IMF suggests a ‘coordinated’ approach to crypto by world governments
The International Monetary Fund is calling for the world’s governments to come together in order to deal with the growing relevance of crypto.
Tobias Adrian, Dong He, and Aditya Narain, all IMF officials, have advocated for a policy framework in a blogpost.
The blogpost drew attention to the perceived risks that come with the rapid growth of the space.
(IMF) Released a proposed framework aimed at making the global cryptocurrency regulatory approach functional on a worldwide level.— G. The Grey. Fox. (@GThegreyfox) December 11, 2021
In a blog post, the IMF stressed that the global crypto regulations should strive to offer a level playing Field
"Such risks underscore why we now need comprehensive international standards that more fully address risks to the financial system from crypto assets, their associated ecosystem, and their related transactions, while allowing for an enabling environment for useful crypto asset products and applications," they wrote.
The blogpost continued.
"There is an urgent need for cross-border collaboration and cooperation to address the technological, legal, regulatory, and supervisory challenges. Setting up a comprehensive, consistent, and coordinated regulatory approach to crypto is a daunting task. But if we start now, we can achieve the policy goal of maintaining financial stability while benefiting from the benefits that the underlying technological innovations bring."
It is a response to crypto that is hardly surprising from the IMF, echoing calls by similar international institutions such as the Bank of International Settlements. Additionally, officials including ECB leader Christine Lagarde, who was previously the managing director of the IMF, have called for coordinated policy moves on crypto.
You don’t need to trade to be in crypto. pic.twitter.com/KDJ8YzQLJr— Bankless 🏴 (@BanklessHQ) December 12, 2021