The International Monetary Fund's latest report concedes that it's 'impractical' to convert rubles into crypto on a large scale 🚨
Other sections of the IMF report noted that the decentralized finance sector has witnessed "extraordinary growth in the past two years" — driven by how it can be more efficient and offer greater returns than traditional alternatives.
"The absence of centralized entities governing DeFi is a challenge for effective regulation and supervision. Regulation should focus on elements of the crypto ecosystem that enable DeFi, such as stablecoin issuers and centralized exchanges. Authorities should also encourage DeFi platforms to be subject to robust governance schemes, including industry codes and self-regulatory organizations. These entities could provide an effective conduit for regulatory oversight.
"DeFi's elevated market, liquidity, and cyber risks may need adjustment to the regulatory perimeter, but DeFi's anonymity, lack of a centralized governance body, and legal uncertainties render the traditional approach to regulation ineffective."
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