“Considering a ban on cryptocurrencies should be an option” – International Monetary Fund (IMF)…
Recent Crypto Highlights from the G20 Meeting:
The cryptocurrency industry might face critical times from July to September this year.
The International Monetary Fund (IMF), Financial Stability Board (FSB), and Bank of International Settlements (BIS) are expected to release comprehensive reports on crypto regulations later this year as part of the G20 agenda.
Currently presiding over the G20, India advocates for coordinated international efforts to regulate the evolving digital asset market and mitigate potential risks.
At the recent G20 summit, the International Monetary Fund and the United States voiced support for India’s proposal to synchronize global crypto regulations.
IMF Managing Director Kristalina Georgieva stated that considering a crypto ban should remain an option, saying, “There needs to be a concerted effort towards regulation… if regulation falters, if there’s slow progress, then we should not rule out banning those assets due to potential financial stability risks.”
As per G20’s expectations, the FSB and the IMF will jointly present a synthesis paper in September 2023, combining macroeconomic and regulatory perspectives on crypto assets.
Additionally, the IMF plans to release a paper in the same month examining the potential macro-financial impacts of widespread adoption of central bank digital currencies (CBDCs).
Furthermore, the Bank of International Settlements (BIS) will provide a study addressing conceptual and analytical challenges related to crypto assets and potential risk-mitigation measures.
With the imminent possibility of CBDC introductions, expect continued negative remarks from global leaders and regulatory bodies concerning the risks associated with the cryptocurrency market…
“US regulators caution banks about liquidity risks linked to cryptocurrencies”
