Central Bankers Can’t Agree on Cryptocurrencies
But cooperation will be essential to avoid disruption.
Don't go it alone.
Photograph: Getty Images North America
The joke doing the rounds at last week’s spring meetings of the International Monetary Fund and the World Bank in Washington was that central banks are looking into cryptocurrencies so that their governors have something to say when they go to conferences and are asked about Bitcoin.
Okay, it’s not that funny. But it says something about how nervous central bankers are about the brave new world of cryptos. Since cryptocurrencies have gone mainstream, there has been a deluge of speeches and research papers from the world’s top supervisors over the role of digital currencies and the regulatory questions they raise. It’s clear that the cross-border nature of digital currencies means coordination on the regulatory front is required; but there is little consensus over how to do this.