Impact of Cryptocurrencies on Monetary Policy: A Joint Analysis by the (IMF) and (FSB) for the Group of Twenty (G20)

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A joint study conducted by the International Monetary Fund (IMF) and the Financial Stability Board (FSB) highlights the impact of cryptocurrencies on monetary policy, emphasizing that a blanket ban on these currencies may not be the optimal solution.


  1. Impact on Monetary Policy and Financial Stability: The report underscores threats, including the effectiveness of monetary policy, financial risks, and resource diversion.
  2. Challenges for Regulation and Data Collection: The report acknowledges the difficulties in regulating and monitoring cryptocurrencies due to their cross-border nature.
  3. Caution Against Blanket Bans: It warns against the cost and technical challenges of enforcing a complete ban on cryptocurrency activities.
  4. Need for Comprehensive Regulatory Response: The report advises developing a comprehensive regulatory and policy response to address cryptocurrency risks.
  5. Combatting Misuse: It emphasizes the importance of implementing Financial Action Task Force (FATF) standards for anti-money laundering and counter-terrorist financing by digital asset providers.
  6. Importance of Accurate Data: The report highlights the significance of G20 discussions in determining data requirements for cryptocurrencies, facilitating collaboration between statistical agencies and regulatory bodies.
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