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World Bank President Speaks on Blockchain

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October 15, 2017 | 

Joanna Newman |  0 Comments| 

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World Bank President Speaks on Blockchain




President Jim Yong Kim, President of the World Bank, spoke positively about the blockchain:

"Everybody is excited about the Blockchain," he said.

"Blockchain technology is something that excites everyone, but we must remember that Bitcoin is one of the few examples. The rest of the time the Blockchain was used in Ponzi shemes, and so it is very important if one wants to go ahead, to make sure that it will not be used for the purpose of scams "to he added.

The World Bank lends money to governments around the world and it is not totally disconnected from the blockchain. Indeed, last summer it launched a Blockchain development laboratory and research projects to apply this new technology in different areas, such as capital formation.

But the president of the World Bank also had negative thoughts on crypto currencies, comparing them to the payment systems used by Alibaba, the Chinese e-commerce giant.

"It takes three seconds, three seconds, to transfer up to $ 160,000 to anyone who is part of the Alibaba network, because they can assess solvency in three seconds!" He said.

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