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 <p class="p3"><span class="s1">A joint policy roadmap published by the International Monetary Fund (IMF) and Financial Stability Board (FSB) warns against blanket crypto bans in managing risks.</span></p> 
 <p>Their joint <span class="s1"><span class="s3">paper, </span>released on Thursday, says that blanket bans are “costly and technically demanding to enforce.” They also may </span><span class="s1">unintentionally worsen things by giving actors reason to try and get around the rules, ”potentially heightening financial integrity risks,” it added.</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Our paper outlines a comprehensive policy response to #cryptoasset risks, drawing on existing recommendations and guidelines from @IMFNews, FSB, @FATFNews and other international organisations and standard-setting bodies:https://t.co/CRBI0AAyZG#Crypto #FinancialStability #G20 pic.twitter.com/WbXqASZeCg</p> 
  <p>— The FSB (@FinStbBoard) September 7, 2023</p> 
 </blockquote> 
 <p></p> 
 <p class="p3"> </p> 
 <p class="p3"> </p> 
 <h2 class="p4" id="span-class-s1-imf-fsb-roadmap-advises-targeted-crypto-restriction-span"><span class="s1">IMF-FSB Roadmap Advises Targeted Crypto Restriction</span></h2> 
 <p class="p3"><span class="s1">The IMF-FSB <span class="s3">roadmap</span> recommends implementing targeted restrictions. Under certain circumstances, it may be justifiable to implement specific measures to address crypto-related risks, especially for countries with limited resources or those in the process of establishing regulatory frameworks, it said.</span></p> 
 <p class="p3"><span class="s1">These restrictions could focus on particular crypto products (such as privacy tokens), specific activities (like payments in Ukraine), or even specific entities (for instance, banks in Nigeria). Such targeted measures may be necessary in the short term while countries build up their internal capacity, including knowledge and awareness, in preparation for comprehensive regulation, the paper said.</span></p> 
 <h2 class="p4" id="span-class-s1-emphasizing-a-holistic-approach-span"><span class="s1">Emphasizing a Holistic Approach</span></h2> 
 <p class="p3"><span class="s1">However, the paper also stresses that even when jurisdictions consider temporary restrictions, these measures should be part of a broader policy response.</span></p> 
 <p class="p3"><span class="s1"> “Restrictions should not substitute for robust macroeconomic policies, credible institutional frameworks, and comprehensive regulation and oversight, which are the first line of defence against the macroeconomic and financial risks posed by crypto-assets,” it said.</span></p> 
 <h3 id="paper-says-crypto-still-may-threaten-global-financial-stability">Paper Says Crypto Still May Threaten Global Financial Stability</h3> 
 <p><span class="s1">Despite the warning against blanket bans, the global standard setters acknowledged that widespread adoption of crypto assets could “undermine the effectiveness of monetary policy,” bypass measures to manage the flow of capital, worsen financial risks, redirect resources that could be used to support the real economy, and pose a threat to the stability of the global financial system. “These risks could reinforce each other, as financial instability can make maintaining price stability more difficult and vice versa; cause destabilising financial flows; and strain fiscal resources,” said the paper&nbsp;</span></p> 
 <p class="p3"><span class="s2">India</span><span class="s1">, as the president of the G20, had requested the IMF and the FSB to draft this paper for policy recommendations and standards to help authorities address the macroeconomic and finan</span><span class="s1">cial stability risks posed by crypto-assets.&nbsp;</span><span class="s1">The paper is expected to be presented to <span class="s3">G20</span> member countries ahead of the Leaders’ Summit on September 9 and 10.&nbsp;</span></p> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/imf-fsb-crypto-roadmap-says-blanket-bans-don-t-work-tbt61943.html">https://thebittimes.com/imf-fsb-crypto-roadmap-says-blanket-bans-don-t-work-tbt61943.html</a></p>

IMF-FSB Crypto Roadmap Says Blanket Bans Don’t Work

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