The IMF is urging for more regulations around cryptocurrencies, in order to protect consumers. This comes as a bit of a surprise, as the IMF has been largely opposed to outright banning cryptocurrencies. If regulations fail or take too long to implement, Georgieva says that banning cryptocurrencies should be an option.
Kristalina Georgieva, managing director of the IMF, says that there needs to be more regulation of cryptocurrencies in order to protect consumers. She stressed that any lack of regulation could lead to financial stability risks.
The IMF has called for more regulations to protect consumers in the cryptocurrency space. This comes as the organization warns of the risks associated with cryptocurrencies and their underlying blockchain technology. The IMF recommends banning cryptocurrencies outright as an option, but also recommends greater oversight and regulation of the markets. This is in line with many other regulators, who are still trying to understand the intricacies of this new and rapidly-growing sector.