{"id":41989,"date":"2022-04-20T16:23:36","date_gmt":"2022-04-20T16:23:36","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=41989"},"modified":"2022-04-20T16:23:41","modified_gmt":"2022-04-20T16:23:41","slug":"imf-warns-against-spike-in-cryptocurrency","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/imf-warns-against-spike-in-cryptocurrency\/","title":{"rendered":"IMF warns against spike in cryptocurrency &nbsp;"},"content":{"rendered":"<p>The International Monetary Fund (IMF) has warned that a spike in cryptocurrency trading in emerging markets such as Nigeria could imperil the global financial system. &nbsp;<\/p>\n\n\n\n<p>The warning is contained in its Global Financial Stability report, entitled: \u201cThe Rapid Growth of Fintech: Vulnerabilities and Challenges for Financial Stability\u201d. &nbsp;<\/p>\n\n\n\n<p>IMF highlighted the increased use of cryptocurrencies in emerging markets since the start of the pandemic, noting that trading volumes of crypto assets against some emerging market currencies have spiked since the West sanctioned Russia. &nbsp;<\/p>\n\n\n\n<p>Tether \u2013 the largest stablecoin used to settle spot and derivative trades \u2013 has seen a spike in trading volumes against emerging market currencies. &nbsp;<\/p>\n\n\n\n<p>That spike is particularly notable in Turkey, where exchange rate volatility has been high, and the overall use of crypto assets has gained traction over the last few years. &nbsp;<\/p>\n\n\n\n<p>Although a large part of the uptick stems from speculative investors, a shift towards using crypto as a means of payment could create challenges for policymakers, the IMF warned. &nbsp;<\/p>\n\n\n\n<p>The IMF warned cryptocurrency exchanges that don\u2019t comply with sanctions or properly monitor illegal activity could be used to circumvent sanctions. At the same time, they say, the technology crypto uses increases the secrecy of transactions, allowing dealings to be covered up more easily. &nbsp;<\/p>\n\n\n\n<p><a href=\"http:\/\/IMF warns against spike in cryptocurrency       The International Monetary Fund (IMF) has warned that a spike in cryptocurrency trading in emerging markets such as Nigeria could imperil the global financial system.       The warning is contained in its Global Financial Stability report, entitled: \u201cThe Rapid Growth of Fintech: Vulnerabilities and Challenges for Financial Stability\u201d.       IMF highlighted the increased use of cryptocurrencies in emerging markets since the start of the pandemic, noting that trading volumes of crypto assets against some emerging market currencies have spiked since the West sanctioned Russia.       Tether \u2013 the largest stablecoin used to settle spot and derivative trades \u2013 has seen a spike in trading volumes against emerging market currencies.       That spike is particularly notable in Turkey, where exchange rate volatility has been high, and the overall use of crypto assets has gained traction over the last few years.       Although a large part of the uptick stems from speculative investors, a shift towards using crypto as a means of payment could create challenges for policymakers, the IMF warned.       The IMF warned cryptocurrency exchanges that don\u2019t comply with sanctions or properly monitor illegal activity could be used to circumvent sanctions. At the same time, they say, the technology crypto uses increases the secrecy of transactions, allowing dealings to be covered up more easily.       More=Nation=\">More=Nation= \u00a0<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-41989\" data-postid=\"41989\" class=\"themify_builder_content themify_builder_content-41989 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund (IMF) has warned that a spike in cryptocurrency trading in emerging markets such as Nigeria could imperil the global financial system. &nbsp; The warning is contained in its Global Financial Stability report, entitled: \u201cThe Rapid Growth of Fintech: Vulnerabilities and Challenges for Financial Stability\u201d. &nbsp; IMF highlighted the increased use of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":2464,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,241],"tags":[],"class_list":["post-41989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-foreign","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IMF warns against spike in cryptocurrency &nbsp; 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