IMF Urges International Cooperation on Cryptocurrency Regulation
Wednesday, January 24, 2018
The International Monetary Fund is calling on regulators around the world to coordinate on policies for cryptocurrencies after warning of ‘risks’ from the soaring prices of digital assets.
The IMF, the United Nations’ organization for global monetary cooperation, financial stability and economic growth, is pushing a “greater international discussion and cooperation among regulators” globally to form policies on cryptocurrencies, CCN.com reported.
Speaking on behalf of the IMF, spokesman Gerry Rice weighed in on the benefits of cryptocurrencies in their use as payments as well as their abuse in money laundering, fraud and terrorist financing. Speaking to reporters in Washington, Rice added in quotes reported by Bloomberg:
“When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It’s important for people to be aware of the risks and take the necessary risk-management measures.”
Photo courtesy of fsecart.
Source: Financial Tribune (link opens in a new window)
- cryptocurrency, fintech, regulations