The International Monetary Fund (IMF) said that cryptocurrencies are not in line with the current financial order and need detailed and consistent regulations globally.
The IMF, in its recently published official post, offered suggestions on how to regulate crypto assets globally. He said that cryptocurrencies are growing rapidly in the financial system around the world, but regulators are still struggling to monitor the risks that cryptocurrencies may pose.
The IMF said that the rapid growth of the crypto space, unregulated, has caused it to become interconnected with existing economic systems. In addition, global financial regulators These links may pose serious risks if cryptocurrencies do not act quickly to take advantage of and mitigate threats. stated.
IMF on the subject:
Regulators have difficulties in identifying the risks arising from unregulated this emerging sector. We think that these risks may soon become systematic in some countries.
said.
IMF, that a global regulation should include 3 basic items. and stated what they were.
According to the IMF, first, it provides the trading, storage and protection of digital assets. crypto service providers must be licensed or authorized. In addition, the institutions that will carry out the licensing process are required providing the criteria in a transparent way required.
Another item is the selection of the requirements to be determined according to the usage structure of crypto assets. Cryptocurrency payment methods are similar to banks should be regulated by central banks.
Finally, country governments financial institutions to offer comprehensive details on their steps into the crypto market. must compel.
In addition, the IMF warned about the widespread use of cryptocurrencies in developing countries.
Growing markets and developing economies are faced with more acute risks due to the use of cryptocurrencies under the name of cryptocurrency. Capital flow management measures will need to be finely and rigorously adjusted against cryptocurrencies.
The IMF had warned that it was risky to use crypto as a national currency after El Savador legally accepted Bitcoin.