The International Monetary Fund (IMF) released a document describing policies for emerging markets and developing economies to ensure financial stability amid global crypto adoption. The IMF believes in the potential of crypto assets as a tool for faster and cheaper cross-border payments. The report attributes high returns, transaction costs and speed and reduced Anti-Money Laundering (AML) standards as the primary drivers for crypto adoption. To counter the financial stability challenges resulting from increased trading of crypto assets, the IMF recommends that policymakers should implement global standards for crypto assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps.
CH-019253 (Webpage Portal) 2021-10-03 (Published) 2021-10-06 (Updated)