Spread of Cryptocurrency In Market May Upset Financial Stability: IMF

As the private cryptocurrency spreading its legs in the emerging markets, International Monetary Fund (IMF) warned against "cryptoization" of local economies, potentially undermining exchange and capital controls and upsetting financial stability" on October 1. IMF added, "Crytoization could also become a threat to fiscal policy, with digital assets possibly facilitating tax evasion". Reportedly, India, Vietnam, and Pakistan have registered a rapid growth in Biticoin's price and propularity.