Following the recent collapse of FTX and the subsequent ongoing prosecution of its former Chief Executive Officer, Sam Bankman-Fried, the International Monetary Fund has called for increased regulation of crypto markets in Africa.
IMF made this call on Thursday in its “October 2022 Regional Economic Outlook for sub-Saharan Africa”.
According to IMF, countries in the region should embrace regulation while citing the collapse of FTX and its ripple effect in cryptocurrency prices, which is “prompting renewed calls for greater consumer protection and regulation of the crypto industry”.
Moreover, the fund argued that “risks from crypto assets are evident” and “it’s time to regulate” to find a balance between minimising risk and maximising innovation.
