Cryptocurrencies a challenge to ban says IMF Chief

Cryptocurrencies a challenge to ban says IMF Chief , Gita Gopinath. Let’s see why she made such comments.

Introduction

The Chief Economist of the IMF or International Monetary Fund, Gita Gopinath in a lecture hosted by National Council for Applied Economic Research (NCAER) gave her views on Cryptocurrencies. She said that cryptocurrencies are a challenge for developing economies that have checks on capital flows and foreign exchange.

Furthermore, she said that a global scale action is the need for regulating Cryptocurrencies. She also said that a complete ban on Cryptocurrencies is implausible. “A lot of exchanges are offshore and not subject to the regulation (of a country)… We need a global compact as no individual country can do it… we need it urgently,” said the Chief Economist.

She affirmed that there’s a need to regulate Cryptocurrencies. The government of India is working on a bill to effectively regulate and manage Cryptocurrencies in India. Subsequently, government was about to discuss the bill in the winter Parliamentary session. However, due to the need of more consultation and discussion the bill got a bit delayed.

On Regulations and the Economy

On the issue of Crypto Bill, 2021 she made some comments. She said that the Government of India should not rush for a regulative measure. Further adding, she said that the government should make an accommodating policy and gradually act on it. She also said that the Reserve Bank of India (RBI) needs to keep a check on the uncontrolled Inflation citizens of India are witnessing these days.

Conclusion

Indeed the views of experts are really needed in development of Cryptocurrencies. Undoubtedly, positive and constructive feedback for regulations, we might see a more accommodating world where Cryptocurrencies are widely accepted. As of now Cryptocurrencies are a challenge to ban as said by the IMF Chief.

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