New Cryptocurrency Report from IMF: “Urgent Regulation Needed!”

International Monetary Fund (IMF), first Bitcoin (BTC) It is known for its negative attitude towards cryptocurrencies, especially cryptocurrencies.

BTC and cryptocurrencies Stating that there is no option in cross-border payments due to its volatile and unstable structure, the IMF states in every report cryptocurrency He says the industry needs to be regulated.

In this context, the focus of the September report, written by IMF capital markets director Aditya Narain and deputy director Marina Moretti, was again the regulation of cryptocurrencies.

In the report, IMF officials stated that cryptocurrencies have moved from being “niche products” to assets used as speculative investments, hedging against weak currencies and as a means of payment in recent years.

Crypto Emphasizing the need for more comprehensive regulation of the crypto sector, IMF officials said that the failures of cryptocurrency exchanges and hedge funds led to the need to regulate crypto.

Also, the authorities crypto- Noting that developing regulatory frameworks for assets is a challenging process, he said:

“Developing regulatory frameworks for cryptoassets is also a challenge, but keeping up with the rapid evolution of the market is also a serious hurdle for regulators.

Regulators are struggling to acquire the skills and abilities to keep up with limited resources and many other priorities.”

Finally, IMF officials said that countries should adopt a coordinated, coherent and comprehensive global crypto regulatory framework rather than adopting individual crypto regulation:

“Some countries are taking the inconsistent approach rather than advocating for a coordinated, coherent and comprehensive global crypto regulatory framework.

But a global regulatory framework will bring order to markets, help instill consumer confidence, set the limits of what is allowed and provide a safe space for useful innovation to continue.”

The failures of crypto issuers, exchanges and hedge funds have added impetus to the push to regulate these digital assets. Read more in F&D. https://t.co/Vfyr4uN6NY pic.twitter.com/4LF9P3DZpc

— IMF (@IMFNews) September 5, 2022