The IMF is concerned about the criminality and the decentralised nature of cryptocurrencies
The international Monetary Fund (IMF), which recently less other influential financial organizations speaks on the topic of cryptocurrencies, announced that further development of digital assets, particularly bitcoin, in the same way that now, can lead to vulnerabilities in the international financial environment.
The international monetary Fund (IMF) recently released “overview of the global economy in 2018”, in which he warned about threats to the cryptocurrency industry. In its warning, the IMF describes the concern about the growing popularity of cryptocurrency in the background of their active use in criminal activity, and despite the serious risks associated with large-scale hacker attacks.
The IMF has announced that the decentralised nature of cryptocurrencies is also fraught with danger. The organization reports the fact that cryptocurrencies are decentralized, they are much harder to control than national currency, which in the future may pose a greater risk to the security of the financial world.
“Multiple vulnerabilities and cyber-attacks on financial infrastructure represent an additional source of risk, as they may interrupt the cross-border payment systems and disrupt the ability of trade in goods and services. Continued rapid growth of digital assets can contribute to create new vulnerabilities in the international financial system.”
The position expressed in the latest report of the IMF that somewhat contradicts previous statements by the Department about cryptocurrencies. Earlier, the IMF is not very worried about the risks of financial destabilization associated with cryptocurrencies, believing that “macrocritical” dangers cryptocurrency is not responsible. In June of this year the IMF has even acknowledged the possibility of the replacement of Fiat currencies, bitcoin, as a world unit of account. And the head of the organization, Christine Lagarde, spoke optimistically about the future of different cryptocurrencies, and believed that they could be saving for the global economy, which is now not in the best shape.