IMF Chief Gita Gopinath Admits Crypto Ban Tough to Impose
On Wednesday, December 15, Gita Gopinath – the chief of the International Monetary Fund (IMF) – opined her views about the state of cryptocurrencies.
The IMF chief said that digital currencies were proving to be a challenge for the emerging markets and that strict regulations were required in place. However, she admitted that banning cryptocurrencies is not an option that the IMF has. She said that there were practical obstacles to banning cryptocurrencies given their decentralized nature.
Gopinath also referred to other challenges with capital inflows and foreign exchange. Thus, she calls for a coordinated approach in regulating them. Speaking on why it’s not a practical approach to banning digital assets. Gopinath added:
“I think cryptocurrencies are a particular challenge for emerging markets. It would seem that cryptocurrencies are more attractive for emerging markets compared to developed economies. However, emerging markets have exchange rate controls, capital flow controls, and cryptocurrencies can impact that.
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”.
Gita Gopinath’s comments while speaking at a lecture organized by the National Council for Applied Economic Research (NCAER), a New Delhi-based non-profit think-tank.
Gita: ‘India to Take More Time on Forming the Crypto Bill’
The latest comments from Gopinath come at a time when India has been working on forming its crypto laws. the PM Modi-led government has said that they won’t be banning digital currencies, however, they are looking at collective efforts from global democracies to regulate the crypto space.
Previously, there were talks that India will introduce its crypto regulatory bills during the ongoing Winter Session of the parliament. However, it seems the government is looking to take some more time on this. However, the Winter Session will end in a week and the Union Ministry has yet not cleared the bill. It seems we might have to wait for some more time before any concrete update.
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