A joint policy roadmap released by global standard-setters on Thursday said simply banning cryptocurrencies would not remove their risks.
Thursday’s report reiterated the IMF’s stance that a blanket ban on cryptocurrencies may not help mitigate the associated risks, adding that targeted restrictions could be particularly appropriate for emerging economies.
Countries such as India have raised concerns about the wider threat posed by the widespread use of cryptocurrencies to monetary policy in emerging economies and called on policy agencies to recommend stronger bans or address these specific concerns.
The FSB and the International Monetary Fund (IMF) will launch a joint paper on global cryptocurrency policy, Financial Stability Board (FSB) Chairman Klaas Knot wrote in a letter on Tuesday.