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The IMF made appropriate recommendations for banks on investing in cryptocurrencies

Today banks have to consider cryptocurrencies and investing in cryptocurrencies more seriously than they had it before, suggests International Monetary Fund (IMF).

Many prominent economists consider that "rapid advances in digital technology are transforming the financial services landscape". This kind of transformation, according to IMF, will generate a new great opportunity both for consumers, providers and service regulators. The main idea of IMF report is to be one to support cryptocurrencies and provide solutions for consumers related to privacy, security, trust and financial services in this area.

The financial services sector is ready to make the change toward cryptocurrency — IMF report suggests that "policy making will need to be nimble, experimental, and cooperative" to navigate this crossing successfully. At the same time regulatory authorities will have a lot of careful job to do: first of all they need to balance efficiency concerns as well as trade offers stability.

To enter into this world, regulatory authorities will probably have to reassure all those risks related to:

  • cyberattacks,

  • money-laundering,

  • terrorism.

The support can be lessened without any affect on the innovative progress in the world of digital currency. The IMF speakers believe that all the regulations might have to raise awareness about activities and that governance will have to be strengthened. If all of these things happen, the IMF specialists assure that banks might be involved into cryptocurrencies rather successfully.

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