Cryptocurrencies: IMF studies supporting ‘proper response’ from governments

Bitcoin (BTC). Photo: Pixabay

Aiming effective policies for as cryptocurrenciesThe International Monetary Fund (IMF) discussed a paper on the subject on February 8 within its Executive Council.

A question that involves cryptocurrencies and cryptoactive It was communicated in this quinta-feira (23).

Second to the entity, the intention is to provide guidelines so that countries can adopt “appropriate policy” to deal with these assets.

The IMF reports that there is an effort among authorities to establish effective policies to deal with crypto assets, in the face of some shortcomings due to the collapse of certain crypto assets.

O Fundo defends that something is being done to deal with the situation and mentions elements that it considers important to develop an “absorbent, consistent and coordinated” response to the issue.

Among the priorities is “to safeguard monetary sovereignty and strengthen frameworks for monetary politics“, without turning the crypto assets into an official or legal currency.

I have also suggested that excessive volatility in capital flows be avoided and that capital flow management measures be maintained effectively.

EITHER IMF It also defends that the fiscal risks be analyzed and that a tax treatment “without ambiguities” be adopted in relation to the crypto assets, in addition to establishing legal certainty for the crypto assets and dealing with the legal risks.

IMF recommends monitoring requirement for cryptocurrencies

The IMF still notes that the paper recommends that monitoring, prudential and conduct requirements be developed for the 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 guarantee the supervision of the regulation.

The IMF also cites the importance of monitoring the impacts of the two crypto assets on the stability of the international monetary system, while strengthening cooperation to develop digital infrastructures and alternative solutions for payments beyond national borders.

According to the IMF, the adoption of these measures can help to further mitigate the risks caused by the cryptocurrencies, as long as we guarantee the potential benefits of the technological innovation associated with it. The statement also says that the executive directors will welcome the opportunity to discuss this issue, emphasizing its importance, and will also advocate a coordinated approach to deal with it.

With Conteudo State

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