IMF devotes chapter to cryptocurrency in its annual report.
The latest annual report of the International Monetary Fund has concluded that cryptocurrency does not pose a threat to global economic stability. Or at least not yet.
Every year the IMF published a report detailing the economic state of the world. This year's report is entitled "A Bumpy Ride Ahead" and features a chapter on cryptocurrency.
The report explains that despite the "spectacular appreciation" of crypto-assets over 2017/18, their total market value is less than three percent of the combined value of the balance sheets of the four biggest banks in the world. Even at the peak of their popularity, they barely hit six percent.
The report notes that the industry is still very concentrated; Bitcoin, Ethereum, and Ripple account for 80 percent of all cryptocurrency market capitalisation - Bitcoin alone makes up 47 percent. Although there are more than 180 active cryptocurrency exchanges throughout the world, more than 80 percent of trading is conducted at the top 14. Surprisingly, the IMF calculated that an investor would have made more money from FANG stocks (Facebook, Amazon, Netflix, Google) than crypto-assets over the last three years.
Moreover, the groundbreaking release of Bitcoin futures by the Chicago Mercantile Exchange and Chicago Board Options Exchange in December 2017 has not had as big an effect on the world as was expected by some: "...futures volumes represent a small fraction of overall trading activity on the CME and CBOE and only 2.3 percent of reported trading in the Bitcoin cash market on [cryptocurrency exchanges]..."
For these reasons the IMF has concluded that cryptocurrency poses "limited threat" to the fiat financial system. This is less a vote of confidence than an understanding that the relevance of cryptocurrency is in real terms much less than what media hype has made it out to be. The report does, however, add that the sector "warrants vigilance by regulators" because of its dramatic growth.
Overall, the impression is of an industry which is still a bit more niche than it would like to consider itself.
On a more positive note, the report is optimistic about the future application of Blockchain technology: "The technology underlying crypto assetsβdistributed ledger technology (DLT)βcould also lead to more efficient market infrastructure."
It adds: "Future policymaking will need to be nimble, innovative, and cooperative. The IMF can help advance the agenda on the Regulation of crypto assets by offering advice and by serving as a forum for discussion and international collaboration."
The IMF was created in December 1945 as part of the Bretton Woods agreement. Its function is to maintain international economic stability by providing advice and by issuing loans. It has 189 member states and controls a fund of $668 billion. It is headquartered in Washington D.C.
The latest annual report of the International Monetary Fund has concluded that cryptocurrency does not pose a threat to global economic stability. Or at least not yet.
Every year the IMF published a report detailing the economic state of the world. This year's report is entitled "A Bumpy Ride Ahead" and features a chapter on cryptocurrency.
The report explains that despite the "spectacular appreciation" of crypto-assets over 2017/18, their total market value is less than three percent of the combined value of the balance sheets of the four biggest banks in the world. Even at the peak of their popularity, they barely hit six percent.
The report notes that the industry is still very concentrated; Bitcoin, Ethereum, and Ripple account for 80 percent of all cryptocurrency market capitalisation - Bitcoin alone makes up 47 percent. Although there are more than 180 active cryptocurrency exchanges throughout the world, more than 80 percent of trading is conducted at the top 14. Surprisingly, the IMF calculated that an investor would have made more money from FANG stocks (Facebook, Amazon, Netflix, Google) than crypto-assets over the last three years.
Moreover, the groundbreaking release of Bitcoin futures by the Chicago Mercantile Exchange and Chicago Board Options Exchange in December 2017 has not had as big an effect on the world as was expected by some: "...futures volumes represent a small fraction of overall trading activity on the CME and CBOE and only 2.3 percent of reported trading in the Bitcoin cash market on [cryptocurrency exchanges]..."
For these reasons the IMF has concluded that cryptocurrency poses "limited threat" to the fiat financial system. This is less a vote of confidence than an understanding that the relevance of cryptocurrency is in real terms much less than what media hype has made it out to be. The report does, however, add that the sector "warrants vigilance by regulators" because of its dramatic growth.
Overall, the impression is of an industry which is still a bit more niche than it would like to consider itself.
On a more positive note, the report is optimistic about the future application of Blockchain technology: "The technology underlying crypto assetsβdistributed ledger technology (DLT)βcould also lead to more efficient market infrastructure."
It adds: "Future policymaking will need to be nimble, innovative, and cooperative. The IMF can help advance the agenda on the Regulation of crypto assets by offering advice and by serving as a forum for discussion and international collaboration."
The IMF was created in December 1945 as part of the Bretton Woods agreement. Its function is to maintain international economic stability by providing advice and by issuing loans. It has 189 member states and controls a fund of $668 billion. It is headquartered in Washington D.C.
Broadridge to Bolster Prometheum's Digital Asset Securities Infrastructure
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
π£ Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africaβs premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now π https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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