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IMF Calls for International Cooperation on Crypto
The IMF has voiced concerns over the risks involved with cryptocurrencies and has called for global talks and cooperation.
Updated Sep 13, 2021, 7:24 a.m. Published Jan 22, 2018, 10:00 a.m.
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The International Monetary Fund (IMF), an organization of the United Nations that aims to foster global monetary cooperation and financial stability, has called for global coordination on cryptocurrencies, warning of the risks of surging cryptocurrency prices.
According to a Bloomberg report, IMF spokesman Gerry Rice said late last week there is a need for "greater international discussion and cooperation among regulators."
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Rice added:
"When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It's important for people to be aware of the risks and take the necessary risk-management measures."
The spokesman also stressed that cryptocurrencies pose dangers beyond investors' losses, and can potentially be used for money laundering, terrorist financing, tax evasion and fraud.
Previously, the IMF has advocated a balanced approach on cryptocurrency regulation. Christine Lagarde, managing director of the organization, said in September of 2017 that cryptocurrencies may give traditional government-issued currencies a "run for their money" and it is "not wise" to ignore them.
She added that cryptocurrencies would bring "massive disruptions" and warned that central banks and financial services need to pay closer attention to the technology.
The latest statements from the IMF come after U.S. Treasury Secretary Steven Mnuchin said last week that the Financial Stability Oversight Council has formed a working group to carry out discussion with other U.S. regulators. The group is "very focused" on cryptocurrencies, he said at the time.
"We want to make sure that bad people cannot use these currencies to do bad things," Mnuchin added.
United Nations headquarters image via Shutterstock
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