The International Monetary Fund’s (IMF) Managing Director, Kristalina Georgieva, recently made a powerful statement at a digital currency conference in Seoul. She highlighted the importance of crypto regulations and improved infrastructure to combat the risks of crypto assets. While acknowledging the innovation potential of these digital currencies, she warned that an unregulated market could destabilize the global financial system.
Georgieva stressed the need to have good rules that will both spur and guide innovation, as well as to actively participate in the development of the digital financial landscape, or risk being left behind. She also mentioned India’s commendable efforts in establishing digital public infrastructure.
In South Korea, the Financial Services Commission (FSC) has recently announced the Virtual Asset User Protection Act, which is set to take effect on July 19, 2024. This act is intended to create a secure environment for users and promote integrity in the virtual asset market. Furthermore, the country’s vice financial regulator chief, Kim So-young, emphasized the importance of finding a balance between investor protection and technological innovation.
Overall, Georgieva’s call for crypto regulations and improved infrastructure echoes the current global movement towards a more secure and efficient digital financial system.
