{"id":50540,"date":"2021-10-01T20:01:50","date_gmt":"2021-10-01T17:01:50","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=50540"},"modified":"2025-09-02T18:39:34","modified_gmt":"2025-09-02T15:39:34","slug":"imf-urges-stronger-regulation-of-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/imf-urges-stronger-regulation-of-cryptocurrencies\/","title":{"rendered":"IMF urges stronger regulation of cryptocurrencies"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has said that regulation of the cryptocurrency industry needs to be strengthened, as its growth \u201ccreates a number of problems and risks for financial stability\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a> ecosystem\u2014what is it, and what\u2019s at risk? Our latest <a href=\"https:\/\/twitter.com\/hashtag\/IMFBlog?src=hash&#038;ref_src=twsrc%5Etfw\">#IMFBlog<\/a> discusses what\u2019s needed to strengthen operational, governance, and risk practices. <a href=\"https:\/\/t.co\/jLyTiRO7mb\">https:\/\/t.co\/jLyTiRO7mb<\/a> <a href=\"https:\/\/t.co\/488qDHI1RO\">pic.twitter.com\/488qDHI1RO<\/a><\/p>\n<p>\u2014 IMF (@IMFNews) <a href=\"https:\/\/twitter.com\/IMFNews\/status\/1443953927691538439?ref_src=twsrc%5Etfw\">October 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In IMF&#8217;s view, many players in the sector lack robust governance and risk-management practices.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201c(pseudo)anonymity of crypto assets also creates data gaps for regulators and may open undesirable doors for money laundering, as well as financing of terrorism. [\u2026] Moreover, the crypto ecosystem falls under different legal regimes in different countries, which complicates coordination,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Experts at the IMF also drew attention to stablecoins. They noted that the term \u201ccovers a very diverse group of crypto assets and can be misleading,\u201d and that stablecoins themselves have the power to influence the financial system.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cFiscal policy threats may also intensify given the potential for crypto assets to avoid taxes. [\u2026] Increased demand for them could contribute to capital outflows affecting the foreign exchange market,\u201d the experts added.<\/p>\n<\/blockquote>\n<p>In their view, the exodus of miners from China to jurisdictions with emerging markets and developing countries threatens additional strain on domestic energy consumption.<\/p>\n<p>The IMF said regulators should bolster cooperation, adopt a coordinated approach to cryptocurrency regulation, pay attention to implementing existing global standards and developing <span data-descr=\"central bank digital currencies\" class=\"old_tooltip\">CBDC<\/span>.<\/p>\n<p>Earlier the IMF criticized <a href=\"https:\/\/u1f987.com\/en\/news\/el-salvador-passes-bill-recognizing-bitcoin-as-legal-tender\">the legalization of Bitcoin by El Salvador<\/a>. In the organisation&#8217;s view, this decision could <a href=\"https:\/\/u1f987.com\/en\/news\/imf-sees-risks-in-salvadoran-bitcoin-payments-legalisation\">entail a number of risks and regulatory issues<\/a>.<\/p>\n<p>In July, <a href=\"https:\/\/u1f987.com\/en\/news\/imf-says-it-will-play-a-key-role-in-the-shift-to-a-world-of-digital-money\">the IMF said it would play a &#8216;key role&#8217;<\/a> in the move to digital money.<\/p>\n<p>Follow ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">ForkLog<\/a> \u2014 the most important news, infographics and opinions.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IMF has said that regulation of the cryptocurrency industry needs to be strengthened, as its growth creates a number of problems and risks to financial stability.<\/p>\n","protected":false},"author":1,"featured_media":50541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[204,36],"class_list":["post-50540","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-imf","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50540","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=50540"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50540\/revisions"}],"predecessor-version":[{"id":50542,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/50540\/revisions\/50542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/50541"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=50540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=50540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=50540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}