The cryptocurrency market continues to grow by leaps and bounds, with the value of crypto assets exceeding $2 trillion at the end of September. The International Monetary Fund (IMF) considers that it does not yet represent a systemic risk, but calls on the authorities to be alert to the cryptocurrency boom and coordinate globally to create effective supervision and oversight.

"Financial stability risks are not yet systemic, but should be closely monitored given the global implications and inadequate operational and regulatory frameworks in most jurisdictions," the institution says in a chapter of the Global Financial Stability Report cited by "Eco Online" and released on Friday.

With the growth in value of cryptocurrencies, an entire ecosystem has flourished, with the emergence of trading platforms, digital wallets, miners, and issuers of so-called stablecoins. However, many of these entities have gaps in what are their operational, governance and risk practices.

The IMF gives the example of the disruptions that shook crypto-active trading platforms during the period of stock market turmoil and also the various cases of cryptocurrencies being stolen from customers' "digital pockets". Another example: of the more than 16,000 digital currencies already issued, there are currently only 9,000 in existence, and many of them were created fraudulently.

While these incidents have not significantly affected financial stability, as the market grows, so do the potential implications for the entire economy, the IMF notes.

For emerging markets, the advent of cryptocurrencies could bring benefits, but it could accelerate the "cryptoization" - the replacement of local currency in transactions with cryptocurrency - of the economy, reducing the ability of central banks to effectively implement their monetary policies.

Against this background, the IMF recommends that official authorities should accelerate plans for cross-border payments to make them faster, cheaper and more transparent under the G20's Cross-Border Payments Roadmap.