January2016SDN/16/03IMFSTAFFDISCUSSIONNOTEVirtualCurrenciesandBeyond:InitialConsiderationsDongHe,KarlHabermeier,RossLeckow,VikramHaksar,YasminAlmeida,MikariKashima,NadimKyriakos-Saad,HirokoOura,TahsinSaadiSedik,NataliaStetsenko,andConcepcionVerdugo-YepesVIRTUALCURRENCIESANDBEYOND2INTERNATIONALMONETARYFUNDINTERNATIONALMONETARYFUNDMonetaryandCapitalMarkets,Legal,andStrategyandPolicyReviewDepartmentsVirtualCurrenciesandBeyond:InitialConsiderationsPreparedbyanIMFStaffTeam1AuthorizedfordistributionbyJoséViñals,RossLeckow,andSiddharthTiwariDISCLAIMER:StaffDiscussionNotes(SDNs)showcasepolicy-relatedanalysisandresearchbeingdevelopedbyIMFstaffmembersandarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinStaffDiscussionNotesarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.JELClassificationNumbers:G00,G10,G18,G20,G23,G28,E42,E5Keywords:Virtualcurrencies,cryptocurrencies,paymenttechnology,distributedledger,blockchain,financialinnovation,financialefficiency,financialinclusion,AML/CFT,consumerprotection,taxevasion,exchangecontrols,capitalflowsmanagement,financialregulation,financialstability,monetarypolicy,internationalcooperationAuthors’E-mailAddress:dhe@imf.org;khabermeier@imf.org;rleckow@imf.org;vhaksar@imf.org;nkyriakossaad@imf.org;tsaadisedik@imf.org;yalmedida@imf.org;mkashima@imf.org;houra@imf.org;nstetsenko@imf.org;cverdugo@imf.org;1TheIMFstaffteamcomprisedDongHe,KarlHabermeier,RossLeckow,VikramHaksar,YasminAlmeida,MikariKashima,NadimKyriakos-Saad,HirokoOura,TahsinSaadiSedik,NataliaStetsenko,andConcepcionVerdugo-Yepes.InputsarealsogratefullyacknowledgedfromVictoriaPerry,FedericoDiaz-Kalan,SilviaIorgova,JonathanPampolina,NadiaRendak,AnnaStrandquist,HerveTourpe,andChristopheWaerzeggers.SoniaEcheverri,RosemaryFielden,andKajalJagatsingprovidedvaluablesupport.VIRTUALCURRENCIESANDBEYONDINTERNATIONALMONETARYFUND3CONTENTSEXECUTIVESUMMARY________________________________________________________________________...
