What is the International Monetary Fund's (IMF) plan for international crypto governance?

The International Monetary Fund (IMF) has announced procedures to establish a global cryptocurrency regulator.

Because the organization believes that “governance cannot support sustainable investing,” it hopes there will be an international standard to measure impact and reduce confusion.

The IMF's goal was to keep the global financial system and financial system safe, and Crypto changed that system..

While the IMF has seen a lot of benefits in the new asset market, it has also paid for the volatility of the stock market. All market prices look red as the current sell-off could be due to concerns about a new outbreak and the policy to be reduced in the United States.

Companies fear that the volatility of crypto "may affect the bubbles in the most valuable environment."

The IMF blog says:Many crypto activities are unregulated and developers have worked hard to monitor “financial security risks”., they think this "may lead to risks in some countries".

These risks illustrate why international standards are now needed to manage financial risks when creating an environment for value-added digital products and applications.

Besides the ruling, financial firms believe there are other issues with the digital asset ecosystem, such as "risk assessment, oversight and management" that "managers and companies are not ignoring. ".This requires monitoring of cryptocurrency exchanges and wallets in order to identify the risk of fraud. “Some fixed documents are cheap and inaccurate.".

The International Monetary Fund (IMF) has expressed concern that the increase in digital assets could lead to an increase in “cryptocurrency” in developed countries. To circumvent currency restrictions. , and the equivalent of payment from several countries.

The IMF calls on the Financial Security Council, which is responsible for coordinating "governance, governance and other financial regulations", to establish "a global framework to include legal standards for cryptocurrencies." “Financial security risk” and fraud.

This approach should be achievable in all decisions in order to minimize subsequent administrative decisions. They see it as "hard work", but now they hope to increase their financial security and benefit from "technological development".

Faced with cross-border trade in digital assets, the organization believes it can apply different concepts of regulatory processes available in many countries. , but this is again a "restriction".They believe that managing digital heritage service providers operating in many countries is a difficult task and that existing rules and regulations will not cover cross-border remittances..

Agencies overseeing different products and business models offer different directions. Despite the positive results, these efforts have not been coordinated to establish a global basis for managing risks for fair trade, financial security and economic growth. protect consumers and customers.

As the crypto ecosystem deepens for the global financial community, the IMF defines our concept of "fair competition in risk and risk management."

1. Digital property providers provide important functions that require licensing or approval.

2. The requirements should be adjusted for the heavy use of digital assets and stationary parts.

3. The authorities should establish clear rules for the disclosure of cryptocurrency and the involvement of financial institutions.