The International Monetary Fund (IMF), an association whose goals include fostering global monetary cooperation, securing financial stability, and reducing poverty, has stated cryptocurrency deserves a “greater international discussion and cooperation among regulators.”
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“When asset prices go up quickly, risks can accumulate, particularly if market participants are borrowing money to buy. It’s important for people to be aware of the risks and take the necessary risk-management measures,” said IMF spokesman, Gerry Rice.
In September of 2017, Christine Lagarde, Managing Director of the IMF, said she believes cryptocurrencies like Bitcoin could give fiat currencies a “run for their money”.
Lagarde continued telling reporters it is “not wise” to disregard the technology and that cryptocurrencies have the potential to produce “massive disruptions”.
Last Week, Steven Mnuchin, U.S. Treasury Secretary, stated that the Financial Stability Oversight Council is “very focused” on the technology.
“We want to make sure that bad people cannot use these currencies to do bad things,” Mnuchin stated.