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IMF Chief economist calls for crypto regulation instead of ban.




IMF chief economist called for crypto regulation


 International Monetary Fund (IMF) chief economist Gita Gopinath has called for immediate enactment of standard global policies to regulate cryptocurrency rather than a complete ban, stating that they pose a challenge for emerging markets, according to Business Today reports.

Gita Gopinath, who will soon take charge as the first deputy managing director of the IMF, said the crypto sector comes with various benefits, such as decentralized technology, hence the need for regulation during a lecture on 'Global Recovery and Policy Challenges in 2022', organised by the National Council of Applied Economic Research (NCAER).

"Regulating crypto assets and currencies is essential, especially for emerging and developing economies, as banning them may not work as crypto exchanges are located offshore, which makes it easier for an individual to trade in them despite the ban," said Gopinath.

She also stressed that no single country can solve the problem, but the complex nature of cryptocurrencies calls for urgent global policy.

"Cryptocurrencies call for overhauling of most laws, especially those around overseas transactions.

Her sentiments came after the IMF released guidelines on a proposed framework to make global crypto regulation standard. As Finold previously reported, the IMF noted that global crypto regulations should aim to offer a level playing field for all parties.

One of the proposals is to have regulations that align with the primary use of cryptocurrencies alongside stablecoins.

Gita Gopinath's comments came at a time after the Nigerian government minister also calls for regulation of crypto, considering an additional body to play the role.

Nigerian Government Minister call for regulation of crypto

A Nigerian minister, Clem Agba has called on authorities in the country to consider regulating cryptocurrencies instead of clamping down on them. The minister wants a new body to oversee crypto regulation.

Clem Agba said rather than clamp down on companies that facilitate crypto transactions, he argues that forward-thinking regulation would prove more beneficial for Nigeria. According to Bloomberg publication, Agba also appears to question the claim that the CBN has the right to regulate cryptocurrencies when in fact there is no law giving any regulatory body such a mandate.


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