The International Monetary Fund (IMF) has warned the Bank of Russia and the Central Banks of other countries about the dangers posed by stablecoins.
In a report titled "Understanding Stablecoins," IMF staff noted that the popularization of cryptocurrencies pegged to the dollar would undermine the ability of central banks to control the monetary system, because individuals and legal entities would sometimes prefer digital assets instead of fiat currency.
Stablecoins can replace the national currency, increase the volatility of capital flow by reducing the effectiveness of its control mechanisms, and fragment payment systems if their interoperability is not ensured.
These risks will be more pronounced in countries with high inflation, weak government departments, or a decrease in citizens' faith in the stability of the national monetary system, the IMF report says.
Russia cannot boast of a low inflation rate, and the existing problems in the economy do not inspire confidence in the stability of the built system. Therefore, the Russian Federation belongs to the states for which central banks stablecoins carry an increased risk. For the central banks of countries that are less susceptible to these negative factors, such as the United States, Great Britain and Germany, cryptocurrencies, on the contrary, pose a weak threat.
Separately, it should be noted that over the past year, the capitalization level of dollar stablecoins increased by 52.7% and reached $292.91 billion. These statistics indicate an increase in the danger posed by digital assets, which the IMF experts have warned about.