IMF urged to urgently lift bans on cryptocurrencies: need global control of exchanges

Briefly:

  • IMF Chief Economist Gita Gopinath issued a new statement
  • The bottom line is to abandon the idea of ​​cryptocurrency bans and regulate them
  • The expert also called on countries to speed up this issue

The IMF chief economist urged countries to abandon the idea of ​​a cryptocurrency ban. In her opinion, this is ineffectual, because most exchanges operate offshore and are not controlled by states. Instead, the official is proposing strict regulation. It is important that the question is not shelved.

Here is an excerpt from her speech at the forum of the National Council for Applied Economic Research (NCAER):

“The introduction of cryptocurrencies and assets will be especially beneficial for emerging economies. But it is also extremely important to implement the rules in this sector. No country alone can effectively regulate the cryptocurrency market given the complexities of international transactions. Since many of the crypto exchanges operate offshore, they are not regulated by the state … Therefore, we need a single global policy on this issue “

How important is the opinion of Gita Gopinath

Geetha Gopinath is an American financier, since 2019 has been working as chief economist at the IMF. Since 2022 she will fill the vacancy of IMF Managing Director – and this is the second most important position in the fund.

By the way, while the IMF plans to introduce digital currencies, in Russia, on the contrary, they are thinking about a total ban for crypto-investors.

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