{
  "title": "Virtual Currencies: The Public Impact of Private Money",
  "publication": "IMF Blog, January 20, 2016",
  "sourceUrl": "https://www.imf.org/en/blogs/articles/2016/01/20/virtual-currencies-the-public-impact-of-private-money",
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  "summary": "Publication: iMFdirect",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Publication: iMFdirect\n- Date: January 20, 2016\n- Languages: (Version in عربي, 中文, and Español)\n- Framing: Virtual currencies are part of a broader tech revolution driving fundamental change in the global economy; technology and finance have always gone together.\n- Notable mention: Christine Lagarde, the IMF's Managing Director, also spoke about virtual currencies in Davos."
    },
    {
      "heading": "Key statistics",
      "content": "- Virtual currencies so far remain a relatively small part of the financial sector: $ 7 billion compared to the $1.4 trillion in U.S. currency in circulation.\n- The IMF is an organization of 191 countries."
    },
    {
      "heading": "Benefits identified",
      "content": "- Potential for increased financial inclusion: \"more people may eventually gain access to financial services, many of them traditionally excluded from their country's financial system.\"\n- Distributed ledger technologies underlying virtual currencies have applications beyond money and payments and \"hold the promise of big gains in efficiency for many types of financial business.\""
    },
    {
      "heading": "Risks identified",
      "content": "- Use of virtual currencies for money laundering, terrorist financing, fraud, tax evasion, and getting around capital controls.\n- Consumer protection concerns: \"people not understanding the risks they've taken on.\"\n- Current assessment: \"so far the risks to financial stability and monetary policy are minor,\" with a caveat that this assessment \"may change as virtual currency use grows.\""
    },
    {
      "heading": "Policy direction and recommendations",
      "content": "- Core solution: regulations that limit the risks and encourage innovation.\n- Emphasis on international cooperation: \"international cooperation (part of the IMF's bread and butter) is key for countries to develop effective regulations.\"\n- Ongoing work: \"a lot of work remains to be done to find the right approaches and the right balance.\""
    },
    {
      "heading": "Additional content highlights in the paper (as described)",
      "content": "- Policy advice for countries.\n- A country-by-country guide to virtual currency regulations.\n- A primer on how distributed ledgers work.\n- A historical look at private money in a number of countries and how it worked out.\n\nSource: iMFdirect, January 20, 2016.\n\n---\n\n Content in this bundle\n\n- 虚拟货币：私人资金带来的公共影响; iMFdirect 博客; 2016年1月20日\n  - 虚拟货币：私人资金带来的公共影响; iMFdirect 博客; 2016年1月20日 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 虚拟货币：私人资金带来的公共影响; iMFdirect 博客; 2016年1月20日 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\n References\n\n- عربي\n- new paper\n\nSource: https://www.imf.org/en/blogs/articles/2016/01/20/virtual-currencies-the-public-impact-of-private-money"
    }
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    "Authors: iMFdirect",
    "Published: January 20, 2016",
    "Publication: iMFdirect",
    "Date: January 20, 2016",
    "Languages: (Version in عربي, 中文, and Español)",
    "Framing: Virtual currencies are part of a broader tech revolution driving fundamental change in the global economy; technology and finance have always gone together.",
    "Notable mention: Christine Lagarde, the IMF's Managing Director, also spoke about virtual currencies in Davos.",
    "Virtual currencies so far remain a relatively small part of the financial sector: $ 7 billion compared to the $1.4 trillion in U.S. currency in circulation.",
    "The IMF is an organization of 191 countries.",
    "Potential for increased financial inclusion: \"more people may eventually gain access to financial services, many of them traditionally excluded from their country's financial system.\"",
    "Distributed ledger technologies underlying virtual currencies have applications beyond money and payments and \"hold the promise of big gains in efficiency for many types of financial business.\"",
    "Use of virtual currencies for money laundering, terrorist financing, fraud, tax evasion, and getting around capital controls.",
    "Consumer protection concerns: \"people not understanding the risks they've taken on.\"",
    "Current assessment: \"so far the risks to financial stability and monetary policy are minor,\" with a caveat that this assessment \"may change as virtual currency use grows.\"",
    "Core solution: regulations that limit the risks and encourage innovation.",
    "Emphasis on international cooperation: \"international cooperation (part of the IMF's bread and butter) is key for countries to develop effective regulations.\"",
    "Ongoing work: \"a lot of work remains to be done to find the right approaches and the right balance.\"",
    "Policy advice for countries.",
    "A country-by-country guide to virtual currency regulations.",
    "A primer on how distributed ledgers work.",
    "A historical look at private money in a number of countries and how it worked out.",
    "**虚拟货币：私人资金带来的公共影响; iMFdirect 博客; 2016年1月20日**",
    "[عربي](http://blog-montada.imf.org/?p=3988)",
    "[new paper](http://www.imf.org/external/pubs/cat/longres.aspx?sk=43618)"
  ],
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      "title": "虚拟货币：私人资金带来的公共影响; iMFdirect 博客; 2016年1月20日",
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