Crypto Banning Issues
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have provided guidance to help authorities navigate the macroeconomic and financial stability challenges posed by crypto assets. The IMF has emphasized the need for comprehensive policies to protect economies and investors, including a legal foundation to effectively regulate crypto, addressing both private law and financial law aspects.
Banning crypto may not solve the challenges posed by crypto assets, as the crypto ecosystem falls under varied regulatory frameworks across countries, which results in little or no monitoring and information sharing across jurisdictions. Instead, the IMF recommends the development of robust and globally consistent standards to mitigate financial stability risks, and the enhancement of cross-border coordination of supervision and enforcement by national regulators.
As national currency, crypto assets come with substantial risks to macro-financial stability, financial integrity, consumer protection, and the environment. Therefore, it is important to have effective policies for crypto assets that aim to achieve key policy objectives such as macroeconomic stability and financial integrity.
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