02254cas a2200277 a 4500 AALejournalIMF016549 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498363273 2617-6750 BD-DhAAL BD-DhAAL He, Dong. Virtual Currencies and Beyond : Initial Considerations / Dong He, Karl Habermeier, Ross Leckow, Vikram Haksar. Washington, D.C. : International Monetary Fund, 2016. 1 online resource (42 pages) Staff Discussion Notes <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students New technologies are driving transformational changes in the global financial system. Virtual currencies (VCs) and the underlying distributed ledger systems are among these. VCs offer many potential benefits, but also considerable risks. VCs could raise efficiency and in the long run strengthen financial inclusion. At the same time, VCs could be potential vehicles for money laundering, terrorist financing, tax evasion and fraud. While risks to the conduct of monetary policy seem less likely to arise at this stage given the very small scale of VCs, risks to financial stability may eventually emerge as the new technologies become more widely used. National authorities have begun to address these challenges and will need to calibrate regulation in a manner that appropriately addresses the risks without stifling innovation. As experience is gained, international standards and best practices could be considered to provide guidance on the most appropriate regulatory responses in different fields, thereby promoting harmonization and cooperation across jurisdictions. Mode of access: Internet Habermeier, Karl. Haksar, Vikram. Leckow, Ross. Staff Discussion Notes; Staff Discussion Notes ; No. 2016/003 Full text available on IMF http://elibrary.imf.org/view/journals/006/2016/003/006.2016.issue-003-en.xml IMF e-Library