Source: International Monetary Fund – IMF (video statements)
Crypto assets, including stablecoins, are again at the forefront of policy discussions, while usage is evolving and growing. The underlying technology (distributed ledgers) could also experience increasing demand more broadly in the financial sector. In the long term, the availability of crypto assets issued under a comprehensive regulatory framework could provide benefits in terms of capital allocation and market efficiency if the share of tokenized financial products and services were to increase more broadly. At the same time, crypto assets may pose potential risks to macroeconomic and financial stability, consumer and investor protection, and financial and market integrity. In the U.S., Congress has passed the Genius Act, establishing regulations for stable coins, and additional legislative measures are being developed to create a comprehensive framework for overseeing crypto assets, while promoting financial innovation. This set of legislation may have material international implications due to the global role of the US dollar. Against this backdrop, the event will focus on recent developments and initiatives in the field of crypto assets, including stablecoins, and their impact on the international monetary system.