The massive sell-off in the cryptocurrency market has had limited impact on the wider financial system. Experts come to this conclusion IMF In the Global Financial Stability Report.

After a temporary recovery in 2021, the economic outlook has become bleak and uncertain, with the possibility of a global recession. Last #WEO explains the reason behind the downgrade of our growth forecasts. https://t.co/ldMsaieJUU pic.twitter.com/PbpvScahsN

— IMF (@IMFNews) 26 July 2022

The second quarter of 2022 was the worst quarter for Bitcoin in 11 years. From ATH Digital gold prices dropped almost 70%, while other cryptocurrencies showed similar dynamics.

“Digital assets experienced a sharp sell-off. reflected in the failure of algorithmic stablecoins and huge losses of industry participantsbut to a limited extent affected the financial system as a whole”, The IMF said in its statement:

Previously, “stable currencies” were considered risk areas. fed and ECB in financial stability reports

remember this BIS It will create a platform to evaluate the consequences of the collapse of stablecoins and DeFi projects.

In July, Singapore announced stricter regulation of cryptocurrencies. Similar proposals have emerged in the United States and Great Britain.

In Europe, preliminary agreement has been reached on the provisions of the bill on the regulation of cryptocurrencies Mica“It will prevent episodes like the collapse of Terra.”

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