IMF Chief Economist Says “Regulation Is Absolutely Important” For Crypto Industry – Bitcoin Regulation News – Tech Tribune France

The International Monetary Fund (IMF) chief economist said regulation is “absolutely important” to the crypto industry. He added that banning cryptocurrencies, like what India might consider doing, would pose practical problems given its decentralized nature.

IMF chief economist on cryptocurrencies and its regulation

Reportedly, International Monetary Fund (IMF) chief economist Gita Gopinath discussed cryptocurrency at an event hosted by the National Council for Applied Economic Research (NCAER) on Wednesday.

Gopinath is also an economic advisor to the IMF and head of its research department. She is on public service leave from the Department of Economics at Harvard University, where she is the John Zwaanstra Professor of International Studies and Economics. Gopinath is expected to be the IMF’s first deputy managing director early next year.

She said:

It seems that cryptocurrencies are more attractive to emerging markets than developed economies.

Noting that “cryptocurrencies are a particular challenge for emerging markets,” he added, “emerging markets have exchange rate controls, capital flow controls, and cryptocurrencies can have an impact on that.”

Gopinath added:

Regulation is absolutely important to this industry. If people use it as an investment asset, the rules that exist for other investment categories should apply here as well.

He added that banning cryptocurrencies would pose practical challenges, given its decentralized nature, underscoring the need for a global cryptocurrency policy.

Last week, the IMF presented some recommendations on how cryptocurrencies should be regulated, noting that there is an urgent need for cross-border collaboration and cooperation in cryptocurrency regulation. The authors said: “Crypto assets are changing the international monetary and financial system in profound ways.”

The IMF also warned El Salvador in November against using bitcoin as a national currency. The country made bitcoin legal tender alongside the US dollar in September and bought 1,370 bitcoins for its cash.

What do you think of the comments from the IMF chief economist? Let us know in the comment section.

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Kevin helms

Kevin, an Austrian economics student, discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

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