In the assessment of the International Monetary Fund (IMF), it is essential that comprehensive international standards be developed to more fully address the risks of cryptographic assets to the financial system.
According to text posted on the IMF blog, there is an urgent need for cross-border collaboration and cooperation to address technological, legal, regulatory and supervisory challenges.
However, according to the agency, it will be a challenge, as some emerging markets and developing economies face more immediately and acutely the risks of currency substitution through cryptographic assets, the so-called “cryptization”.
“Countries are adopting very different strategies, and laws and regulations may not allow for national approaches that cover all elements of these assets.”
This content was originally published in the IMF: cryptocurrency regulation must be comprehensive, consistent and coordinated on the CNN Brazil website.
Reference: CNN Brasil
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