Blockchain Technology Has Got Everyone Excited – World Bank President

During a media appearance on the 12th of October, the World Bank President was upbeat about blockchain technology and he had some positive comments about it.

Whiles speaking to CNBC, Mr. Kim stated that the technology is “something everyone is excited about” – he however followed it up with a cautionary comment about cryptocurrencies.

“Blokchain technology is something everyone is excited about, but we have to remember that bitcoin is one of the very few instances. And other times when blockchain was used they were basically Ponzi schemes, so it’s very important that if we go forward with it, we’re sure that it’s not going to be used to exploit,” he added.

The World Bank which is a known global financial body that lends money to sovereign nations and governments is no stranger to blockchain technology. The institution by itself launched a blockchain development laboratory just this past summer. It has also supported research projects that are exploring ways to apply tech in various aspects of finance and capital formation.

The World Bank president subtly compared cryptocurrencies to the payments systems operated by Alibaba. He highlighted the swift fund transfer characteristic of Alibaba’s operation in drawing similarities with cryptocurrencies;

“It takes three seconds, three seconds, to transfer as much as $160,000 to anybody who’s part of the Alibaba network, because they can access creditworthiness in three seconds,” he said.

This is coming on the back of equally positive statements made by the head of the International Monetary Fund (IMF) Ms. Christine Lagarde when she stated that it will be unwise to ignore cryptocurrencies because of the huge opportunity it presents and the potential it has to catalyze a global financial revolution.

Bitcoin and cryptocurrencicies in general are continually getting increased recognition and adoption – Bitcoin just a few days ago almost reached a value of $6,000 to one. Some financial commentators have stated that they believe the digital currency will reach a value of $100,000 per Bitcoin in a couple of years.