Crypto regulation is extremely important in the sector, says the chief economist at the International Monetary Fund (IMF). She stressed that banning crypto, like India might be considering, can pose practical challenges due to its decentralized nature.
The Crypto market is an unstoppable bull that cannot be contained or controlled by anyone. The governments can regulate it but if they try to ban the use of crypto it wouldn’t work. IMF has been consistently providing awareness about the crypto market. This time an economic professor of Harvard, who is on public service leave and slated to be deputy managing director of IMF next year, has highlighted the importance of crypto market regulation.
Crypto regulation is extremely important:
On Wednesday the chief economist, Gita Gopinath, at IMF has discussed crypto in an event organized by the National Council of Applied Economic Research (NCAER). She explained that emerging economies are more attracted to crypto than developed economies. She stressed that crypto regulation is extremely important for the sector. She further detailed:
Regulation is absolutely important for this sector. If people are using this as an investment asset, then the rules which are there for other investment classes should apply here as well.
Gita Gopinath also explained that crypto can impact the emerging markets which have exchange rate controls and capital flow controls. Crypto regulation is extremely important for the sector but banning them would pose practical challenges, she explained further.
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