According to a report from the International Monetary Fund (IMF), cryptocurrencies are becoming "more popular as speculative investments, hedges against weak currencies, and prospective payment vehicles." The IMF has demanded a coordinated, uniform, and thorough global approach to cryptocurrency regulation.
IMF Representatives on Crypto Regulation and Widespread Adoption
In the September issue of its flagship publication Finance & Development, the International Monetary Fund (IMF) released a research titled "Regulating Crypto: The Right Rules Could Provide a Safe Space for Innovation." Aditya Narain, the deputy director of the IMF's Monetary and Capital Markets Department, and Marina Moretti, the assistant director, wrote the paper.
The report states, "Crypto assets have been around for more than a decade, but it's only now that efforts to regulate them have moved to the top of the policy agenda," adding that only recently have crypto assets transitioned from being niche products without a clear use to being more widely used as speculative investments, hedges against weak currencies, and potential payment instruments.
The failure of cryptocurrency issuers, exchanges, and hedge funds, as well as a recent decline in cryptocurrency valuations, have fueled calls for regulation, according to the authors.
The report describes difficulties with crypto regulation. Applying current regulatory frameworks to crypto assets or creating new ones is difficult for a number of reasons, according to Narain and Moretti.
"To begin with, the cryptosphere is changing quickly. Given their limited resources and competing goals, regulators are finding it difficult to develop the personnel and skills necessary to keep up with the pace. Regulators find it challenging to keep track of thousands of actors who might not be subject to customary disclosure or reporting obligations, which makes it tough to monitor the crypto markets, they said.
The IMF officials noted efforts to create crypto rules at the national and international levels and stated: "The regulatory fabric is being woven, and a pattern is expected to emerge. The concern is that as time passes, more national bodies may become ensnared in varying regulatory systems.
They concluded: "This is why the IMF is pushing for a global response" that is coordinated, consistent, and thorough.
A worldwide regulatory framework will bring order to the markets, aid in fostering consumer confidence, outline the parameters of what is legal, and create a secure environment for the continuation of meaningful innovation.
TAG: bitcoin,imf,bitcoin news,imf bitcoin,bitcoin news today,bitcoin today,bitcoin price,buy bitcoin,bitcoin mining,bitcoins,bitcoin chart,misss bitcoin,bitcoin metric,bitcoin nieuws,bitcoin imf,bitcoin legal tender,argentina imf bitcoin,bitcoin city,bitcoin pump,bitcoin bull,bitcoin cash,miss bitcoin,bitcoin crash,bitcoin rally,bitcoin koers,prijs bitcoin,bitcoin update,bitcoin bullish,bitcoin analysis,bitcoin magazine
#bitcoin #imf #bitcoinnews #imfbitcoin #bitcoinnewstoday #bitcoinprice #bitcointoday #bitcoinmining #buybitcoin #bitcoinanalysis #bitcoins
No comments:
Post a Comment
Note: only a member of this blog may post a comment.