Can cryptocurrency be a threat to the global financial system?

The increased attention of the IMF to cryptocurrencies was repeatedly covered by the media, incl. Sibcoin blog published statements from high-ranking officials of the IMF regarding the level of trust in cryptocurrencies and their prospects.

The new IMF report states that the cryptocurrency cannot create serious problems of economic stability. In the annual report on the state of the world economy one of the chapters was devoted to cryptocurrencies, in which it was reported that, despite the rapid growth of the currency over the past two years, the overall level of their capitalization does not exceed even three percent of the assets of all major banks (even at peak prices, this figure was not more than six percent).

The report also recorded information that 80% of the total market is made up of the Bitcoin, Ethereum, and Ripple cryptocurrencies (which coincides with the CoinMarketCap rating). Based on these data, IMF experts concluded that cryptography is not only a “limited threat” to the traditional financial system.

The real scale is much smaller than those reported by the media. Despite all this, the rapid growth of the sphere requires greater vigilance on the part of the regulators. As previously reported, IMF is also ready to actively participate in the creation of new norms and technologies for the settlement of cryptology.

Do you agree with the opinion of IMF? How soon and under what circumstances can it be changed, and will this report be positively affected by cryptocurrency in general?

Discuss this topic in the Sibcoin community at Telegram (https://t.me/sibcoin_en)