Ripple co-founder Chris Larsen is joining high-level discussions with the International Monetary Fund on fintech and the future of finance.
A panel of 19 leaders in finance and technology have now held two meetings with IMF director Christine Lagarde to explore the overall impact of the latest technological innovations in financial services. The latest meeting focused on how emerging technologies like blockchain can improve data and cybersecurity.
Larsen joins a number of influential pioneers in the world of blockchain, including Circle CEO Jeremy Allaire, Chain CEO Adam Ludwin, Digital Asset board member Blythe Masters and Blockchain.com president Marco Santori.
Although recordings from the session have yet to be released, the IMF is well versed on the impact crypto startups and digital assets like Bitcoin, Ethereum and XRP could have on the financial landscape. At the Paris Fintech Forum in January, Lagarde warned banks need to act and adapt to new technologies to better serve their customers, highlighting the impact of Ripple and the Goldman-backed crypto startup Circle.
“I think in the banking system at large in many, many countries, the difference will not be between those who are disrupted and those who survive. The difference will be between those who are cannibalized because they’re not seeing it coming, and they’re not embracing it, and those who self-induce that cannibalization.
And I’m using cannibalization on purpose because it’s a bit of a striking, horrible word. But it’s really what it means. You’re going to disrupt your business model. You’re going to change it. You’re going to reduce your costs. You’re going to expedite your transactions, and you’re going to inspire confidence because you will build out on the basis of an existing backbone, which is your bank and the confidence, relationship you’ve established with your customers.
So that’s where I see changes happening now. If you think of Circle, and Ripple and all those – that’s where they are active and helpful.”
The IMF panel held its first meeting in June, highlighting the need for an international consensus and focus on how distributed ledger technologies, mobile computing and artificial intelligence can advance the growth of fintech, maintain financial stability and increase confidence in the global financial ecosystem.