There is little doubt that digital payments tools – including bitcoin and other cryptocurrency projects – are transforming the way consumers make transactions. However, even the best digital technologies will fail if users don’t trust them.
Called “Money and Payments in the Digital Age,” one discussion included representatives from central banks and tech startups. Panelists shared their thoughts about how the economy was being reshaped by cryptocurrency and other digital technologies.
IMF Managing Director Christine Lagarde noted that cash usage is on the decline in countries around the world. For example, in Sweden a mere 13% of transactions were settled in cash last year, she said.
Consumers increasingly use their smartphones to make purchases with digital payment platforms, even if bitcoin hasn’t quite caught on as a payment instrument.
This was the resounding message at the International Monetary Fund’s spring meeting held in Washington, D.C. on Wednesday