The International Monetary Fund (IMF) has released a working paper proposing a Crypto-Risk Assessment Matrix (C-RAM) for countries to assess potential risks in the crypto sector and identify indicators and triggers. The matrix includes a three-step approach that assesses crypto's macro-criticality, monitors traditional financial sector indicators, and evaluates global macro-financial risks. The authors applied C-RAM to identify risks in El Salvador, which made Bitcoin a legal tender in September 2021, and found market, liquidity, and regulatory risks. The IMF has consistently discouraged El Salvador from adopting Bitcoin due to the "large risks" it poses to financial stability, integrity, and consumer protection.
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IMF proposes Crypto-Risk Assessment Matrix for countries to identify potential risks and policy resp