IMF Suggests How Crypto Should Be Regulated Proofs They Still Have No Idea About This Field

Read the IMF Advises How Crypto Should Be Regulated Citing 'Urgent Need for Cross-Border Collaboration' article — published on bitcoin.com — first, because the following references are based on the article.

• Firstly, there is no need for crypto service providers — including those offering storage, transfer, settlement, and custody of reserves and assets — to sustain blockchain networks and realise cryptocurrency transactions. This fact should be clearly articulated, the whitepapers and source codes clearly designated, and coordination mechanisms transparently automatized.

• Secondly, requirements doesn't needs to be tailored at all! It's going against the basics of decentralization, open-source development and fork-ability. Regulators are the users and developers together, they are responsible to coordinate and address the various risks arising from different and changing uses, without central banks and securities watchdogs, because they are not relevant on this field at all. No one else than the developers and users can make decisions about a crypto-ecosystem.

• Lastly, authorities should provide clear information and support to developers, users and future users of crypto-ecosystem about personal responsibility, because there is no regulated financial institutions behind those cryptocurrencies and users should take responsibility over any engagement with crypto.

Everyone should avoid those cryptocurrencies what are regulated from outside of the system, what are manipulated by financial institutes and IMF.

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