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IMF against cryptocurrencies: the agency revealed that it will give concrete measures to regulate them

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This was confirmed during the G20 meeting. The document would be ready by September 2023. India’s Finance Minister Nirmala Sitharaman stated that are going through the “study process so that there can be informed decisions.

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The credit body once again insisted at the G20 that the growing adoption of cryptocurrencies is a threat to the global monetary system.

“In particular, Widespread adoption of crypto assets could undermine the effectiveness of monetary policycircumvent capital flow management measures and exacerbate fiscal risks,” the IMF said in a document that purported to present an “adequate policy response” to digital assets

After his initial considerations, The financial body urged its member countries to adopt effective strategies amid the growing popularity of cryptocurrencies. According to their presentation, they emphasized that sound macroeconomic policies – such as credible institutions and different monetary policies – are “first-order requirements.” In addition, they stressed that the IMF’s advice in these areas “will continue to be crucial.”

El Salvador in sight

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Finally, the body led by Kristalina Georgieva took the opportunity to question once again the decision of El Salvador (and the Central African Republic) for adopting Bitcoin (BTC) as legal tender. They explicitly stated that do not recommend carrying out these initiativesfor the purpose of “to safeguard sovereignty and monetary stability”.

Source: Ambito

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