• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
IMF
Nexo

IMF Boss Begs Investors Not To Shun Crypto Despite Market Crash

Jet Encila by Jet Encila
1 month ago
in Bitcoin, Crypto News, Stablecoin
0

The head of the International Monetary Fund (IMF) stated at the World Economic Forum in Davos that despite the recent failure of a popular stablecoin, people should not avoid cryptocurrencies entirely.

Kristalina Georgieva feels that the cryptocurrency market plays a key role in the global financial system because of the fact that it offers faster service at cheaper costs and is more inclusive.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

“I would beg you not to pull out of the importance of this world,” the IMF managing director said at the WEF meeting in Davos.

Suggested Reading | Metaverse Record: Biggest Property Sale In Virtual Land Hits $5 Million

IMF Head Aware Of Crypto Risks

The IMF chief continued by stating that all investments include some degree of risk, including cryptocurrency.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

TerraUSD, or UST, crumbled earlier this month, triggering a chaotic domino effect that reduced the market’s overall worth by hundreds of billions of dollars.

Stablecoins are a type of cryptocurrency designed to preserve parity with a reserve asset, such as the U.S. dollar.

TerraUSD, or UST, disintegrated earlier this month, setting off a chain reaction that cut the whole value of the cryptocurrency market by hundreds of billions of dollars (Coin News).

During the WEF in Davos, Georgieva pleaded with attendees not to disregard the value of the global community.

“It gives us all speedier service, far cheaper costs, and greater inclusiveness, but only if we separate apples from oranges and bananas,” the IMF boss noted, adding that it was the role of regulators around the world to erect barriers and provide investor education.

Georgieva also cautioned against the use of risky cryptocurrency-based products. She stated that anything not backed by a governmental guarantee can be a type of assets, but not a currency.

Broader Understanding Of Crypto Needed

“The less backing it has, the more willing people should be to bear the risk of it blowing up in your face,” Georgieva remarked in reference to stablecoins. She emphasized, though, that not all forms of digital currency should be painted with the same brush.

Georgieva emphasized that when people look at stablecoins, it is the area where “the big mess happened … If a stablecoin is backed with assets, one to one, it is stable.”

In response to the continuing crypto issue, Gerry Rice, a representative for the IMF, came to the defense of crypto assets by stating that the IMF assisted El Salvador in compiling statistics regarding the use of Bitcoin to enhance the country’s anti-money laundering efforts.

Crypto total market cap at $1.26 trillion on the daily chart | Source: TradingView.com

Global Economy Still Secure

Meanwhile, Georgieva warned at the start of the WEF that the global economy confronts its “worst test since World War II.”

She stated that Russia’s incursion had “devastated lives, slowed economic progress, and increased inflation.” However, Georgieva stated on the sidelines of the event that the global economy may still avoid a severe downturn.

Suggested Reading | Crypto Is Now Accepted By One Of Brazil’s Leading Real Estate Companies

Featured image from Economic Times, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a cold bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

Bitcoin mining

Bitcoin Mining Facility Shut Down Following Sharp Decline In Miner Profitability

53 mins ago
HTC New Crypto Phone Comes With Metaverse And NFT Wallet Features

HTC New Crypto Phone Comes With Metaverse And NFT Wallet Features

1 hour ago
Axie Infinity RON

How Axie Infinity Recovers From $600M Hack, New Ronin Bridge Re-Launched

2 hours ago
Chinese Messaging App WeChat Set To Ban All Accounts Associated With Crypto And NFTs

Chinese Messaging App WeChat Set To Ban All Accounts Associated With Crypto And NFTs

4 hours ago
Celsius Says Report On CEO Alex Mashinsky Fleeing The US Is False

Celsius Says Report On CEO Alex Mashinsky Fleeing The US Is False

5 hours ago
Harmony

Harmony Hacker Is Using Tornado Cash To Launder Stolen $100 Million

7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.