Over the past week, Bitcoin and altcoin prices have fallen as a result of developments such as the coronavirus Omicron variant and the emergence of US inflation data. On the first day of this week, BTC, which started to recover slightly, lost value again. According to some, crypto money statements from the International Monetary Fund (IMF) may be behind this. cryptocoin.com We will share the IMF’s comments…
Statement from the IMF on Bitcoin and altcoin market
The International Monetary Fund (IMF) has recently published some recommendations on how to effectively regulate the worldwide cryptocurrency industry. In a recent blog post, the IMF acknowledged that crypto assets are rapidly revolutionizing the entire global financial system. However, policymakers still struggle to monitor market-related risks.
The financial institution pointed out that the rapid growth of the crypto space has caused it to connect with regulated economic systems, while still unregulated. The IMF noted that these links could pose serious risks if global financial regulators do not act quickly to mitigate the threats and harness the revolutionary power of crypto.
The IMF has called for a “comprehensive, coherent and coordinated” approach to regulating the crypto space, emphasizing that since most crypto firms operate across borders, uncoordinated regulatory measures can “facilitate potentially destabilizing capital flows.” According to the IMF, those who provide services such as crypto transfer and storage should be licensed. Also, the requirements should be in line with the main use cases of these crypto assets. Finally, governments of different countries should authorize regulated financial institutions to provide clear and comprehensive details about crypto interactions.
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