The American elite believes that cryptocurrencies should be banned, but does not know how

Representatives of the International Monetary Fund have expressed concern about the lack of comprehensive control over cryptocurrencies, and the IMF plans to address the issue of regulating digital assets in the near future.

According to IMF representatives Aditya Narain and Marina Moretti, digital currencies have evolved from niche products to payment instruments and speculative investments. According to the experts, this is why comprehensive and thorough regulation of the cryptocurrency industry is necessary.

As Marina Moretti explained, developing a regulatory framework for cryptocurrencies is a complex process, as the market is developing and changing very quickly, and regulators do not have practical skills in the crypto sphere. «We will be looking for specialists to learn the necessary skills and catch up with the industry, given limited resources and many other factors,» the IMF said.

As a reminder, in 4−5 weeks, the MiCA regulations on cryptocurrency markets will come into force in Europe. This will allow Europe to become the first part of the world to establish clear rules for digital assets. However, the law on cryptocurrency regulation will not include control over DeFi (decentralized financial systems). In 2023, the European Commission plans to publish a separate report on this issue and launch a pilot project for «DeFi supervision».