Stellar Lumen CEO attends IMF conference with Mastercard and US federal reserve

  • Denelle Dixon, CEO of Stellar Lumens, will participate in the IMF event with representatives from the US FED and Mastercard.
  • IMF event will explore the creation of a global roadmap to improve cross-border payments.

According to an announcement on its official website, the International Monetary Fund will host the event “Cross-Border Payments – A New Beginning”. Scheduled to begin at 8:00 am ET, today, October 19. Guests include Jerome Powell, Chairman of the U.S. Federal Reserve, Rory MacFarquhar, Senior Vice President of Mastercard and Denelle Dixon, CEO of Stellar Lumens.

The event will aim to discuss “What impact do digital currencies have on the international financial system?” The discussion will be divided into 4 panels, therefore, the speakers were split into groups that will deal with specific topics. In the first panel, for example, Powell and 3 other representatives of central banks with global importance will speak, such as the Governor of the Saudi Arabian Monetary Authority, Ahmed Abdulkarim Alkholifey.

They will be in charge of exploring the macro-level effects that digital currencies will have on monetary policies, financial stability, the international financial system. In addition, they will discuss the possible collaboration of policymakers to “maximize social benefits” and reduce the risk associated with this asset class.

Dixon, MacFarquhar and other guests will participate in the panel focused on private sector participation. This panel will be moderated by the Assistant Director for the IMF’s Monetary and Capital Markets Department, Dong He. Participants will discuss new developments, challenges, and solutions in cross-border payments. In addition, they will discuss a key issue for the crypto industry and blockchain technology, regulations:

Which are some of the emerging solutions, and how might we benefit from them? The panel will also uncover what private entrepreneurs expect from policymakers and regulators. Can innovation be encouraged while preserving a level playing field, and ensuring interoperability of solutions?

The last two panels will address the role of the public sector and a global roadmap for implementing improvements. This last panel will include the participation of Jon Cunlife, Deputy Governor of the Bank of England (BoE), and Alejandro Diaz de Leon, Governor of the Bank of Mexico. The first of these two institutions has a notoriously anti-crypto stance. Recently, BoE Governor Andrew Bailey said that Bitcoin “has no intrinsic value”.

XLM price performance

Since the announcement of the cooperation between CENTRE and the Stellar Development Foundation, the cryptocurrency has shown a positive performance. As reported by CNF a few days ago, these entities revealed that the stablecoin USD Coin (USDC) will be hosted by the Stellar Lumens blockchain in early 2021. The announcement is part of the multi-chain framework for the stablecoin that was established with Algorand.

At the time of publication, XLM is trading at $0.08 with a 4.13% profit in the last 24 hours. Its strongest gains are shown in the weekly chart at 8.74%. The monthly chart shows a profit of 7.64% with a market cap of approximately $1.7 billion.

About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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