)$0.0108900.35%
  • umaUMA(UMA)$2.050.48%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%