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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The IMF report claims that the adoption of cryptocurrencies poses a risk to financial stability

    Rocky
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    The IMF report claims that the adoption of cryptocurrencies poses a risk to financial stability Empty The IMF report claims that the adoption of cryptocurrencies poses a risk to financial stability

    Post by Rocky Sun 10 Sep 2023, 5:07 am

    The IMF report claims that the adoption of cryptocurrencies poses a risk to financial stability

    The IMF report claims that the adoption of cryptocurrencies poses a risk to financial stability 35662



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    Economy News - Baghdad
    A report released on September 7 reveals that global regulatory bodies, including the International Monetary Fund (IMF), are working to reduce the risks that cryptocurrencies may pose to economic and financial stability.
    In their assessment, these regulators argue that many of the advantages of digital assets, such as cheaper and faster cross-border payments, have not yet been fully realized.
    The report notes that widespread adoption of cryptocurrencies has the potential to undermine the effectiveness of monetary policy, circumvent capital flow management measures, increase financial risks, and divert resources to finance the real economy, thus threatening global financial stability.
    Other concerns arose from the lack of tax treatment of crypto assets, which should also be clarified in existing laws.
    Therefore, given all these risks, the paper considers the need for a road map to mitigate these risks.
    The report concludes with timelines for the IMF and G20 members to implement the recommendations of the Financial Stability Board and the International Organization of Securities Commissions (IOSCO), the global securities watchdog that includes organizations such as the US Securities and Exchange Commission, the Japanese Financial Services Agency (FSA), and the International Organization of Securities Commissions (IOSCO). German Finance (BaFin) and the British Financial Conduct Authority. Financial Supervision Authority).
    After submitting the contents of the paper, the proposed road map will be shared with G20 leaders at a summit in New Delhi later this month.
    The International Organization of Securities Commissions (IOSCO) Guidelines, introduced on May 23 this year, represent the first global attempt to regulate digital markets and crypto assets.
    Many of the recommendations were driven by the FTX collapse from the previous year.
    Prior to these guidelines, the industry only had to adhere to anti-money laundering controls, which created confusion as different jurisdictions established their own rules.
    The goal is to create frameworks like those proposed by the International Organization of Securities Commissions (IOSCO) to combat criminal activity while enabling everyone to enjoy the benefits of cryptocurrency technology.
    Source: crypto.news
     
     


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    Added 09/10/2023 - 11:30 AM
    https://economy-news.net/content.php?id=36222
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