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World Bank: the potential of blockchain should be used

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If the World Bank wants to keep up with the times, it needs to use the huge potential of the blockchain. This was stated by World Bank President Jim Yong Kim at the annual meeting of the IMF.

The head of the organization recalled that in August the World Bank issued the first bond, which was created, placed and transferred via the blockchain.

The experiment was successful, therefore, as noted by World Bank Treasurer Aruna Oteh, the bank will continue to look for ways to use new technologies to make financial markets safer and more efficient.

According to Jim Yong Kim, the blockchain has helped the World Bank to reduce paperwork and costs. In the future, technology can be very useful.

At the same time, the attitude of the head of the World Bank to the cryptocurrencies that are mined using the blockchain is not so positive. He noted that bitcoin is an example of the not very successful application of this technology.

According to Jim Yong Kim, the task of the World Bank is to create universal access to financial services. And this should be done by 2020. It will be impossible to cope without new technologies without this, the president of the World Bank is sure.

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