Author: William Suberg Translator: Clover
Cryptocurrencies “do not appear to pose a risk to financial stability,” the International Monetary Fund (IMF) said in a report published in the second week of April.
This section of the organization’s Global Financial Stability Report on Cryptoassets continues its recent stance in promoting international agreement on regulation. The report continued:
“…Without proper safeguards, the use of cryptocurrencies could become more common and thus could [pose a risk].”
The report’s take on the nominal theme of world finance’s “rocky road ahead” remains optimistic, and doesn’t discount the potential of cryptocurrencies to “transform financial activity.” The report states:
“Want to know how much cryptoassets can transform financial infrastructure, and whether most new cryptoassets are likely to disappear like a collection of past technological innovations (such as many tech companies did during the boom years of the late 1990s), This is impossible. Before it can transform financial activity in a meaningful and lasting way, cryptoassets first need to earn the trust and support of consumers and financial institutions.”
To gain that confidence, global regulators need to agree on what a cryptoasset is; whether it is a security, or a currency, the report added.
Therefore, this means that the International Monetary Fund (IMF) is also starting to follow the lead of other financial institutions - especially the Financial Stability Board (FSB). The head of the FSB, Bank of England Governor Mark Carney, said at the G20 summit in March that crypto assets “pose no risk” to the world economy.
At the same time, IMF President Christine Lagarde also took a favorable view of cryptocurrencies, acknowledging its “advantages” and warning about the illegal use of cryptocurrencies. Last month, he wrote in an official blog post: “Careful consideration of cryptocurrencies should lead us to neither blaming cryptocurrencies nor blindly ecstatic about cryptocurrencies.”
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, and the content is for reference only.
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