IMF financial adviser Tobias Adrian made some statements that may also be valid for Turkey in his statement to the Financial Times. Adrian revealed that the transition from local currency to crypto money poses great risks to the markets.
While traditional financial institutions continue to give their negative messages regarding cryptocurrencies, a new statement came from the International Monetary Fund (IMF), one of these institutions, today. The IMF, which recently told El Salvador to remove Bitcoin from being a legal currency, this time the use of cryptocurrencies. impact on emerging markets. explained.
IMF financial adviser Tobias Adrian, in his statements to the Financial Times, claimed that the sharp price movements in cryptocurrencies brought instability to emerging markets. Explaining that cryptocurrencies have lost 1 trillion dollars since reaching an all-time high, Adrian said, In a statement that also concerns Turkey found.
Transition from local currencies to crypto poses risks to emerging economies
Tobias Adrian, people starting to move from local currencies to cryptocurrencies He said it was a situation that needed urgent rectification. Adrian said that this situation, called ‘cryptoisation’, is a threat to some emerging and developing economies. facing ‘sudden and extremely high risks’ explained. Adrian continued his statements as follows:
“The correlation between crypto and equity markets is rising strongly. Crypto is now very closely linked to what is happening in stocks. We cannot ignore crypto.”
RELATED NEWS
Turkish Lira Becomes The Official Currency With The Most Transactions With Tether, The ‘Dollar’ Of The Crypto Money World
IMF, national and global regulators to audit cryptocurrencies urged to establish a coherent, coordinated and comprehensive approach. At the end of his remarks, Adrian said that agreeing on global regulations was never a quick process, but if it started now, “While achieving the goal of maintaining financial stability, it is also possible to benefit from the benefits of fundamental technological innovations.He also stated that they can benefit from it.