IMF calls for strict regulation for cryptocurrencies

Given the collapse of crypto platforms and the bankruptcy of banks recently, the demand of the International Monetary Fund becomes more important

The International Monetary Fund has made a new request to governments, authorities and sectors linked to cryptocurrencies to establish stricter regulations.

The IMF’s request could not be more timely, taking into account the collapse of this sector worldwide, marked by the bankruptcy of crypto exchange platforms and banks in both the United States and Europe.

In its “Global Financial Stability” report, the agency insisted on “comprehensive and consistent regulation and adequate supervision of entities in the Bitcoin (BTC) and cryptocurrency ecosystem, with strict prudential requirements for stablecoin issuers.”

Additionally, the IMF noted that regulatory measures regarding cryptocurrencies should include the “storage, transfer, exchange, and custody of reserves” of said assets.

The bankruptcy of the Silicon Valley banks and Signature Bank have strengthened the IMF’s critical position regarding cryptocurrencies, the protection of personal and company funds, as well as the development of a safer and more transparent environment for the different actors.


Source: morocotacoin

(Reference image source: Traxer, Unsplash)

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