President of the World Bank says DLT has "huge potential"

World Bank Group President Jim Yong Kim said that distributed (DLT) technology has "huge potential" and that the bank must follow innovative technologies.

During the Annual Meeting of World Banks, Bali, Indonesia and the International Monetary Fund (IMF), Kim addressed the importance of fighting poverty while increasing prosperity, pointing out that "there are innovations in the technological world that can help us overcome generations of bad practices, generations that would take an eternity in terms of reducing corruption. "

The President of the World Bank explained that "we talk about crypto-coins, but we think the distributed ledger has enormous potential and we issued the first Bblockchain bond in August, where we create, allocate, transfer and manage all titles through Blockchain technology."

Kim noted that Blockchain's implementation helped the group reduce bureaucracy and costs, adding that it is "something that can be extremely useful" in the future. The president admitted, however, that the bank did not keep up with all the latest developments, particularly in a way that would help its customers take advantage of the "great things that are emerging."

According to Kim, the World Bank's goal is to develop universal access to financial services by 2020, which in his view will not happen without a deeper involvement with the world of technology.