A new warning regarding surges in cryptocurrency prices has been issued by the IMF and calls for increased levels of global coordination in response to crypto markets. Bloomberg reports that Gerry Rice, a spokesperson for the IMF, stated that there was a clear need for international cooperation and discussion.

Rice went on to say that when the price of BTC increases in a short amount of time, so does the level of risk. The levels of risk are further increased if investors borrow money in order to fund their investment.

The spokesperson also went on to stress that cryptocurrencies could potentially pose other dangers beyond lost investments, as the technology could also be used to evade tax, to launder money and to finance terror groups.

In previous statements, the IMF has called for a balanced response in terms of regulation. In September 2017, IMF managing director, Christine Lagarde said that cryptocurrencies could compete with traditional centrally issued fiat currencies. She stated that it would be unwise to ignore their rise, as they could cause \"massive disruptions\" if governments and central banks did not take action now.

The comments from the IMF follow a statement issued by Steven Mnuchin, U.S. Treasury Secretary, saying that US regulators would be forming a working group in order to examine the impact of cryptocurrencies on the US economy.