{"id":75444,"date":"2023-03-13T15:23:24","date_gmt":"2023-03-13T13:23:24","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=75444"},"modified":"2025-09-10T11:42:40","modified_gmt":"2025-09-10T08:42:40","slug":"imf-warns-of-negative-impact-of-cryptocurrencies-on-banks","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/imf-warns-of-negative-impact-of-cryptocurrencies-on-banks\/","title":{"rendered":"IMF Warns of Negative Impact of Cryptocurrencies on Banks"},"content":{"rendered":"<p>Widespread adoption of digital assets could lead banks to lose deposits and curb lending, according to a <a href=\"https:\/\/www.imf.org\/-\/media\/Files\/Research\/imf-and-g20\/2023\/g20-report-macrofinancial-implications-crypto-assets-feb23.ashx\">report<\/a> by the International Monetary Fund (IMF).<\/p>\n<p>The report was presented in February 2023 at the G20 summit, but released a few days after the collapse of <a href=\"https:\/\/forklog.com\/en\/news\/silvergate-to-liquidate-silvergate-bank\">Silvergate Bank<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">Signature Bank<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/venture-capital-investors-distance-themselves-from-silicon-valley-bank-amid-liquidity-concerns\">Silicon Valley Bank (SVB)<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Widespread adoption of cryptocurrencies is associated with significant risks to the effectiveness of monetary policy, exchange-rate management and capital flows, as well as to fiscal sustainability,&#8221; the report said.<\/p>\n<\/blockquote>\n<p>The IMF noted possible adjustments to central banks&#8217; reserve holdings and the global financial safety net.<\/p>\n<p>According to the document, &#8220;there are many risks associated with digital assets, though their significance and relevance vary depending on country circumstances&#8221;.<\/p>\n<p>The main theme of the report is the need to fill data gaps to facilitate the implementation of regulatory policy. Despite concerns, the IMF added that &#8220;cryptocurrencies have created technologies that the public sector can use to achieve its objectives&#8221;.<\/p>\n<p>On March 10, the California Department of Financial Protection and Innovation closed SVB and appointed the <span data-descr=\"Federal Deposit Insurance Corporation\" class=\"old_tooltip\">FDIC<\/span> as receiver. The decision was due to &#8220;insufficient liquidity and insolvency&#8221;.<\/p>\n<p>On March 12, U.S. authorities announced that all deposits at Silicon Valley Bank and Signature Bank would be made whole.<\/p>\n<p>Earlier in February, the IMF urged a &#8220;coordinated response&#8221; to cryptocurrencies.<\/p>\n<p>Later in the organisation, they called for regulating digital assets rather than banning them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Widespread adoption of digital assets could lead banks to lose deposits and curb lending, according to a report by the International Monetary Fund (IMF).<\/p>\n","protected":false},"author":1,"featured_media":75445,"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":[1229,1269,204],"class_list":["post-75444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-cryptocurrencies","tag-imf"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75444","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=75444"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75444\/revisions"}],"predecessor-version":[{"id":75446,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/75444\/revisions\/75446"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/75445"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=75444"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=75444"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=75444"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}