IMF report weighs roles of crypto and DeFi in financial stability, comes out in favor of regulation.
According to the International Monetary Fund's Global Financial Stability report released Tuesday, the war in Ukraine — following hard on the heels of the coronavirus pandemic — has led to a tightening of global financial conditions. Rapid changes in fintech and the uses and misuses of cryptocurrency play into the jumble of challenges facing the global economy.
A related risk is the use by sanctioned countries of excess energy — possibly built up because of sanctions — to mine proof-of-work cryptocurrencies, although financial flows from that activity would also be relatively contained. Countries concerned about coming under sanctions in the future may come to find crypto more attractive as reserve currency — and major fiat currencies less so — thanks to the greater difficulty in immobilizing crypto.
France Dernières Nouvelles, France Actualités
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