IBM Encourages Central Banks to Promote Cryptocurrencies

The corporate world sure does promote blockchain technology and its innovations, as a result of which now several companies are coming forward with launching their own blockchains for the operations. However, promoting cryptocurrencies for the corporate companies, still remains a huge risk and a sign of skepticism.

While all this, IBM is now breaking the corporate trend-line by now encouraging commodities trading platforms, industries, and even central banks to take advantage of the power of cryptocurrencies.

In 2017, Bitcoin and the altcoins took the entire world by storm. A lot of firms came ahead and readily took the crypto path since then. However, there’s a still large share of similar companies which are yet to see the good in cryptocurrencies. This looks like an easy task to pull off, as the brand as big as IBM is now promoting cryptocurrencies to several platforms while discussing how they could save money and generate funds with virtual currencies.

In October 2017, IBM partnered with KlickEx and Stellar, in a bid to create a blockchain-based system that could speed up cross-border payments. Senior Vice President of IBM Industry Platforms, Bridget van Kralingen, in October 2017 declared:

“With the guidance of some of the world’s leading financial institutions, IBM is working to explore new ways to make payment networks more efficient and transparent so that banking can happen in real-time, even in the most remote parts of the world,”

2018 started with a not so good start for the cryptocurrencies and their prices, with the price of bitcoin price collapsing around $6000 area. However, this down slide has not deterred the IBM crypto ambition. In January 2018, the blockchain whale hired Jesse Lund, a financial services and blockchain veteran, from Wells Fargo. Lund, who’s now the Head of Blockchain Solutions at IBM has said that,

“We’re seeing tons of demand for digital asset issuance across the board.”

In a subtle remark, Lund told that IBM is not only interested in Stellar Lumens, but the big blue’s primary objective is to expand the business adoption and applications of cryptocurrencies in various ways. In his words:

“What’s happening is there’s this emergence of a new segment that could actually be one of the biggest segments that is a permissioned but public blockchain network typology.”

Central Banks and Their Thoughts on Cryptos

Lund further talked about how is in talks with at least 20 central banks to promote them looking towards development of fiat-backed cryptocurrencies. He only revealed apex banks were from the G20 nations.

“The most inspiring of the visions of the central banks I’ve talked to has been Sweden’s Riksbank,” Lund said.

Lund concluded.

“I expect that we’ll see – sometime this year, a central bank at least putting its big toe in the water to issue a digital denomination of their fiat currency into the wild. Probably in a controlled format,”

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