The crypto market for some time has been in slumbers and the only certainty in the business now is uncertainty. Value of coins dropping every now isn’t really a surprise in the crypto world but the current performance hasn’t been what was expected, provided the fact that, many predictors expected the value of coins to fly high this year.
However, there is a little cause not to lose hope yet despite the current unpleasant situation. There’s been some good news lately for the crypto world which unfortunately hasn’t received the recognition it deserves due to the fear and panic recent price surges of coins have caused.
A few weeks back, the International Monetary Fund (IMF) in a tweet, heaped praises of cryptocurrencies and how they could be of help to some of the current problems the financial sector is experiencing.
Christine Lagarde, the head of the IMF, stressed on what she quoted as the “potential benefits” of “crypto-assets such as Bitcoin.” This statement came after just weeks after she raised concern about the dark side of cryptocurrency.
“Understanding the risks that crypto-assets may pose to financial stability is vital if we are to distinguish between real threats and needless fears. That is why we need an even-handed regulatory agenda, one that protects against risks without discouraging innovation,” she stated.
This endorsement might not seem much to many people but it sure is very vital for the crypto world, provided the roles the IMF plays in the world of finance. The IMF monitors economic and financial advancements, as well as the preparation of strategy guidance aimed particularly at crisis- prevention.
The IMF also lends to countries to provide financial support to their policies and also towards poverty alleviation. They also give technical training and assistance to countries in their field of expertise.
Although the post did not name any cryptocurrency, it tagged three of them, being Bitcoin, Ethereum, and Ripple. As to why that was so, wasn’t clear but it might probably be based on their performance in the crypto market and the rate at which they are being adopted by financial institutions.
Ripple, for instance, has been a familiar coin to the IMF as it was recently mentioned in one of the IMF’s publications as a perfect solution that could improve efficiency in the world of finance.
With this somewhat a glowing endorsement from the IMF, the three cryptocurrencies are more than guaranteed new investors as well as old ones who had other intentions rather than keeping them will now think otherwise. As the IMF has backed these three cryptos to make positive impacts on the world of finance, so can be said for the others in a short possible time.