The International Monetary Fund demands that the regulations of the cryptocurrency market be comprehensive
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Answer The International Monetary Fund demands that the regulations of the cryptocurrency market be comprehensive
The International Monetary Fund (IMF) recently published a publication on crypto assets and their regulations.
The fund called for a comprehensive global approach to regulating digital assets.
The crypto market has experienced significant growth in the past 11 months.
The market capitalization of digital assets has jumped more than 200% this year and reached a record $3 trillion in November 2021.
With the increase in adoption, the use of crypto assets in illegal financial activities has also increased.
The International Monetary Fund has highlighted some of the key issues related to Bitcoin and other digital assets.
According to the fund, many cryptocurrencies are overvalued, and protecting crypto investors remains a major problem due to the lack of clear regulations.Read:The most famous security breaches in the cryptocurrency world – Part 1
The International Monetary Fund believes that an uncoordinated global approach to crypto-regulation will destabilize the financial system.
In emerging markets and developing economies, the emergence of cryptocurrencies can accelerate what we call crypto, when these assets replace the local currency and circumvent exchange restrictions and capital account management measures.
These risks underscore why we now need comprehensive international standards that fully address the risks to the financial system from crypto assets and the associated ecosystem and related transactions while allowing an enabling environment for crypto asset products and applications.
During an event recently hosted by Bocconi University in Italy, Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), stated that it is difficult to treat Bitcoin and other cryptocurrencies as money.
Cryptocurrency regulatory framework:
The International Monetary Fund has identified the urgent need for international cooperation to solve technical, supervisory and regulatory challenges related to cryptocurrencies.
The financial institution believes that digital currencies are changing the international monetary and financial system.
The IMF has developed a strategy to continue carrying out its mission in the digital age.Read:“LG” launches a wallet for cryptocurrency…Details here
The International Monetary Fund added in the post:
The fund will work closely with the Financial Stability Board and other members of the international regulatory community to develop an effective regulatory approach to crypto assets.
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