The International Monetary Fund’s chief economist, Gita Gopinath, has made recommendations regarding cryptocurrency sanctions. Rather than being blocked country by country, cryptocurrencies, according to Gopinath, should be regulated globally.
Instead of banning, let us regulate.
Gita Gopinath, the IMF‘s chief economist who will be appointed vice-president soon, believes that if countries block cryptocurrencies, they will lose complete control of the cryptocurrency market. According to Gopinath, for countries not to be left out of the game, a global policy should be established and a common cryptocurrency regulation program should be implemented.
Chief economist Gopinath made the following statements at the event held by the National Council of Applied Economic Research:
“There are challenges in truly banning crypto since many exchanges are located offshore and aren’t subject to a country’s regulations. She said that there is an urgent need for global policy on cryptocurrencies since the ease of transactions in this space means that no one country can tackle the problem alone.”
Message to the Countries
Gita Gopinath’s suggestions were intended to send a message to countries that have begun to prohibit the use of cryptocurrencies.
Last October, the People’s Bank of China (PBoC) made public a set of anti-cryptocurrency measures it had developed. China has maintained its aggressive stance toward cryptocurrencies for a long time.
Russia has similar attitudes. The Central Bank of Russia announced earlier this month that it has officially prohibited mutual funds from investing in Bitcoin.
