Gita Gopinath, who will take over as first deputy director of the International Monetary Fund (IMF) next year, believes a complete ban on cryptocurrency is impossible and advocates coordinated regulation of the industry.
At the National Council of Applied Economic Research (NCAER) conference, Gita Gopinath emphasized that digital assets do not threaten the traditional financial system, but governments cannot ban them either.
Regulation is absolutely necessary for the crypto industry. Countries are trying different options in this direction, but it is clear that there may be some problems with a complete ban.
According to Gopinath, the fact that people use cryptocurrency as an investment asset means that it should be subject to the same laws that apply to traditional financial assets.
She believes that no one country can solve the problem of cryptocurrencies alone.
Most crypto exchanges operate offshore and are not subject to regulation in a particular country. Thus, there is an urgent need for global policy on this front
Subscribe to ForkNews on Telegram to stay updated with news from the world of cryptocurrencies
You May Also Like
Chinese Internet regulator has developed new rules for blockchain companies
On Friday, the Cyberspace Administration of China published a bill that would require all blockchain organizations to censor information and require users to use their real names and identification codes when registering. According to the South China Morning Post, the regulator's bill is open for public comment until November 2.
Wall Street retreats from cryptocurrency
According to Bloomberg, Wall Street is gradually abandoning the cryptocurrency market. Despite market declines, regulatory issues, and fraud, there was a time when it looked like Wall Street would be able to drive up prices in the crypto asset market.
