Cyberattacks against accounting software firm Wolters Kluwer and the City of Baltimore in May showed how the newest wave of malicious hacking can have significant, often...Technologyread more
The European parliamentary election is the second largest democratic exercise in the world.Europe Newsread more
Biden had criticized Kim Jong Un as a "dictator" and a "tyrant" at a recent rally in Philadelphia. North Korean state media responded by calling Biden a "fool of low IQ" among...Politicsread more
Buybacks have gotten a bad rap from both Republicans and Democrats. But stocks would be trading at a massive discount without them.Marketsread more
Microsoft shares have gained 133% since November 2015, outperforming a tech "basket of unicorns" over that stretch.Technologyread more
The president's state visit comes amid tensions with carmaker Toyota over potential auto tariffs. Trump has repeatedly threatened Japanese and European carmakers with tariffs.Traderead more
The IRS is about to release a new draft of Form W-4, which will more closely reflect the changes stemming from the Tax Cuts and Jobs Act. For workers, that means they'll need...Personal Financeread more
The Mega Millions jackpot has spilled over $400 million. It would be the ninth largest winning since the game began in 2002.Personal Financeread more
Trump was speaking at a meeting of Japanese business leaders in Tokyo during his state visit to Japan on Saturday.Marketsread more
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.Energyread more
When commercial real estate investor Manny Khoshbin spent $2.2 million on the fastest production car in the world, he had no idea it would very quickly also become the...Autosread more
Financial technologies such as digital currencies are "shaking" the banking system and must be monitored to maintain stability, according to the head of the International Monetary Fund.
Speaking to CNBC on Wednesday, IMF Managing Director Christine Lagarde pointed to the changing business models of commercial banks as evidence that innovations like cryptocurrencies are having a clear impact on financial sector incumbents.
"I think the role of the disruptors and anything that is using distributed ledger technology, whether you call it crypto, assets, currencies, or whatever ... that is clearly shaking the system," she said.
The IMF boss warned that such financial industry changes must be accompanied by regulation.
"We don't want innovation that would shake the system so much that we would lose the stability that is needed," she said.
Start-ups and big tech companies alike are increasingly eyeing the banking sector as a multitrillion-dollar market ripe for disruption. Facebook is reportedly developing its own cryptocurrency and Apple released its own credit card in partnership with Goldman Sachs last month.
Banks have responded with their own attempts to embrace new technology. JPMorgan is trialing a digital token called "JPM Coin" that would instantly settle payments between clients and Goldman Sachs is expanding its digital retail bank called Marcus overseas.
Lagarde said technology companies entering the banking space "forcefully" must be subject to regulation.
"They will have to be held accountable so that they can be fully trusted," she said.
Lagarde's comments followed a panel discussion at the IMF Spring Meetings in Washington examining how money and payments are changing around the world. She has previously encouraged central banks to examine digital currencies in order to keep up with changes in the financial landscape.
Many digital currencies like bitcoin are "decentralized," meaning they are not controlled by a central authority.