The Finance Minister of Indiastated that lawmakers from other nations at the IMF meeting extended theircaution when talking about cryptocurrencies. She further stated Facebook's Libra was one of the hottest topics at theannual IMF meeting.

The concerns about most of thenations related to cryptocurrency are centered around issues with terrorfunding and money laundering.

India is working on a concretepolicy regarding cryptocurrency despite the current ban placed on trading andpossessing cryptocurrency. The IndianFinance Minister stated that they have already received several red flags fromother nations regarding the consequences of using cryptocurrencies.

Cryptocurrencies come withseveral perks like the ease of use, cost savings, financial inclusion, andmore. However, they can bring in a lotof risks in terms of privacy.

Kristalina Georgieva, managingdirector of the IMF, recently stated, "We are not specifically focusing onLibra. We are looking into, one, the inevitability of expanding digital moneyon the wave of the digital revolution, but then the necessity to do so, mindfulof monetary stability."

The IMF is currently exploring the benefits and risks associated with cryptocurrencies in terms of terror funding and other illegal activities.  The IMF is partnering with the Financial Stability Board and the European Central Bank to explore the benefits of cryptocurrencies.

Officials at Bank of Canada areconsidering the development of a national cryptocurrency. The interest in Central Bank DigitalCurrencies is on the rise, and this can eventually threaten the Bitcoin.

MikeEppel stated, "The Bank of Canada wants to get ahead of the curve. Theyhave this internal memo saying, yeah, eventually, they're likely going tolaunch some crypto."

Thereare continuing concerns around cryptocurrencies like inadequate regulatoryframework and volatility.

Individualcountries are tight-lipped, and central banks from across the world are lookingto enter into the cryptocurrency space.

NourielRoubini, the Economist, previously proposed that central banks worldwide shouldissue their digital currencies to shut cryptocurrencies out.

IfCentral Banks ventured into the cryptocurrency industry, they would want toensure that the tokens are centralized. The authorities would legitimately prefer to track criminals andterrorists. They would crackdown on thedifferent attempts across the world to create cryptocurrencies in completeprivacy.

DespiteBitcoin being the underdog, the Central Banks are not going to give up on theirmonopoly control on the monetary system, and they would prefer to fight tosustain their dominance.