IMF: It's time to regulate the crypto industry

The International Monetary Fund issued a blog post saying, "The FTX mine incident and the decline in the price of mainstream cryptocurrencies have prompted renewed calls for stronger consumer protection and regulation of the encryption industry. Regulatory highly unstable and decentralized systems are of great importance to most governments. Still, it is a challenge to strike a balance between minimizing risk and maximizing innovation. The risks are much greater if cryptocurrencies are adopted as legal tender, as the Central African Republic has recently done. If governments hold or accept crypto assets As a means of payment, it may put the public financial system at risk. The Central African Republic is the first country in Africa, and the second in the world after El Salvador, to designate Bitcoin as legal tender.”