At the start of October, the IMF published the second chapter of its latest global financial stability report ahead of the rest of the document, conveying some sense of urgency.
Its 18 pages survey the rapid growth of crypto assets – now worth $2 trillion, a 10-fold increase from early 2020 – identifying fragilities in the emerging ecosystem of exchanges, wallets, miners and stablecoin issuers. It calls on regulators and policymakers to up their game, stating that the crypto boom poses new challenges to financial stability.
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