The IMF is concerned about cryptocurrencies, particularly because the market is growing at a significant pace.
One of the problems that the IMF highlighted was that many of the entities trading these assets "lack strong operational, governance, and risk practices."Furthermore, crypto assets "can open unwanted doors for money laundering, as well as terrorist financing," the Fund said.International Monetary Fund
Evan Papageorgiou, a deputy division chief at the IMF, told CNBC in October that "the crypto ecosystem has grown significantly … The process shows remarkable resilience but there have also been some interesting stress tests." He added that due to how new this technology is, "we haven't seen what will happen over a full financial cycle. We simply don't know when or how this story will end, but – as with any new speculation – it may not end well.", a celebrity with more than 200 million Instagram followers, was paid to advertise a crypto token on her account earlier this year. Critics highlighted how few details were known about the developers of ethereummax, the currency that she advertised.
An additional issue for policymakers is that young people are very interested in this market and often make their first ever investments in cryptocurrencies, using loans and credit cards to do so.
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