Representatives of the International Monetary Fund noted that the massive distribution of digital assets can undermine the effectiveness of monetary policies of world regulators, as well as facilitate the circumvention of capital flow management mechanisms. According to experts, the potential benefits of cryptocurrency for the currency system have not yet been traced, but structural risks have already formed.
It was emphasized that digital currency should not be classified as a legal means of payment. On the other hand, experts recognized that strict — prohibitions are not the best option in this context. The IMF has expressed concern about the impact of digital assets on financial stability, integrity and consumer protection.
A nine-element structure was also discussed that would allow countries to develop integrated and coordinated policies. Experts noted that world states can reduce risks by working to strengthen digital infrastructure and introduce alternative mechanisms for cross-border payments.
The IMF report indicated that the regulatory process should be treated with caution so as not to slow down the development of innovation in the payment sector. In this case, the state segment may use some basic cryptography technologies in its monetary policy.
Earlier, the Crypto.ru team reported: the FDIC agency published a report from which it follows that at the time of January 2023, 136 large American banks were actively working in cryptoindustry. However, amid the lack of a clear regulatory framework, credit organizations are forced to interact with third-party companies in this regard. Such dynamics indicate a steady demand for digital assets, experts emphasized.
