On Tuesday, the International Monetary Fund (IMF) issued a blog post warning of the risks of crypto assets to financial stability. Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi are three economists from the IMF’s Monetary and Capital Markets Department who contributed to the article.
In October 2021, three additional officials from the IMF’s Monetary and Capital Markets Department issued similar warnings about the risks of crypto assets to financial stability.
The Federal Reserve of the United States, on the other hand, is unconcerned about crypto causing harm to the country’s financial system. Fed Chairman Jerome Powell rejected cryptocurrencies as a threat to financial stability in December last year, but warned that they are hazardous since “they’re not backed by anything.”
Meanwhile, Sir Jon Cunliffe, the Bank of England’s deputy governor for financial stability, warned in November last year that bitcoin is on the verge of becoming a worldwide financial concern.
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