"IMF Urges African Central Banks to Tighten Oversight of Crypto Assets"

" IMF Urges African Central Banks to Tighten Oversight of Crypto Assets \r\n The International Monetary Fund (IMF) has called on African Central Banks to enhance regulatory oversight of cryptocurrency assets, warning of mounting financial risks associated with the rapidly evolving digital asset ecosystem. \r\n In its April 2025 Regional Economic Outlook report, the Fund noted that high inflation, exchange rate volatility, and a surge in crypto prices have created strong incentives for crypto adoption in sub-Saharan Africa. \r\n While acknowledging the potential benefits of cryptocurrencies in supporting financial innovations\u2014such as smart contracts, tokenization, and decentralized finance\u2014the IMF cautioned that these developments also carry significant risks. \r\n \u201cCrypto assets may reduce the effectiveness of capital flow and AML\/CFT regulations, facilitate tax avoidance, heighten financial volatility, and weaken the monetary policy transmission mechanism,\u201d the IMF warned. \r\n To mitigate these risks, the Fund emphasized the need for comprehensive regulatory frameworks, underpinned by strong institutional capacity within central banks to monitor crypto-related activities and enforce regulations. \r\n The push to regulate the virtual asset space comes amid growing concerns globally about the potential of cryptocurrencies to undermine existing financial systems if left unchecked. \r\n African countries, in particular, have seen rapid adoption of digital assets in recent years, fueled by limited access to traditional banking systems and currency depreciation. \r\n As policymakers seek to strike a balance between innovation and regulation, the IMF maintains that robust oversight will be key to ensuring financial integrity and macroeconomic stability across the region. "

"IMF Urges African Central Banks to Tighten Oversight of Crypto Assets"

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