IMF economists: central banks must not rush to adopt blockchain technology

International Monetary Fund (IMF) economist Sonja Davidovic warned central banks at the MIT Bitcoin Symposium not to rush to implement a blockchain system without proper review of the technology. She said that many times the blockchain is hyped and people just think that the technology should be chosen quickly because it is very popular. "The central bank cannot interact directly with it, without proper proof-of-concept testing techniques, the proper process of selecting suppliers through an open tender process, and without soliciting proposals." Although central banks can use a range of distributed systems But Davidovic claims that none of the systems show strong privacy and interoperability. IMF officials added that central banks face greater risks in implementing these technologies because they typically outsource development work to third-party companies.