World Bank President Says Blockchain Technology Has “Huge Potential”

World Bank President, World Bank President Says Blockchain Technology Has “Huge Potential”, Blockchain, Blockchain Technology, Ladger Technology

World Bank President Says: Blockchain Technology Has “Huge Potential”

Speaking in the joint annual meeting program with the International Monetary Fund (IMF) this week, World Bank President Jim Yong Kim mentioned both Cryptocourrency and Distributed-Laser Technology (DLT) in the context of blockchain.

"We believe in the World Bank Group that we are not living with the latest developments and we are not doing it in a way that will help our customers take advantage of the great things to come. Jim Yong Kim, President of World Bank Group, has said that Distributed Account Technology (DLT) has a "great potential" and the bank should be in line with the latest technologies. Kim spoke at the World Bank annual meeting on October 11 in International Monetary Fund (IMF) and Bali, Indonesia.

Kim addressed the importance of fighting poverty while promoting prosperity, pointing out that "there are innovations in the technological world that can help us to leap generations of bad practice, generation to reduce corruption Take it forever in the case. He added

We talked about cryptocurrencies but we think distributed ledger technology has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.

Kim further said that the deployment of Blockchain helped the group reduce paperwork and costs, and said that it could be "something very helpful" in the future. However, he acknowledged that the bank does not take into account all the latest developments, especially in such a way that their customers will be able to take advantage of "great things to come."

According to Kim, the goal of the World Bank is to develop universal access to financial services by 2020, in which, technology will not be without intensive engagement with the world.As previously mentioned, the World Bank and the Commonwealth Bank of Australia (CBA) had specifically issued public bonds on Blockchen. The $ 73.16 million deal involves two years of bonds, which were fixed on August 28 and the cost of getting 2.251 percent returns.

Following the positive results of the blockchain-platform, World Bank treasurer Arunma Oteh said that the bank will continue to seek ways to take advantage of emerging technologies to make the capital market more secure and efficient.In particular, the President of World Bank has first expressed critical criticism of digital currencies. Speaking with CNBC in October last year, Kim shared his enthusiastic thoughts about blockchain technology keeping in mind the risks of Blockcon derivatives like Blockchain.

Things in the technical space, he said, are moving forward incredibly fast. Since the organization is concerned with the countries which do not have technical centers like Silicon Valley, they noted that the responsibility of the organization is "absolutely" to maintain these new technologies.

Crypto Globe pointed out that different organizations are looking at crypto and finitech space and its potential impact on the global financial scene. A report published in the Financial Sustainability Board (FSB), an "International body that monitors and recommends recommendations about the global financial system," in which the growing popularity of cryptosets can affect financial stability. Challenges for the Stable Development Report, the International Monetary Fund (IMF) noted that cryptosets can create "new vulnerabilities" in the global financial system.