On 19 April 2017, the International Monetary Fund (IMF) held its inaugural meeting of the High Level Advisory Group on Fintech. The Group comprises senior bank executives, notable blockchain companies, regulators and academics. The meeting focused on the disruption of the nature and provision of financial services by emerging technologies in the sector and the impact on financial stability and regulation.
In collaboration with the IMF’s Interdepartmental Working Group on Finance, the High Level Advisory Group on Fintech has been studying the economic and regulatory implications of blockchain technology, examining the potential opportunities and risks of embracing such innovation. Panellists asserted that blockchain is likely to increase inclusion and transparency, thereby improving financial stability but cautioned new challenges would arise from the free flow of money across the globe.