Speaking this week at the annual event, which the world Bank is pursuing jointly with the International monetary Fund (IMF), world Bank group President Jim Yong Kim (Jim Yong Kim) said that blockchain has a “huge potential”, and the use of technology is necessary to achieve the objectives of the organization.

“We at the world Bank group must recognize that we are not keeping up with the latest trends, and not doing that could help our customers to use the capabilities of the most important things that appear”, — said the President of the world Bank.

Note, the group includes the international Bank for reconstruction and development, International development Association, together forming the world Bank, and three other organizations, the main purpose of the group is technical and financial assistance to developing countries.

The world Bank started working with technology in August of this year he released the world’s first blockchain-bonds. Kim, watching the giant structure uses innovative technology, spoke about the success of the project:

“It [technology] has reduced the amount of paperwork and the costs, and we think that it is something that can be extremely useful in the future.”

The innovation is the “duty” of the banks

Speaking about the future potential of blockchain, Kim paid particular attention to combating corruption and improving access to financial services around the world.

According to him, such innovations can help “one great leap to jump over a “generation of vicious practices” that, if this does not happen, from the point of view of reducing corruption “will be eternal.”

As you know, the world Bank takes tough stance against the cryptocurrency, pointing to the potential impact on global economic stability. For example, these are the conclusions of the international regulator — the Council for financial security (FSB) this week presented its report.

The world Bank has traditionally stayed away from these debates, while Kim looked calmly, not reacting to such concerns, but not attributing the merits of the blockchain cryptogram.

“We interact with so many countries that have no Silicon valley. It is definitely our responsibility to keep up with the changes”, — concluded the head of the international organization.