Crypto crash did not adversely affect broader financial system, IMF says

2022-7-27 23:00

The International Monetary Fund (IMF)  said the recent crypto market crash posed no threat to the wider financial stability of the world economy.

The July 26 report “Gloomy and More Uncertain” states that the rising inflation rate and the possibility of a recession caused by the Ukraine war and continued COVID lockdowns have left the world economy in a sorry state.

According to the IMF,  while the crypto industry has witnessed “dramatic sell-offs,” the global economy appears immune to its effect.

“Crypto assets have experienced a dramatic sell-off that has led to large losses in crypto investment vehicles and caused the failure of algorithmic stablecoins and crypto hedge funds, but spillovers to the broader financial system have been limited so far.”

The statement is a deviation from IMF’s previous stance towards the industry. IMF has repeatedly urged El Salvador and the Central African Republic to rescind their Bitcoin adoption decision. The regulator had also warned that crypto could pose significant challenges to policymakers.

Regulators remain concerned

While the IMF says the crypto crash had no adverse effect on the broader financial system, financial regulators in several countries are increasingly concerned about the impact of the crypto market.

Regulators in the United States, South Korea, the United Kingdom, and several others have been working on the introduction of new regulations to protect retail investors better.

Meanwhile, the crypto industry is still smarting from the record loss of the last quarter when the value of Bitcoin (BTC) crashed by over 58%, dipping below the $20,000 region. Terra’s ecosystem also imploded during this period wiping off around $40 billion from the market.

Popular crypto firms like Celsius and Voyager had to file for bankruptcy, while a court ordered the liquidation of Three Arrows Capital.

The post Crypto crash did not adversely affect broader financial system, IMF says appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Formosa Financial (FMF) на Currencies.ru

$ 0.0004577 (+0.00%)
Объем 24H $0
Изменеия 24h: -0.11 %, 7d: 98.23 %
Cегодня L: $0.0004538 - H: $0.0004624
Капитализация $394.44k Rank 99999
Доступно / Всего 861.833m FMF

imf crypto financial crash system says did

Источник: cryptoslate.com

imf crypto → Результатов: 126


IMF Asks Everyone to Just Get Along Regarding Crypto

The IMF blog post tackles one of the looming questions of the digital currency age: how Central Bank Digital Currencies (CBDCs) and privately-issued crypto can co-exist. Co-written by Financial Counsellor Tobias Adrian and Deputy Division Chief for Monetary and Capital Markets Tommaso Mancini-Griffoli, the post follows others on CBDCs and stablecoins.

2021-2-21 15:27


Фото:

IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies

The International Monetary Fund (IMF) resident representative for Nigeria, Ari Aisen recently discussed the Central Bank of Nigeria (CBN) directive that targets crypto entities. In remarks made during a special virtual press briefing, Aisen repeats some of the CBN’s claims that cryptocurrencies were being used “for illegal transactions such as money laundering and drug trafficking.” […]

2021-2-20 03:00


Crypto’s Have ‘Intriguing Possibilities’ But Won’t Replace USD As Global Reserve Currency: IMF Chief

International Monetary Fund’s (IMF) chief economist, Gita Gopinath, said on Tuesday that digital currencies aren’t threatening the US dollar’s role in the global trade. She also mentioned that while cryptocurrencies seem to offer intriguing possibilities, they still aren’t globally accepted and lack the infrastructure they need to defeat the US dollar in order to become […]

2020-1-7 18:49


Фото:

Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, India’s National Blockchain Seminar

In this roundup, we cover several crypto-related actions by the U. S. Securities and Exchange Commission (SEC) and the New York regulator’s crypto job posting. We also cover new Chinese laws, South Korea’s tax clarification, India’s blockchain education, the IMF working with the Philippines’ central bank, as well as crypto regulatory developments in Turkey and Qatar.

2020-1-7 17:00


Фото:

Regs Roundup: SEC Actions, Crypto Tax-Free in Korea, New Chinese Laws

In this roundup, we cover several crypto-related actions by the U. S. Securities and Exchange Commission (SEC) and the New York regulator’s crypto job posting. We also cover new Chinese laws, South Korea’s tax clarification, India’s blockchain education, the IMF working with the Philippines’ central bank, as well as crypto regulatory developments in Turkey and Qatar.

2020-1-7 17:00


Фото:

IMF Helping Philippines Become Important Crypto Market

The International Monetary Fund (IMF) is providing the Philippines with technical assistance regarding crypto assets. The IMF believes the country may become an important crypto market and has provided the Bangko Sentral ng Pilipinas with suggestions for the country’s crypto regulation, including quarterly data collection from approved crypto exchanges.

2020-1-4 14:06


Фото:

Support Mobile Banking, Discredit Crypto: How The IMF Treats The Unbanked

The IMF has recently found that mobile money accounts are growing in Asia, fast catching up to Africa where it all began. Mobile money – the ability for anyone with a mobile phone to transfer money to somebody else using a phone and a network of kiosks that far exceeded bank branch and ATM reach […] The post Support Mobile Banking, Discredit Crypto: How The IMF Treats The Unbanked appeared first on Crypto Briefing.

2019-10-15 18:30


IMF Chief, ECB President Candidate Advocates for Crypto Regulation Transparency

The chief of the International Monetary Fund (IMF), Christine Lagarde, has recently affirmed that central banks should find the balance between protecting the customers and being open to innovation. She specifically cited cryptocurrencies as some of the innovations that the regulators should be more open to. According to her, the banks have to be more […]

2019-9-4 21:50


IMF Spring Meeting on “Money and Payments in the Digital Age” Says Crypto Payments Inevitable

According to a recent report by the Financial Times, the International Monetary Fund (IMF) and the World Bank are launching their own permission blockchain and a token called “learning coin.” The purpose of these tools will be to study the application of blockchain and cryptocurrency technology. As the report pointed out, the coin was developed […]

2019-4-24 19:20


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Voyager Digital recovers over $480m from FTX and 3AC settlements

Bankrupt firm Voyager Digital has announced that it has successfully recovered $484.35 million from FTX, Three Arrows Capital (3AC), and Directors and Officers (D&O) insurance settlements. The announcement on April 10 was part of a comprehensive status update to the United States…

Why Did Most Crypto Interest Accounts Fail in 2022?

The simple business model of making money on the spread between lending and interest paid to users seems sound, especially if the loans are over-collateralized and issued to trustworthy parties. The practice of lending can be traced back over 5,000 years to 3000 BC in ancient Mesopotamia; cryptocurrency lending is just an evolution.