World Bank President: Blockchain Holds Huge Promises

October 15, 2018

The president of the World Bank Jim Yong Kim has claimed, the distributed ledger (DLT) has got an impressive potential and the bank must keep up with innovational technologies.

Kim stressed the importance of struggling against poverty while pointing at “innovations in the technological world that can help us leapfrog generations of bad practice, generations that would take forever in terms of reducing corruption”:

“We talked about cryptocurrencies, but we think distributed ledger has huge potential and we issued the first blockchain bond in August, where we created, allocated, transferred and managed the entire bond through blockchain technology.”

As for Kim, the purpose of the World Bank is to establish a comprehensive access to financial services by 2020 which, as he sees it, won’t happen without more profound interaction with the technological world.

It is noteworthy that the World Bank president used to pinpoint his criticism at digital currencies earlier. While holding his speech before the CNBC last October Kim shared his optimistic views on the blockchain technology yet highlighted the risks the blockchain derivatives like Bitcoin may cause.

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