IMF Intends To “Strengthen” Cryptocurrency Supervision
The International Monetary Fund (IMF) plans, based on a Reuters report, to “strengthen” the supervision of digital currencies. The intention, printed in an IMF article on Thursday, detailed how the fund plans to handle “this far-reaching and complex transition” to a digital financial system.
“Rapid technological innovations herald a new era of public and private digital currencies,” the report outlines the advantages of digital property. “Payments have gotten simpler, quicker, cheaper, extra accessible and can rapidly cross borders. These enhancements can drive effectivity and inclusion, with key advantages for all. “
Related: The IMF is planning a meeting with the President of El Salvador to likely discuss the introduction of Bitcoin
Such deployments are only possible, however, if the IMF can “meet up with political challenges” that require a closer look at the digital economies as a perspective. The foundation plans to work “in line with its mandate” with institutions such as central banks, regulators and the World Bank, while expanding its own research on digital currencies.
As revealed in an April 2021 article, the IMF plans to add five expert groups to properly conduct the research. Her competencies include lawyers, digital risk specialists, financial sector specialists, financial economists and data specialists. The article claims these skills will include extensive research on the digital currency industry.
The fund will target digital currencies or central bank CBDCs, stablecoins, cryptocurrencies, etc.
Related: Steve Hanke warns that BTC could crash El Salvador’s economy
Earlier this week, the IMF issued a warning regarding El Salvador’s latest Bitcoin law. Although there is no direct mention of the country, the warning notes that “granting authorized tender cryptocurrencies” could threaten the local economy, let alone the process. In contrast, earlier this month the IMF filed a claim that CBDCs could provide a “clear automobile” for the worldwide monetary system.