TechFlow news: The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have released a joint policy roadmap, stating that banning cryptocurrencies outright does not fully eliminate risks.
The report recommends that countries strengthen their monetary policy frameworks, guard against volatility in capital flows, and establish clear tax policies for cryptocurrencies to mitigate macroeconomic risks. It also notes that a comprehensive ban on cryptocurrencies may be impractical, and targeted restrictions might be more suitable for emerging economies.
Furthermore, the report emphasizes that restrictive measures should not substitute robust macroeconomic policies and regulatory frameworks, although jurisdictions could consider temporary restrictions in specific circumstances to manage risks. Regarding the proliferation of stablecoins, the report highlights that foreign-currency-denominated stablecoins could lead to capital flow issues, and global stablecoins may pose risks to financial stability.
This joint policy roadmap will be submitted for discussion at the G20.
