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Fed Drags Feet as Digital Money Challenges Central Banks

  • IMF and BIS urge central banks to study money innovations
  • Online shopping flips banking model toward simplified payment
The Marriner S. Eccles Federal Reserve building stands in Washington, D.C.

The Marriner S. Eccles Federal Reserve building stands in Washington, D.C.

Photographer: Andrew Harrer/Bloomberg
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When finance ministers and central bankers come to Washington this week, the International Monetary Fund has a message for them: Digital currencies are on your doorstep. Get involved.

“In the U.S., and other countries around the world, it is just a matter of time before we see massive disruption,’’ Tobias Adrian, the director of the IMF’s monetary and capital markets department said in an interview. “There is at least the potential that new technology might lead to a new global payment system fairly rapidly.”