LONDON: Global financial regulators and the International Monetary Fund last Thursday set out a roadmap to coordinate measures that stop cryptoassets from undermining macroeconomic and financial stability.
Such risks are exacerbated by noncompliance with existing laws in some instances, the G20’s risk watchdog, the Financial Stability Board, and the IMF said in a paper.
Many of the claimed benefits from cryptoassets, such as cheaper and faster cross-border payments, and increased financial inclusion, have yet to materalise, it added. “Widespread adoption of crypto-assets could undermine the effectiveness of monetary policy, circumvent capital flow management measures, exacerbate fiscal risks, divert resources available for financing the real economy, and threaten global financial stability,” the paper said