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The International Monetary Fund (IMF) needs to increase its resources to realize its goal to track, advise and help manage cryptocurrencies.
This is because in order for digital money to make payments more affordable, faster, and cheaper, regulators need to tackle key challenges such as: ensuring that the digital cash is reliable, protecting domestic economic and financial stability, and preserving the balance and stability of the international monetary system.
"The foundation will need to play a critical role in helping its members take advantage of digital money and manage risk," the IMF said.
Also, cryptocurrencies must be regulated, designed and provided so that countries retain control over monetary policy, financial conditions, account openness and exchange rate regimes.
The IMF released a document on Thursday that offers the vision of the organization, as well as how it seeks partnerships with other organizations such as central banks, regulators and the World Bank.
"The foundation will need to strengthen, expand and deepen its well-established digital money work as quickly as possible, all while coordinating and working closely with other institutions within its mandate. It should also rapidly increase the resources allocated to these topics."
In a separate blog post earlier this week, two directors from IMF said any attempt to use crypto assets as national currencies would be risky. They said there will be no need to overlook benefits, including the chance of providing cheaper and more inclusive financial services.
To date, Bitcoin has not been able to climb higher than $ 40,000.
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