The IMF sent a report to G20 nations last month which laid out the implications of crypto adoption in emerging markets. The report warned that banks with exposure to crypto may lose deposits and cease their lending activities. The past week has been devastating for banks affiliated with businesses operating in the crypto space. Silvergate […]
The IMF sent a report to G20 nations last month which laid out the implications of crypto adoption in emerging markets.
The past week has been devastating for banks affiliated with businesses operating in the crypto space. Silvergate Bank, However, the turmoil in the crypto-banking space was apparently foreseen by the International Monetary Fund .titled “Macrofinancial Implications of Crypto Assets” to G20 nations during their meeting in India last month.with help from India’s Ministry of Finance and international focus groups, was made public earlier on 13 March.According to the report, “unbacked” cryptocurrencies such as Bitcoin, and stablecoins may have widespread implications for microfinance stability if widely adopted.
The report emphasized that in the meantime, the widespread adoption of crypto assets could threaten the effectiveness of monetary policies.
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