Cryptocurrencies could stand alongside domestic currencies and supplant the use of US dollars across emerging countries, the International Monetary Fund has predicted while warning it could pose risks to ability of governments and central banks to run economic policy.
One emerging issue is cryptoization, whereby a country might see its residents use cryptocurrencies rather than the domestic fiat currency. It’s similar to dollarisation, where residents of a nation use the US dollar for ordinary transactions rather than their own currency.It said just having strong macroeconomic policies may not be enough to prevent a mass movement of a country’s residents to cryptocurrencies.
The IMF said there were challenges posed by cryptocurrencies, including financial integrity, investor protection and inadequate reserves.
Source: Digital Coin News (digitalcoinnews.net)
swrighteconomy If you’re not buying at least some, then you’re silly in the head.
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