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IMF Discovers Vulnerabilities In Global Economy Caused By Cryptocurrencies

06:29 12/10/2018

The International Monetary Fund (IMF) published a report entitled “World Economic Outlook,” in which it highlighted the main aspects regarding digital currencies.


The IMF postulates that the impact of crypto assets on the world economy has become less balanced, and the likelihood of an imminent expansion of crypto systems has grown again.


The global growth in the use of crypto assets to some extent poses vulnerabilities in the global financial system since hacker attacks and illegal interference in the operation of the digital security system undermine the generally accepted functionality of international transactions and the traffic of provided services.


Earlier, the IMF has already declared its position in relation to the digital market as a whole. According to the IMF representatives, the demand for cryptocurrency exposes the use of national currencies. The regulatory authority also considers the global regulation of the global economy sector as necessity.


Nevertheless, the IMF stressed that despite the call for combating risks posed by crypto assets that the global economy faces, the authorities should in no way hamper innovative developments in the digital sphere.


The fund emphasized that governments should be especially scrupulous in regulating cryptocurrencies and digital innovations, preventing money laundering, cyber attacks, and fraud.


As previously reported, the IMF strongly recommended the Republic of the Marshall Islands to restrain from issuance of their own national cryptocurrency.

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