The Financial Stability Board, International Monetary Fund and Bank for International Settlements are committed to presenting a foundation for the regulation of private cryptocurrencies, said IMF Managing Director Kristalina Georgieva.
(Bloomberg) — The Financial Stability Board, International Monetary Fund and Bank for International Settlements are committed to presenting a foundation for the regulation of private cryptocurrencies, said IMF Managing Director Kristalina Georgieva.
“In that world of private issuances, there has to be more regulation,” Georgieva said on the sidelines of the G-20 meeting on Saturday.
Conclusions from the IMF’s board discussion on the issue include:
- “Crypto assets are nothing, they cannot be accepted as a legal tender,” Georgieva said.
- There has to be a very strong push for regulation.
- If regulation fails, or if implementation is slow, then banning those assets shouldn’t be taken off the table because they may create risks to financial stability.
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