Important IMF warnings on cryptocurrencies

Important IMF warnings on cryptocurrencies

The IMF Executive Board on Thursday urged member states not to grant digital currencies the status of the national official currency, in an effort to develop a comprehensive and coherent approach to addressing the challenges and issues taken up by the digital currency market recently.

The Board of Directors also proposed the development of control requirements for all players in the digital currency market, as well as the adoption of market regulations, and strengthening global cooperation to find alternative solutions for cross-border payments and financing.

In this regard, the IMF statement indicated that Member States' policymakers could better mitigate the risks posed by digital currencies if a clear legal framework governing digital currency market transactions were adopted, while optimizing the associated technological development.

The International Monetary Fund (IMF) said its Executive Board had discussed a document entitled "Elements of effective digital currency policies", which provided advice to IMF member countries on the key elements needed to formulate an appropriate policy framework for the digital currency market.

Commenting on the recent regulatory efforts planned for the digital currency market, the IMF said such efforts had become a priority for governments, especially after the collapse of a number of crypto-commercial platforms.currency in the last two years.

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