Control alert in cryptos! – The International Monetary Fund (IMF) has long adopted a policy of disparagement of Bitcoin (BTC) and cryptocurrencies to discourage their adoption. Lately, the sanctions once morest Russia have thrilled the IMF, which fears a massive adoption of cryptos to circumvent them.
IMF calls for international regulation of cryptocurrencies
In a rapport on global financial stability published on April 19, 2022, the IMF declares that the risks for this stability have increases due to the war between Ukraine and Russia. Thus, the IMF directly addresses the issue ofpotential use of cryptos to circumvent the sanctions imposed on Russia. Moreover, he adds that this use, if it becomes a reality, might threaten the stability of existing financial systems.
As such, according to the IMF, cryptocurrencies might be used as a means of circumventing the identity checks in capital flowsby performing anonymous transactions from abroad. This is why the IMF encourages global policymakers to develop legal standards for cryptocurrencies to address these concerns.
In addition, the IMF recommends that countries focus on implementing the standards set out by the Financial Action Task Force (FATF)such as the one that asks exchanges to communicate the identification elements of sender and receiver in a crypto transaction.
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DeFi also in the sights of the IMF
Furthermore, the IMF report focuses on the decentralized finance (DeFi) which he considers a new form of intermediary. It thus urges global regulators to work on the legal issues raised by DeFi and in particular that of the regulation of an entity that has no centralized anchor point.
“Regulation should focus on the elements of the crypto ecosystem that enable DeFi, such as stablecoin issuers and centralized exchanges. The authorities should also encourage DeFi platforms to equip themselves with a robust governance system (…). »
Excerpt from the IMF report
In last decemberthe IMF had encouraged countries to come up with a “comprehensive, coherent and coordinated” policy applicable to cryptocurrencies.
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