Crypto message from IMF President Georgieva

International Monetary Fund (IMF) President Kristalina Georgieva stated that crypto assets pose a risk to financial stability and that they aim to provide rules and infrastructure for them. Georgieva drew attention to the fact that crypto assets are risky assets at a conference held in Seoul, the capital of South Korea, on digital currencies. Recalling that the founder of one of the leading crypto exchanges, FTX, was found "guilty" in the fraud case, and the founder of the world's largest crypto exchange, Binance, also accepted money laundering charges, Georgieva stated that the crypto industry has not had a bright reputation in the last 15 years. Emphasizing that the effects of crypto assets should be taken into account in the event of their widespread use, Georgieva said, "The challenge here is that high adoption of crypto assets can undermine macro-financial stability." Georgieva said, "Our goal is to create a more efficient, interoperable and accessible financial system by providing infrastructure and using rules and some of its technologies to avoid the risks of crypto." Pointing out that the purpose of the rules is not to return the status quo to the pre-crypto world or to hinder innovation, Georgieva noted that good rules can encourage and guide innovation.