Central banks should consider setting up their own cryptocurrencies, according to Christine Lagarde, head of the powerful International Monetary Federation.
Ashe say cryptocurrencies are safe and cheap – but a haven for crooks, thieves and fraudsters as private financial networks that defy regulation spring up almost daily.
“I believe we should consider the possibility to issue digital currency,” Lagarde said.
“There may be a role for the state to supply money to the digital economy. Various central banks around the world are seriously considering these ideas, including Canada, China, Sweden, and Uruguay. They are embracing change and new thinking—as indeed is the IMF.
“The advantage is clear. Your payment would be immediate, safe, cheap, and potentially semi-anonymous. And central banks would retain a sure footing in payments. In addition, they would offer a more level playing field for competition, and a platform for innovation.
“Meanwhile your bank or fellow entrepreneurs would have ensured a friendly user experience based on the latest technologies.”
She added that national cryptocurrencies had many benefits– including consumer protection and transaction privacy – but also observed private networks did little to include users in outlying or remote areas.
“We know that banks are not exactly rushing to serve poor and rural populations,” Lagarde said. “This is critical, because cash might no longer be an option here. If most people adopt digital forms of money, the infrastructure for cash would degrade, leaving those in the periphery behind.”
Fake wallets banned from Google Play
Fake cryptocurrency wallets can be built with a simple drag-and-drop code builder, warns a developer.
Lukas Stefanko identified four bogus cryptocurrency wallets on Google Play, the app store for Android.
The wallets offered services for digital currencies NEO, Tether and MetaMask.
“I reported these apps to Google security team and they were promptly removed,” said Stefanko.
“What concerns me the most is that these fake wallets were created using Drag-n-Drop app builder service without any coding knowledge required. Literally anyone can ‘develop’ simple but effective malicious apps either to steal credentials or impersonate cryptocurrency wallets.”
The wallets were designed to steal user credentials or to gain access to their cryptocurrency, he says.