IMF calls for international cooperation for Bitcoin and cryptocurrencies

The IMF (International Monetary Fund), an organization that aims to ensure worldwide monetary cooperation and financial stability, called for global coordination for the risks posed by the fluctuating price of cryptocurrencies.

According to the news in Bloomberg, the IMF His spokesman, Gerry Rice, said in the last hours of last week that there was a need for greater international discussion and cooperation among regulatory agencies.

Rice’s words were:

“When prices rise rapidly, market participants buy especially Risks can accumulate if he resorts to borrowing money to buy. It is important that people are aware of the risks and take the necessary risk management measures.”

Rice also highlighted that cryptocurrencies can potentially be used for money laundering, terrorism financing, tax evasion and fraud.

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Previously, the IMF had taken a more balanced approach to cryptocurrency regulation.. IMF Managing Director Christine Legarde said it was unwise to ignore cryptocurrencies in September 2017.. Legarde also stated that cryptocurrencies will cause major disruptions and that central banks and financial services should pay more attention to this technology.

A “very focused” working group on cryptocurrencies has been established in the USA

Following the latest statements from the IMF, US Treasury Secretary Steven Mnuchin stated that a working group was formed last week to hold discussions with US regulators, and the group is very focused on cryptocurrencies.

Mnuchin said, “Bad people We want to make sure he doesn’t use cryptocurrencies to do bad things.” said.