Back to the list

Jim Yong Kim, World Bank President: the vast majority of cryptos are Ponzi schemes

08 February 2018 21:00, UTC

During the past week, the President of the World Bank has voiced his concerns about some digital currencies. As he believes, most cryptocurrencies in reality are nothing more than Ponzi schemes. Despite this notion, he does not offer to ban Bitcoin or prohibit any other specific cryptocurrency.

Jim Yong Kim also cannot quite comprehend how cryptocurrencies are going to work in the future, which he himself admitted after making the aforementioned remarks. Not unlike many traditionalists, he is open to the idea of blockchain without cryptocurrency, as he noted that the blockchain would prove useful as an anti-corruption financial enhancement tool.

His remarks about the blockchain tech would have been supported by Christine Lagarde, managing director of the International Monetary Fund. As she thinks, banks of the world are still not digitized enough to adequately response to the needs of our time.

The member of the European Central Bank’s executive board has made an interesting remark regarding cryptocurrencies at the end of the past year. He noted that they have to improve transactions and introduce instant payments in order to provide narrative alternative to the one the supporters of Bitcoin use.