{"id":74598,"date":"2023-02-24T10:38:12","date_gmt":"2023-02-24T08:38:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74598"},"modified":"2025-09-09T21:04:05","modified_gmt":"2025-09-09T18:04:05","slug":"imf-urges-a-coordinated-response-to-cryptocurrencies","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/imf-urges-a-coordinated-response-to-cryptocurrencies\/","title":{"rendered":"IMF urges a coordinated response to cryptocurrencies"},"content":{"rendered":"

Growing adoption of digital assets requires harmonising regulators’ efforts across countries in relation to their regulation. This is stated in a \u0437\u0430\u044f\u0432\u043b\u0435\u043d\u0438\u0438<\/a> by the International Monetary Fund (IMF).<\/p>\n

Experts noted that the potential benefits of the new asset class have not yet materialised, but potential side effects have already emerged.<\/p>\n

\n

\u201cWidespread adoption of cryptocurrencies could undermine the effectiveness of monetary policy, circumvent capital-flow management measures, and exacerbate financial risks,\u201d the document says.<\/p>\n<\/blockquote>\n

The IMF also noted the impact of digital assets on financial stability, legal risks, consumer protection and market integrity.<\/p>\n

Several participants in the discussion did not rule out a direct ban on cryptocurrencies, although the overall position was that \u201cthis is not the best option.\u201d<\/p>\n

Experts considered a nine-section framework that could help member countries \u201cdevelop a comprehensive, coherent and coordinated regulatory response\u201d:<\/p>\n

    \n
  1. Protect monetary sovereignty and stability by strengthening the framework of monetary policy, and do not grant digital assets the status of official currency or legal tender.<\/li>\n
  2. Guard against excessive volatility of capital flows and maintain the effectiveness of measures to manage their flows.<\/li>\n
  3. Analyse and disclose fiscal risks and establish a clear tax regime for cryptocurrencies.<\/li>\n
  4. Establish legal clarity for digital assets and mitigate legal risks.<\/li>\n
  5. Develop and ensure compliance with prudential requirements, as well as conduct and oversight standards for all participants in the industry.<\/li>\n
  6. Create a joint monitoring system across national agencies and authorities.<\/li>\n
  7. Develop international cooperation mechanisms to strengthen oversight and ensure compliance with cryptocurrency rules.<\/li>\n
  8. Monitor the impact of the new asset class on the stability of the international monetary system.<\/li>\n
  9. Strengthen global cooperation to develop digital infrastructures and alternative cross-border payment and financing solutions.<\/li>\n<\/ol>\n
    \n

    \u201cPolicies should not stifle innovation. Agencies could use some of the underlying cryptocurrency technologies for public policy.\u201d<\/p>\n<\/blockquote>\n

    In September 2022, IMF officials emphasised<\/a> that bankruptcies of issuers, exchanges and hedge funds had become additional incentives to pursue comprehensive regulation of digital assets.<\/p>\n

    In November IMF experts urged<\/a> African countries to tighten regulation of cryptocurrencies. In April CAR<\/span> approved<\/a> Bitcoin as a means of payment on a par with the local franc.<\/p>\n

    Earlier, the IMF criticised<\/a> El Salvador’s decision to legalise digital gold and recommended<\/a> depriving the asset of that status.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Growing adoption of digital assets requires harmonising regulators’ efforts across countries in relation to their regulation. This is stated in a statement by the International Monetary Fund (IMF).<\/p>\n","protected":false},"author":1,"featured_media":74599,"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-74598","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":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=74598"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74598\/revisions"}],"predecessor-version":[{"id":74600,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/74598\/revisions\/74600"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/74599"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=74598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=74598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=74598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}