Bali played host to the World Bank and International Monetary Fund’s annual meet-up this week.
Unsurprisingly, global financial stability was big on the agenda.
The World Bank has been experimenting with blockchain and Bitcoin Australia CEO Ben Ingram says other major financial institutions need to pay attention.
“It’s apparent with everything that’s happening in the world, blockchain technology is having a really significantly disruptive effect on the financial services industry. So it’s as wise to ignore it as it is to ignore their teeth,” he said.
“With IMF and World Bank, a big part of the agenda is financial inclusion and we think crypto is an impetus for financial inclusion,” Zac Cheah, Pundi X CEO, added.
Cheah sees crypto as too good an opportunity for developing countries like Indonesia to ignore.
In Indonesia, everybody is a millionaire, I’m a millionaire holding this stash of cash,” he said, waving a wad of Rupiah in the air.
“So I think there’s a lot of opportunity for people to look into bitcoin and cryptocurrency.”
The World Bank has chosen Australia’s Commonwealth Bank to deliver the world’s first blockchain bond.
It’ll be issued and distributed on a blockchain platform operated by the World Bank and CBA in Washington and Sydney.
Ingram said while it’s encouraging to see an Australian institution lead the way in adopting and developing this new technology, there’s that age old problem large organisations tend to have, where the left hand doesn’t know what the right hand is doing.
“At the same time as they’re promoting these technological innovations, they’re still making it difficult for people in the blockchain and bitcoin space to bank with them,” he said.
This story first appeared on Coincast TV.