Face Verification
Address Verification
Document Verification
Age Verification
VideoIdent
Fast ID
eIDV
Consent Verification
NFC Verification
Business Verification
Due Diligence
Investor Verification
QES
E-Signature
AML Screening
Transaction Monitoring
PEP & RCA
Sanctions
Watchlist
Adverse Media Screening
Business AML Screening
Behavioural Biometrics
Device Fingerprinting
1:1 Authentication
Fraud Hub
MFA
Onboarding
Ongoing Monitoring
Age Assurance
Identity Verification
KYC
KYB
KYI
Workforce IAM
Candidate Verification
Compliance
Fraud prevention
Trust & safety
Global expansion
Product Managers
Compliance Officers
Fraud Analysts
Developers
Global Trust Platform
Case Management
Journey Builder
Shufti AI
Fraud Analytics
Vendor Comparison
Brand Personalisation
IDV Modes
AI Compliance Co-Pilot
OCR
Secure Capture
Deployment Options
Identity Methods
Banking
Fintech
Crypto
Gaming
Forex
Social Networks
Marketplace
Gig Economy
Payments
Ride Hailing
Adult Content
Blind Spot Audit
Deepfake Detector
Liveness Detection
Document Originality
Document Deepfake
Deepfake
Account Takeover
Synthetic Identity Fraud
Document Fraud
Impersonation Fraud
Multi-Accounting
Bonus Abuse / Promotion Abuse
Fraud Networks
Chargeback Fraud
Money Mule Activity
Party Fraud
Regulatory & Compliance Risks
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Supported Documents
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
About
Career
Press Release
Certifications
Partnership
Awards
Events & Webinar
Interactive Demo
Podcast Studio
Spotlight Studio
IMF Advocates CBDC and Global Crypto Regulations for Financial Stability
The new policies advocated by the IMF seek to minimize financial risks associated with the global adoption of cryptocurrencies.
IMF, the International Monetary Fund, has released a set of policies to facilitate financial stability amid the global adoption of cryptocurrency.
The IMF showed its support for the emerging cryptocurrency industry, stating in its “The Crypto Ecosystem and Financial Stability Challenges” report how crypto assets are a tool for faster and cheaper cross-border payments. The report attributes high returns, transaction costs and speed, and standardised Anti-Money Laundering (AML) standards as the primary drivers for crypto adoption.
To combat the challenges of crypto adoption, IMF recommends that:
“Policymakers should implement global standards for crypto-assets and enhance their ability to monitor the crypto ecosystem by addressing data gaps. Emerging markets faced with cryptoization risks should strengthen macroeconomic policies and consider the benefits of issuing central bank digital currencies.”
The IMF suggests implementing a global standard for cryptocurrency to ensure the monetary stability of emerging countries. https://t.co/iCcRYnxjgK
— Cointelegraph (@Cointelegraph) October 4, 2021
The IMF report shows that the crypto market valuation has extended beyond Bitcoins, with a sharp increase observed in stable coin offerings.
In addition to issuing CBDCs, the IMF also recommends the introduction of “regulation that is proportionate to the risks and in line with those of global stable coins”.
In July 2021, the IMF announced plans to “step up” the monitoring of digital currencies. While highlighting the perks of digital assets, an older IMF report read that “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.”
The IMF also previously cited plans to meet the President of El Salvador, for discussing the implications and possibilities of making Bitcoin a legal tender.
Suggested Read: Crypto Regulations 2021 – What Digital Currency Providers Need to do
