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In addition, the IMF also explained that the development of digital assets opens up opportunities for technological innovation that can be worked on by each country through digitizing payments and other financial services.
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“The rapid growth of the crypto ecosystem presents new opportunities. Technological innovation is ushering us into a new era that makes payments and other financial services cheaper, faster, more accessible and allows them to cross (country) borders quickly,” the IMF report said. Anadolu Agency, Saturday (2/10/2021).
While financial stability risks are not evenly distributed around the world, the IMF expects crypto movements to need to be closely monitored. “Given its global impact and the inadequate regulatory framework and systems in most jurisdictions,” the report said.
A number of crypto transaction challenges that need attention, namely operational and financial risks for crypto asset providers, investor protection, decentralization of the financial system (DeFi), as well as reserves and disclosure (disclosure) of a number of stable coin assets.
“Policy makers must implement global standards for regulating crypto assets while increasing the ability to monitor existing ecosystems, in order to reduce user data gaps. As crypto’s role grows steadily, regulations must be adapted to the risks posed, as well as the economic objectives created,” the report continues. the.
Currently the total crypto market capitalization has nearly tripled in 2021, heading to an all-time high of $2.5 trillion in early May. However, there was still a significant decline of 40% in the following period considering the high volatility.
As of Friday (1/10), crypto market-caps totaled $2.06 trillion, according to CoinMarketCap data.
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