KUALA LUMPUR, Jan 25 — The share of cryptoassets and stablecoins in relation to the money supply is currently small, thus their impact on the monetary and financial system at this point is limited but their adoption and use could increase rapidly, which hastens the need for them to be regulated, said the International Monetary Fund .
There could be significant implications for the international monetary system if wide adoption of cryptoassets and stablecoins does indeed occur, he said in his keynote speech on the second day of MyFintech Week 2022 today. Additionally, Capital Flow Measures could be more easily circumvented and independent exchange-rate regimes could be harder to maintain.
“There is risk of fragmentation of payment systems, and of global ‘digital divide’, stemming from differences in countries’ access to new payment technologies and their capacity to leverage and regulate it,” he said.
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