IMF’s Georgieva defends cryptocurrency after crash for ‘faster service’ and ‘lower costs’
Georgieva distinguished between stablecoins backed by assets like cash and those like TerraUSD, an algorithmic stablecoin that imploded earlier this month
It is the responsibility of regulators across the globe to put up guardrails and offer education to protect investors, she said
Kristalina Georgieva, managing director of the International Monetary Fund (IMF), speaks during a panel session on the opening day of the World Economic Forum (WEF) in Davos, Switzerland, on May 23. Photo: Bloomberg
People shouldn’t completely shun the crypto world after the recent collapse of a popular stablecoin, an official at the International Monetary Fund said Monday.
TerraUSD, or UST, imploded earlier this month, setting off a chain reaction that saw the overall value of the cryptocurrency market slashed by hundreds of billions of dollars.