The International Monetary Fund (IMF) made statements about the collapse of FTX and the negative events that came with it in a blog post it published recently.
The IMF stated that the collapse of the cryptocurrency exchange FTX and the subsequent recession in the market reaffirms the need for regulation of the industry. It was also stated in the article that the regulations should specifically cover Africa, where the cryptocurrency market is growing rapidly.
According to the IMF, illegal activities using cryptocurrencies have increased in the region. Therefore, the IMF states that urgent action is also needed to prevent these activities and prevent the abuse of cryptocurrencies. Stating that only a quarter of the countries in Africa’s sub-Saharan region are officially working on regulating cryptocurrencies, the IMF stated that this number should increase.