 "IMF")
Cryptocurrency assets, not backed by sovereigns, may threaten effectiveness of monetary policy, pose financial and fiscal risks, make capital flows volatile and will fragment global payments systems, a research paper by the International Monetary Fund, say.
The paper was presented to the G20 finance ministers and central bank governors in February in Bengaluru, and was made public on Monday.
“A widespread proliferation of crypto assets comes with substantial risks to the effectiveness of monetary policy, exchange rate management, and capital flow management measures, as well as to fiscal sustainability. Moreover, changes may be required to central bank reserve holdings, and
