FX RATES
FX RATES

IMF Analysts Ask For Regulation As Cryptocurrency Value Exceed $2 Trillion

The value of crypto assets has increased 10 times its value since 2020. As crypto value elapses $2 trillion financial specialists in conjunction with the International monetary fund have called for impasse in the cryptocurrency market.

Financial experts namely Fabio Natalucci and Evan Papageorgiou, have warned that a large number of cryptocurrency organizations are deficient in operations and risk management, this was disclosed through an article on the IMF’s blog.

They stated that cryptocurrency assets has created a new financial landscape and fortuity but warned that every advantage comes with a corresponding disadvantage

These experts delineated that crypto exchanges are prone to facing market disruption, as well as high level of cyber insecurity as  block chain maybe prone to hack. They argued that consumer protection risks remain substantial given limited or inadequate disclosure and oversight.

“For example, more than 16,000 tokens have been listed in various exchanges and around 9,000 exist today, while the rest have disappeared in some form.

The extent of the adoption of crypto assets is difficult to measure, however, surveys and other measures suggest that emerging markets and developing economies like Nigeria may be leading the way.

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