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The chief economist of the International Monetary Fund (IMF) stated that regulation is “absolutely important” for the crypto industry. She added that banning cryptocurrencies, as India may be considering doing, will present practical challenges given its decentralized nature.
Chief Economist of IMF Cryptocurrency and Its Regulation
Gita Gopinath, Chief Economist, International Monetary Fund (IMF) It is said that Cryptocurrencies were discussed at an event organized by the National Council for Applied Economic Research (NCAER) on Wednesday.
Gopinath is also the Economic Advisor and Director of Research at the IMF. She is taking a leave of absence in the Department of Economics at Harvard University, where she is the John Zwanstra Professor of International Studies and Economics. Gopinath plans to become the first vice president of the International Monetary Fund early next year.
she says:
Compared with advanced economies, cryptocurrencies seem to be more attractive to emerging markets.
She pointed out that “cryptocurrency is a special challenge for emerging markets,” she further believes that “emerging markets have exchange rate control and capital flow control, and cryptocurrency may have an impact on this.”
Gopinath added:
Regulation is absolutely important for this industry. If people use it as an investment asset, the rules of other investment categories should also apply here.
She added that given the decentralized nature of cryptocurrencies, banning cryptocurrencies will bring practical challenges and emphasized the need for a global cryptocurrency policy.
Last week, the International Monetary Fund outlined some suggestion How to supervise cryptocurrency, pointing out that there is an urgent need for cross-border cooperation and cooperation in cryptocurrency supervision. The author said: “Encrypted assets have the potential to change the international monetary and financial system in profound ways.”
The International Monetary Fund also warn El Salvador opposed the use of Bitcoin as its national currency in November.The country adopted Bitcoin and the U.S. dollar as legal tender in September and has Buy 1,370 Bitcoin is used as its national treasury.
What do you think of the comments made by the chief economist of the IMF? Please let us know in the comments section below.
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