International Monetary Fund (IMF) Director Kristalina Georgieva expressed concerns about crypto assets, stating that they pose a risk to financial stability.
Speaking at a conference in Seoul, South Korea, Georgieva highlighted the recent legal issues faced by cryptocurrency exchanges, including Binance and FTX. She pointed out that the crypto industry has struggled to maintain a positive reputation in the last 15 years.
Georgieva emphasized the need to consider the effects of widespread crypto asset adoption on macro-financial stability.
She stated, “The difficulty here is that the high adoption of crypto assets may weaken macro-financial stability.
” Georgieva outlined the IMF’s goal to create a more efficient, interoperable, and accessible financial system by implementing rules and leveraging technology while providing infrastructure to mitigate crypto-related risks.
She clarified that the intention behind these rules is not to revert to the pre-crypto era or stifle innovation. Georgieva believes that well-designed rules can encourage and guide innovation in the crypto space.
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