The International Monetary Fund (IMF) is encouraging global policymakers to develop standards for crypto in response to growing concerns highlighted by the war in Ukraine.
In its Global Financial Stability Report published Tuesday, the IMF directly addressed crypto’s potential use in sanctions evasion by Russia and its potential to threaten the stability of existing financial systems through the changing banking landscape.
The global financial system has seen increasing „cryptoization” amid the war in Ukraine and the COVID-19 pandemic, according to the IMF. Though much of this is due to general trading activity, the IMF warned that it could be used as a means of circumventing identification checks in capital flows, essentially, a means of anonymously transacting overseas.
Bad actors may use non-compliant exchanges, mixers or other means to evade sanctions, though the IMF noted US and UK regulators have urged crypto firms to increase vigilance. They could also leverage energy resourc
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