IMF chief economist calls for global policy on cryptocurrencies

The economist’s comments come as countries around the world think about how to control cryptocurrencies.

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Gita Gopinath, chief economist at the International Monetary Fund (IMF), has called for a global policy to regulate cryptocurrencies instead of banning them.

Gopinath, who is about to become deputy chief executive officer of the IMF, advocates global politics, arguing that if countries ban cryptocurrencies, they have no control over them, and forex trading does not follow their country’s regulations. can lead to them being completely ignored.

“There are challenges in banning whether or not you can actually ban crypto because many exchanges are overseas and do not follow the regulations of a particular country,” Gopinath said at an event organized by the National Council of Applied Economic Research.

Gita’s comments come as countries around the world think about how to control cryptocurrencies. As Cointelegraph reported in September, the People’s Bank of China (PBoC) officially announced a series of new measures to combat the use of cryptocurrencies in China, including strengthening cooperation between departments in preventing cryptocurrency activities. Earlier this month, the Russian central bank officially banned investment funds from investing in Bitcoin (BTC).

Related: India Regulated, No Bans, Cryptocurrencies: Cabinet Documents

In India, the government is seeking cabinet approval for a bill to regulate cryptocurrencies. The Official Cryptocurrency Bill and Regulation of the Official Digital Currency Bill, 2021 are expected to be unveiled in Parliament’s winter session, but top government sources indicate that optimism is very low.

In the UK, Members of Parliament have called on the Financial Conduct Authority to restrict the use of the words “invest” and “invest” for marketing purposes by crypto companies. The UK advertising regulator has since issued multiple advertising breach rulings involving six crypto-related companies. Iincluding Coinbase, Kraken, eToro, Exmo, cryptocurrency broker Coinburp and crypto exchange Luno.