The IMF called for international cooperation on the issue of cryptocurrencies

The IMF called for international cooperation on the issue of cryptocurrencies

The international monetary Fund (IMF) is an organization whose mission is to promote international monetary cooperation and financial stability, has called for international cooperation on the issue of cryptocurrencies, but also warned about the risks associated with the increase in their value.

According to Bloomberg, a spokesman of the IMF Jerry rice said last week that there was a need for “broader international discussion and cooperation between regulators”.

Rice added:

“When asset prices rapidly rise, can accumulate risks, especially if market participants to buy assets on borrowed money. It is important to let people know about the risks and taken steps to control them.”

He also stressed that the cryptocurrency may carry not only the risk of losses for investors, but also can be used in fraud, money laundering, financing of terrorism and tax evasion.

Earlier, the IMF was maintaining a balanced approach to the regulation of cryptocurrencies. In September 2017, the head of the IMF Christine Lagarde said that cryptocurrencies can “compete” with traditional currencies, which are issued by the States, and ignore them – “not reasonable.”

She added that digital currencies will lead to a “massive coup” and warned that Central banks and financial services need to pay more attention to this technology.

The IMF statement followed the announcement of the Secretary of the Treasury to establish a working group to discuss between the us controls the situation on the market of digital currencies.

The work of this group, he commented as follows:

“We want to make sure that bad people can’t use these currencies for the organization of their activities”.

Let's Disqus