Despite the recent failure of a popular stablecoin, the head of the International Monetary Fund (IMF) stated at the World Economic Forum in Davos that people should not ignore cryptocurrencies totally.
Kristalina Georgieva believes that the cryptocurrency market is important in the global financial system because it provides faster service at lower prices and is more inclusive.
“I implore you not to abandon the relevance of our planet,” the IMF managing director stated at the World Economic Forum conference in Davos.
The IMF chief went on to say that all investments, including cryptocurrency, have some level of risk.
The TerraUSD, or UST, collapsed earlier this month, causing a chaotic domino effect that decreased the market’s entire value by hundreds of billions of dollars.
Stablecoins are cryptocurrencies that are meant to maintain parity with a reserve asset, such as the US dollar.
At the World Economic Forum in Davos, Georgieva urged attendees not to underestimate the importance of the global community.
“It brings us all faster service, substantially lower prices, and greater inclusivity, but only if we differentiate apples from oranges and bananas,” the IMF chief said, adding that it was the job of authorities throughout the globe to put up obstacles and educate investors.
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