IMF intends to 'ramp up' digital currency monitoring

IMF intends to 'ramp up' digital currency monitoring

The International Monetary Fund, or IMF, plans to “step up” its monitoring of digital currencies, according to a report by Reuters. This intent, as published in an IMF paper Thursday, details how the fund plans to “manage this far-reaching and complex transition” toward a digitized economy.

“Rapid technological innovation is ushering in a new era of public and private digital money,” the report reads, highlighting the benefits of digital assets. “Payments will become easier, faster, cheaper, and more accessible, and will cross borders swiftly. These improvements could foster efficiency and inclusion, with major benefits for all.”

Our top trading bots

Related: IMF plans to meet with El Salvador’s president, potentially discussing move to adopt Bitcoin

However, such implementations can only occur if the IMF can “keep pace with policy challenges,” which require a deeper look into digital economies as a prospect. The fund plans to work with institutions “consistent with its mandate,” such as central banks, regulators, and the World Bank while expanding its own digital money research.

As disclosed in an April 2021 paper, the IMF plans to add five sets of experts to properly conduct research. Their skills include lawyers, digital risk experts, financial sector experts, fiscal economists, and data specialists. This set of skills should thoroughly cover research into the digital currency industry, the paper claims.

The fund will target Central Bank Digital Currencies, or CBDCs, stablecoins, cryptoassets, and more. It will examine how these assets represent financial independence, can act as reserve currencies, and how they can replace current payment systems.

Related: Steve Hanke warns BTC could ‘completely collapse the economy’ of El Salvador

Earlier this week, the IMF published a warning regarding El Salvador’s recent Bitcoin law. While it didn’t mention the country directly, the warning noted that “granting cryptoassets legal tender status” could threaten local economies, not to mention the time-consuming process of citizens “choosing which money to hold.” Conversely, the IMF went on record earlier this month claiming that CBDCs could provide the global financial system with a “clean slate.”

Continue reading at Cointelegraph
BREAKING: Coinbase plans to raise $1.5B via debt offering
Coinbase, the largest cryptocurrency exchange in the United States, is planning to raise $1.5 billion via a debt offering, the company officially announced Monday.The...
dYdX exchange releases governance token, making its airdrop worth up to $100K
Airdrops have been a fan-favorite in the cryptocurrency ecosystem for years because they offer projects a way to reward early adopters and increase token...
Altcoins rally to new highs after the ETH/BTC pair flips bullish
Signs that an altseason is underway are beginning to increase across the cryptocurrency market after numerous altcoins posted double-digit gains on Aug....
BlackRock ETFs hold $384 million of shares in Bitcoin mining firms
Filings submitted by the $9 trillion multinational investment manager BlackRock reveal the firm has made significant investments in two leading publicly...
BREAKING: White House reportedly supports only minor changes to crypto tax proposal
The White House formally backed the last-minute amendment to the infrastructure deal in a late Thursday statement “to clarify the measure to reduce tax...
Crypto experts see Bitcoin replacing fiat money in 20 years
Bitcoin's (BTC) current price slump has failed to dampen some experts' optimism regarding the world’s biggest cryptocurrency. In a new survey by personal...
Hydro plant from 1897 earns 3X as much mining BTC as selling power to the grid
New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.The...
Coinbase unveils 'Solidify' tool to auto-audit smart contracts and DeFi clones
Coinbase has unveiled a new tool that can automatically audit smart contracts built on Ethereum that use the Solidity programming language. Designed to...
Pension provider partners with Coinbase to offer 5% exposure to crypto
United States-based retirement plan provider, ForUsAll, is joining forces with Coinbase to allow clients to invest up to 5% of their portfolio assets in...
Solana (SOL) and Enzyme (MLN) rally while the wider market remains flat
Significant price corrections like the one see in May inflict widespread pain for a majority of market participants and can be a death sentence for struggling...
3 ways traders use moving averages to read market momentum
The first step to successful trading is the identification of medium- and short-term trends. Traders who remain on the right side of the trend and use risk...
UK ad organization bans crypto exchange’s ‘time to buy’ Bitcoin advert
A major advertising industry organization in the United Kingdom has ruled on an ad campaign telling people “it’s time to buy” Bitcoin (BTC).The Advertising...
2 reasons why Casper (CSPR) IOU token rallied 2,300% in one week
Bull market cycles in the cryptocurrency market can be exhilarating for day traders and long-term investors alike, but the speed at which the prices move...
Monetize Your Posts With FRIENDZ
At the moment it is difficult to find a person who does not have an account on Instagram, Facebook or another social network. Users post millions of photos...
Developers Of Firelotto Create A Transparent Public Blockchain Lottery
Each of us played a lottery at least once in our life. The rules and organization are different for everyone, but most share a common feature: control...