During the past few years, the International Monetary Fund (IMF) has been advocating for the regulation of the cryptocurrency market.
However, the regulator is aware of the fact that the industry currently has an insignificant role in the global economy. According to it, the fall in the value of digital currencies could probably not undermine global financial stability in any way.
Aditya Narain, Deputy Head of the Fund, and Marina Moretti, Assistant Director, have today released a report in which they have reiterated the need to develop a regulatory framework for transactions involving digital assets.
In addition, the IMF believes it is necessary to agree on a single standard of regulation.