The plan includes a prominent call-to-action in the first point, imploring against the grant of legal tender status to cryptocurrencies such as Bitcoin.
The IMF's guidelines address key issues such as the mitigation of risks associated with crypto assets and the establishment of clear regulatory frameworks. It also promotes financial inclusion while maintaining adequate consumer and investor protection.
The IMF's recommendations are aimed at achieving global consistency and effectiveness in the regulation of crypto assets, promoting financial stability and integrity, and supporting innovation in the financial sector.
According to the sources, International regulating authorities are highly concerned about the future of VDAs after some major collapse in the Industry. The unprecedented and forced regulations from the US regulators are also one of the primary reasons behind this collective call to the member nations.
This IMF plan coincided with the ongoing G20 conference in India which is also working towards building an SOP for crypto transactions. Apart from refuting crypto as legal tender, IMF’s major focus is on managing capital inflows, alongside the adoption of unambiguous tax rules and laws concerning crypto assets.
Furthermore, they call for the development and strict enforcement of oversight requirements for all market actors involved in crypto trading. The IMF stresses the importance of promoting financial stability and integrity and hence emphasizes the implementation of adequate consumer and investor protection measures.
The guidelines are designed to ensure global consistency and efficacy in regulating crypto assets without compromising the technical innovation in the space. The IMF officials also asserted that an outright ban on cryptocurrency should not be the first choice of economies as there are other options that should not be ruled out of the dialogue.
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