Statement from IMF Board on Crypto, Ban Not Unlikely

IMF Members are of the opinion that the ongoing adoption of digital assets already prevails significant risk. The stability of the global financial markets and the efficiency of fiscal policy could be impacted by a rise in crypto adoption.

The executives believe that the ban on digital assets is not the best way to proceed, besides they deem that targeted restrictions is a good way to have control over the industry. Somehow few members are still insisting that a complete ban should not be ruled out.

The supposed benefits from crypto assets are yet to materialise though the risk of it has already started emerging. In accordance with the executive, the digital asset industry is in need of a comprehensive, consistent, and coordinated response.

Digital assets sector facing hurdles: U.S.-led report on disaster risk

The report emphasises the further development of digital assets and has emphasised the need to encourage innovation. Reports are reluctant to propose outright bans. As per most of the evaluations, the digital assets industry's string of disasters has remained limited to it due to a lack of coordination. Thus, there are rising adoption rates among traditional institutions as well as individual investors.