Alex Bornyakov, Deputy Minister of Digital Transformation responsible for the development of the information technology industry in Ukraine, revealed that the International Monetary Fund (IMF) has urged Ukraine to complete cryptocurrency legislation. Alex stated that Ukraine must take full advantage of various opportunities to develop new economic sectors and emphasized that the legalization of the cryptocurrency sector can generate strong economic effects, bringing in billions of dollars in revenue.

The International Monetary Fund (IMF) is set to publish a handbook on central bank digital currencies (CBDCs), with initial findings suggesting that a well-designed CBDC could improve payment systems alongside other solutions. The handbook, due after the 2023 annual meetings, will cover a range of frequently asked questions on CBDCs, including policy objectives, legal considerations, cyber resilience and readiness to issue. While the US is not currently supportive of a digital dollar, other major jurisdictions such as the European Union appear more open to CBDCs, with an official at the Bank of Italy suggesting a digital euro could be the answer to stablecoins. The IMF paper advises policymakers to explore CBDCs carefully and systematically, given the complexities and novelty involved.

Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), stated that digitization is the "most important way" to expand inclusive finance. "Digital initiatives help accelerate the development of people, investment, and the economy." She urged the formulation of comprehensive national financial inclusion strategies, but warned attendees to pay attention to financial stability risks, which are often related to digitization. The IMF has recently been actively analyzing necessary cryptocurrency regulations. On September 29, it proposed a Cryptocurrency Risk Assessment Matrix (C-RAM) as an indicator and trigger for potential risks in the industry for countries to discover.

Ayman Alsayari, Governor of the Saudi Arabian Monetary Authority (SAMA), gave a speech at the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Morocco regarding the global economy and cryptocurrency assets. Alsayari urged the International Monetary Fund (IMF) to provide "good supervision" of cryptocurrency assets to address risks. Alsayari stated that we need good supervision, regulation, and coordination of cryptocurrency activities. In this context, we support the work and related roadmap of the International Monetary Fund and the Financial Stability Board in addressing cryptocurrency-related risks.

According to Jinshi report, insider sources said that the International Monetary Fund (IMF) and the Financial Stability Board (FSB) are expected to release a comprehensive report on cryptocurrencies before the G20 leaders' summit scheduled for September. 

The International Monetary Fund (IMF) has stated that tax systems worldwide should be modernized to accommodate crypto assets. The IMF has highlighted that the decentralized nature and anonymity of crypto assets pose challenges to governments. The bank has warned that tax evasion could become a significant problem if crypto assets were to be widely used as a currency for transactions. While centralized exchanges can be made subject to standard tracking rules, decentralized exchanges present a different kind of problem for authorities.

According to IMF, BRICS vs G7 (GDP Purchasing Power Parity) Charts.

According to IMF, Policymakers are struggling to accommodate cryptocurrencies within tax systems not designed to handle them; this paper reviews the issues that arise. The greatest challenges are for implementation: crypto’s quasi-anonymity is an inherent obstacle to third-party reporting. Design problems arise from cryptocurrencies’ dual nature as investment assets and means of payment: more straightforward is a compelling case for corrective taxation of carbon-intensive mining. Ownership is highly concentrated at the top, but many crypto investors have only moderate incomes. The capital gains tax revenue at stake worldwide may be in the tens of billions of dollars, but the more profound risks may ultimately be for VAT/sales taxes.

June 26 (Cointime) - Both the IMF and BIS have released reports on the future of the monetary system, which highlight the potential for tokenization and mention crypto and central bank digital currencies (CBDCs).

June 23 (Cointime) - The US SEC is facing criticism for its enforcement actions against major crypto firms and leaders, with some accusing the regulator of not providing clear rules and taking harmful actions against the industry.