The International Monetary Fund (IMF) report stated that cryptocurrencies may pose some risks in terms of financial stability.
In the section devoted to cryptocurrencies of the Global Financial Stability Report; in the cryptocurrency ecosystem stock market, wallet, miner and stablecoin issuer It was emphasized that elements such as operational and administrative deficiencies.
According to the report prepared with the contributions of three names from the Money and Capital Markets Department, the total market value $2 trillion exceeding cryptocurrencies in the ecosystem lack of knowledge and control It poses risks in terms of consumer protection, money laundering and terrorism financing.
It can affect the financial system and monetary policies
Similar to dollarization, the widespread use of cryptocurrencies around the world ‘to encryption Experts point out that the ability of central banks to implement monetary policies effectively may be weakened by encryption explained.
In the report, it was mentioned that cryptocurrencies can adversely affect the financial integrity, monetary policies, foreign exchange market and energy consumption of countries.
Digital central bank money call
The IMF team emphasizes the global nature of cryptocurrencies and recommends that regulatory and supervisory agencies should cooperate at a global level to follow developments in this ecosystem.
Global standards for securities, payment, clearing and settlement transactions, as well as combating money laundering. to the implementationmacroeconomic policies to the strengthening and digital central bank money (CBDC) assessments for priority should be given is stated.
Tobias Adrian, Director of the Money and Capital Markets Division, similar to cryptocurrencies like bitcoin digital central bank currencies, international money transfers can reduce the cost explained.