On Thursday (23 February 2023), the International Monetary Fund (IMF) issued a press release on crypto assets that has some crypto enthusiasts worried.

The IMF, established on 27 December 1945, “works to achieve sustainable growth and prosperity for all of its 190 member countries” by “supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.”

According to the IMF’s press release, on 8 February 2023, the Executive Board of the International Monetary Fund (IMF) discussed a board paper on “Elements of Effective Policies for Crypto Assets.” This seems to have resulted in mixed reactions from the crypto community. Although a few welcome the guidelines and see them as a step towards greater legitimacy and acceptance of crypto, others fear that the IMF’s ultimate goal may be to clamp down on and even ban cryptocurrencies altogether.

This paper proposes a framework consisting of nine key elements of effective policies for crypto assets that member countries should adopt, including safeguarding monetary sovereignty, analyzing and disclosing fiscal risks, and developing prudential, conduct, and oversight requirements for all crypto market actors.

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