The International Monetary Fund (IMF) reports, in a statement published this Thursday (23), that its executive board discussed on February 8 a document on elements for effective policies for crypto-assets. According to the entity, the intention is to provide guidelines so that countries can adopt “appropriate policy” to deal with these assets.
The IMF recalls that there is an effort among authorities to establish effective policies to deal with cryptoassets, amid some bankruptcies in the sector and the collapse of certain cryptoassets.
The Fund advocates that something be done to deal with the situation and mentions elements that it considers important to develop a “comprehensive, consistent and coordinated” response to the issue.
Among the priorities are “safeguarding monetary sovereignty and strengthening monetary policy frameworks”, without making crypto assets an official or legal currency. It is also suggested to avoid excessive volatility in capital flows and to maintain the effectiveness of capital flow management measures.
The IMF also advocates analyzing fiscal risks and adopting an “unambiguous” tax treatment for crypto-assets, in addition to establishing legal certainty for crypto-assets and dealing with legal risks.
In addition, the document recommends developing monitoring, prudential and conduct requirements for actors in this segment. Also the establishment of a joint monitoring framework between different agencies and domestic authorities, as well as international cooperation agreements to ensure supervision and regulation.
The IMF also mentions the importance of monitoring the impacts of crypto-assets on the stability of the international monetary system, while strengthening cooperation to develop digital infrastructures and alternative solutions for payments across national borders.
According to the IMF, the adoption of these measures can help to further mitigate the risks brought by crypto-assets, while ensuring the potential benefits of technological innovation associated with it.
The statement further says that executive directors welcomed the opportunity to discuss the issue, emphasizing its importance, and also advocated a coordinated approach to dealing with it.
Source: CNN Brasil
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