San Francisco: Following a week of chaos on global crypto exchanges, which resulted in the loss of hundreds of billions of dollars, a top official at the International Monetary Fund (IMF) has stated that regulators must put up barriers to safeguard innocent investors.
Last week's spectacular implosion of the TerraUSD stablecoin and Luna cryptocurrency frightened many young investors, with some claiming their whole investments had been blown up or some leaving suicidal threats. The IMF's managing director, Kristalina Georgieva, defended cryptocurrencies with conditions during the World Economic Forum's annual meeting in Davos late Monday, according to the South China Morning Post.
"It promises us all faster service, far lower costs, and more inclusion," she was reported as adding, "but only if we sort apples from oranges and bananas." "Regulators around the world have a responsibility to put up guardrails and provide education to protect investors," she added in media reports. According to Georgieva, the world should not outright outlaw cryptocurrencies. Many tech-savvy young investors who invested big on algorithmic cryptocurrencies, which were primarily considered as experimental, suffered a crushing setback as a result of the unexpected implosion.
Last week's worldwide crypto chaos wiped out $3.5 billion in Bitcoin, which was designed to defend and sustain the TerraUSD (UST) stablecoin, which had a total crash, and no one knows how such a significant sum of funds disappeared..
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