The International Monetary Fund (IMF) called the main dangers of the unregulated cryptocurrency market. According to the Foundation, if the governments do not toughen oversight over Bitcoin and other cryptocurrency, then financial instability and fraud will increase, according to Guardian.
The IMF stated that a tenfold increase in the market value of cryptoaculations to more than two trillion dollars from the beginning of 2020 requires more active supervisory on the part of governments. The report on the global financial stability of the IMF states that many new cryptocurrencies lack reliable risk management methods. The authors mentioned the cases of the presence of customer funds related to hacker attacks. So far, incidents did not have a significant impact on financial stability, however, as cryptocurrency popularity increases, their influence on the economy will grow.
The IMF believes that some cryptocurrencies were created for speculation and fraud. In addition, the Foundation noted the problems associated with the anonymity of cryptoacivis, which creates problems for regulatory authorities. Against this background, the IMF sees the potential threat to laundering money and financing terrorism. In 2021, the capitalization of the stelkopinov market – cryptocurrency, which are tied to ordinary currencies, rose four times to 120 billion dollars. In this regard, the Fund has noted a threat to the financial system.
developing countries and with the emerging market are leading in the use of cryptocurrency. According to the Fund, it is fraught with risk for financial stability and conducting effective monetary policy by central banks. At the same time, countries adhere to different policies regarding the cryptocurrency market. While Salvador recognizes Bitcoin by the official payment facility, China fully prohibits all transactions related to cryptocurrencies, promising to take tough measures to prevent trading them.