IMF Believes Crypto’s Rapid Growth Will Impact Global Financial System
In a report entitled “World Economic Outlook: Challenges to Steady Growth”, the IMF has stated that the rapid growth of Bitcoin and other cryptocurrencies will have an impact on the global financial system.
The report reads: “Cybersecurity breaches and cyberattacks on critical financial infrastructure represent an additional source of risk because they could undermine cross-border payment systems and disrupt the flow of goods and services. Continued rapid growth of crypto assets could create new vulnerabilities in the international financial system.”
On the other hand, there are positive developments in terms of institualization and regulation in the crypto market. The involvement of major financial entities and steps taken by companies such as Coinbase and Gemini signify that the infrastructure is strengthening and is becoming more mature.
Despite the fact that the IMF’s statement described crypto market growth as a risk to global finance, specialists remain optimistic. Emin Gun Sirer, a highly regarded expert in cryptocurrency and blockchain, believes that the IMF’s acknowledgment of crypto as an asset class is a positive signal for the industry.