{"id":133740,"date":"2022-01-13T06:27:22","date_gmt":"2022-01-13T05:27:22","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=133740"},"modified":"2022-01-13T06:40:32","modified_gmt":"2022-01-13T05:40:32","slug":"imf-crypto-currencies-violatility-poses-financial-stability-risks-for-nigeria-others","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/01\/13\/imf-crypto-currencies-violatility-poses-financial-stability-risks-for-nigeria-others\/","title":{"rendered":"IMF: Crypto currencies&#8217; violatility poses financial stability risks for Nigeria, others"},"content":{"rendered":"<p data-amp-original-style=\"text-align: justify;\">The International Monetary Fund has disclosed that crypto currencies&#8217; high violatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries\u00a0with widespread crypto adoption.<\/p>\n<p data-amp-original-style=\"text-align: justify;\">This was made known by IMF in a\u00a0blogpost titled, \u2018Crypto Prices Move More in Sync With Stocks, Posing New Risks\u2019, on Tuesday.\u2019<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">According to the Chainalysis\u2019 2021 Global Crypto Adoption Index, Nigeria is the sixth leading country in the world in terms of cryptocurrency adoption. Vietnam, India, and Pakistan are the top three countries.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">IMF said in the latest post that crypto assets were no longer on the sidelines of the financial system, adding that there was an increasing and sizable co-movement between crypto and equity markets that could cause shock, destabilising financial markets.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">It disclosed that the stronger association between <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/08\/jimoh-ibrahim-dissociates-self-from-fake-cryptocurrency-link\/\">crypto<\/a> and equities was apparent in emerging market economies, most of which are leading in crypto-asset adoption.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">The fund said, \u201cThe increased and sizable co-movement and spillovers between crypto and equity markets indicate a growing interconnectedness between the two asset classes that permits the transmission of shocks that can destabilise financial markets.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">\u201cOur analysis suggests that crypto assets are no longer on the fringe of the financial system. Given their relatively high volatility and valuations, their increased co-movement could soon pose risks to financial stability especially in countries with widespread crypto adoption.<\/p>\n<p data-amp-original-style=\"text-align: justify;\">According to the IMF, crypto assets such as bitcoin have matured to become an integral part of the digital asset revolution, raising financial stability concerns.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">The Washington-based lender said, \u201cBefore the pandemic, crypto assets such as bitcoin and ether showed little correlation with major stock indices. They were thought to help diversify risk and act as a hedge against swings in other asset classes.<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\">\u201cBut this changed after the extraordinary central bank crisis responses of early 2020. Crypto prices and US stocks both surged amid easy global financial conditions and greater investor risk appetite.\u201d<\/p>\n<p class=\"amp-wp-7d27179\" data-amp-original-style=\"text-align: justify;\"><em>It said, \u201cIncreased crypto-stocks correlation raises the possibility of spillovers of investor sentiment between those asset classes. Indeed, our analysis, which examines the spillovers of prices and volatility between crypto and global equity markets, suggests that spillovers from Bitcoin returns and volatility to stock markets, and vice versa, have risen significantly in 2020\u201321 compared with 2017\u201319.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund has disclosed that crypto currencies&#8217; high violatility and valuation, as well as their increasing co-movement with equity markets will soon pose risks to financial stability in countries\u00a0with widespread crypto adoption. This was made known by IMF in a\u00a0blogpost titled, \u2018Crypto Prices Move More in Sync With Stocks, Posing New Risks\u2019, on [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":35484,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[37],"tags":[27395,1001,27396,5718],"class_list":["post-133740","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-2021-global-crypto-adoption-index","tag-cryptocurrency","tag-financial-markets","tag-international-monetary-fund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IMF: Crypto currencies&#039; violatility poses financial stability risks for Nigeria, others<\/title>\n<meta name=\"description\" content=\"The International Monetary Fund has disclosed that crypto currencies&#039; 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