The International Monetary Fund recently announced on their official website about an event that they would be hosting- called the ‘Cross-Border Payments- A New Beginning’. It was scheduled to start at 8 am where the guests included Jerome Powell, the US Federal Reserve Chairman, Denelle Dixon- the CEO of Stellar Lumens, and Rory MacFarquhar, the Senior Vice President of Mastercard.
What Was this Event Organised by the IMF and Attended By Stellar Lumens?
The event was planned to mostly discuss the impact of digital currencies on the international financial system. The discussion was divided into four different panels, and the speakers were divided into groups- dealing in very specific topics. The first panel had Jerome Powell, and around three more representatives from central banks speaking on issues of global importance- like Ahmed Abdulkarim Alkholifey.
This group was focused on speaking about the exploration of macro-level impacts that digital currencies usually enforce on monetary policies, international financial systems, and the very financial stability throughout the world. The groups would also discuss the chances of collaborations between different policymakers, that would help maximize social benefits- while reducing the risk that comes with asset class.
The CEO of Stellar Lumens- Dixon, the Vice VP of Mastercard MacFarquhar participated in one of the panels that was focused on the participation of the private sector. Dong He, the Assistant Director for the Monetary and Capital Markets Department at the IMF was the moderator of this panel. The participants discussed several new developments, obstacles, and their solutions in payments at the cross-border. Additionally, they also discussed several new issues in blockchain technology, and the crypto industry.
The final two panels addressed the public sector role in all forms of payments, whilst displaying a roadmap that could help implement several improvements. This panel also included the likes of Jon Cunlife, Alejandro Diaz de Leon. Cunlife came from an institution which was extremely against crypto currency. Andrew Bailey, the Governor of BoE had recently declared that Bitcoin didn’t really have much intrinsic value.
XLM price performance by Stellar Lumens
After the announcement came about a possible cooperation between Stellar Lumens’ Stellar Development Foundation and the CENTRE, there has been quite a positive change in the performance of the cryptocurrency. CNF recently reported that the above entities had already revealed that USD coin would be hosted by the blockchain at Stellar Lumens as early as 2021. The announcement was a small part of a framework that was multi-chain, which was established with Algorand.
XLM was trading at around $0.08 with a profit margin of 4.13% when the reports were published. The strongest gain made by this Stellar Lumens subsidiary was around 8.74% in the weekly chart. The monthly chart, on the other hand, showed a profit margin of 7.64% which had an approximate market cap of $1.7 billion.