The latest Global Financial Stability Report by IMF highlighted the volatility factor in virtual currencies. While IMF stated that the crypto sphere opens pathways to several new opportunities including improved and affordable cross-border payments; it also alerted people that the digital currency assets pose financial stability challenges.
“The rapid growth of the crypto ecosystem presents new opportunities. Technological innovation is ushering in a new era that makes payments and other financial services cheaper, faster, more accessible, and allows them to flow across borders swiftly…Despite potential gains, the rapid growth and increasing adoption of crypto assets also pose financial stability challenges,”, stated IMF.
The Financial Counsellor, Director of the Monetary, and Capital Markets Department of IMF, Tobias Adrian told the Press Trust of India (PTI) that cryptocurrencies like Bitcoin could be the sole cause of instability in lieu of its extreme price swings. He also co
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