On the sidelines of the G20 meetings, the Executive Director of the International Monetary Fund, Kristalina Georgieva, warned, during press statements, yesterday, Saturday, of the dangers of digital currencies while talking about the global economy, saying in her statements that banning the use of digital currencies should not be an excluded option.
The international official added that a distinction must be made between state-backed central bank digital currencies, stable coins, and privately issued cryptocurrencies, and that there must be very strong pressure to regulate transactions of digital currencies or crypto assets.
Kristalina Georgieva added that if regulation fails, or if things go slowly, the idea of a total ban on cryptocurrencies should not be ruled out given the threat they pose to global financial stability.
It should be noted that the Executive Board of the International Monetary Fund (IMF) called on member states not to grant digital currencies the status of the official national currency, in an effort to form a comprehensive and coherent approach to addressing the challenges and issues that have taken the digital currency market as an outlet for it in the recent period. The Executive Board also proposed developing supervision requirements for all players in the digital currency market as well as enacting regulatory laws for this market.