The IMF outlines in its blog how cryptocurrencies should be regulated citing the ‘urgent need for cross-border collaboration’.
ElInternational Monetary Fund (IMF) outlined in a your blog post some recommendations on how cryptocurrencies should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation in the regulation of cryptocurrencies.
El post delFMI, titulado“Global crypto regulation must be comprehensive, coherent and coordinated.” was signed by Tobias Adrian, Dong He and Aditya Narain of the organisation’s Monetary and Capital Markets Department.
Noting that“crypto assets and associated products and services have grown rapidly in recent years.” y sus “linkages with the regulated regulation is when something is controlled by a specific set of rules. financial system are increasing.”the authors acknowledged:
Crypto assets are potentially changing the international monetary and financial system in profound ways.
“Lawmakers struggle to monitor the risks in this evolving sector, where many activities are unregulated.” they explained, adding:
In fact, we believe that these risks to financial stability could soon become systemic in some countries. countries.
The IMF publication then discusses how cryptocurrencies should be regulated.“The global regulatory framework should provide a level playing field across the spectrum of activities and risks.” stated the authors and listed three elements that should be included.
1.- AUTORIZACIÓN: Los proveedores de servicios cripto, incluidos los que ofrecen almacenamiento, transferencia, liquidación y custodia de reservas y activos, “must be licensed or authorized”.They add: “Licensing and authorization criteria must be clearly articulated, responsible authorities must be clearly designated and coordination mechanisms between them must be well defined”.
2.- COORDINATION: The publication adds, “The requirements should be tailored to the main use cases of cryptoassets and stable currencies.” In addition, the regulators “must be coordinated to address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the various risks arising from different and changing uses”, including central banks and securities regulators.
3.-CLEAR REQUIREMENTS: The IMF publication further states that“authorities should provide clear requirements to regulated financial institutions regarding their exposure and engagement with cryptocurrencies.”
In addition, the authors cautioned that “in emerging markets and developing economies, the advent of cryptocurrencies may accelerate what we have termed ‘cryptoization,’ when these assets replace the national currency currency is a medium of exchange that defines value. and circumvent exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. restrictions and capital capital is most commonly defined as the large sum of money you would use to invest. account an account is essentially a whose purpose is to track the financial activities of a specific asset/ management measures”.
They also concluded:
There is a urgent need for cross-border collaboration and cooperation to address technological, legal, regulatory and supervisory challenges.
This publication follows others in which the IMF insists on the need to set rules for the crypto market an area or arena, online or offline, in which commercial dealings are conducted. This is an issue that is important for some actors in this universe, while others are in absolute disagreement. To this end, the IMF has been with the World Bank, the Bank for International Settlements and the Group of 20, in order to establish common official standards.
The IMF has also been one of the most importantmás críticos de El Salvador, after that country convertedBitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. in legal tender.