In a strong stance, IMF Chief Economist Geeta Gopinath stands for an inclusive and visionary Global policy on Cryptocurrency adding to which she further added that a complete ban on cryptocurrency shouldn’t be done.
From the recent developments in the country, it is learned that the Central government in the Winter session 2021 is all set to introduce a bill in the Parliament for regulating and controlling cryptocurrencies.
In a series of events, Central banks of various countries have immediately called for a ban on cryptocurrencies, with the International Monetary Fund (IMF) backing this decision on such a ban. Geeta Gopinath, IMF chief economist who is all set to take over as deputy managing director of the IMF, made key statements on the cryptocurrency row.
Control is Better than Ban
IMF Chief Economist Geeta Gopinath addressed some key concerns and speculations on cryptocurrencies at an event organized by the National Council of Applied Economic Research (NCAER).
During her entire address, she was of the opinion that it would be better and sustainable to bring the cryptocurrencies under control rather than considering a complete ban on the blockchain-based currency tech.
She also said that currently, cryptocurrencies are continuing to pose a particular and major challenge to the economies worldwide especially in developing economies. She said that cryptocurrencies have recently become an attractive option for investments in emerging markets rather than developed countries.
Geeta Gopinath stated that cryptocurrencies are most likely to influence capital flow controls. Geeta Gopinath also highlighted that in emerging economies cryptocurrencies are being used by investors as a popular investment asset and destination and that the rules of investment in those countries should be applied to digital currencies in total sense and spirit in order to regulate and control the working of such digital currencies.
Geeta Gopinath’s remarks and statements come at a time when the Indian Government is seriously considering introducing a bill on cryptocurrencies in Parliament. But among such speculations on the said government bill which is to be introduced.
The Center has not yet decided on the cryptocurrency bill with the winter session of the Parliament ending on December 23. Thereby making us wait until the central government brings a bill on cryptocurrency.
Also Read: Insights from the Key Remarks of Nobel Laureate Abhijit Banerjee on the Country’s Economy
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