Gita Gopinath: Crypto Banning May not Work

Crypto banning may not work, Gita Gopinath: Prohibition and control of crypto assets: What is Geeta Gopinath’s view?

Crypto banning may not work: Gita Gopinath It is advisable to control crypto assets instead of imposing a complete ban on cryptos.

Whether crypto currency will be accepted or banned … there is no need to worry in the virtual world. But despite the absolute uncertainty, the popularity of crypto assets has not diminished. There are many people who invest in this field knowing the risk. The central government, which used to call for a ban on cryptocurrency, is now taking a sympathetic approach. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is likely to be introduced in the current winter session of Parliament.

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IMF chief economist Gita Gopinath says emerging economies need to consider cryptocurrencies as well. Geeta, who has been appointed Deputy Managing Director of the International Monetary Fund.

According to Geeta Gopinath, chief economist at the International Monetary Fund (IMF), it would be better for developing countries to regulate crypto assets instead of imposing a complete ban on cryptocurrencies. she said a global policy on cryptocurrency should be formulated in view of the growing demand and interest in virtual assets around the world.

Geeta Gopinath was speaking during a lecture on ‘Global Recovery and Policy Challenges 2022’ organized by the National Council of Applied Economic Research .

‘It is imperative to regulate crypto assets and currencies, especially for emerging and developing economies, where banning crypto exchanges is impractical. It’s easy for anyone in the virtual world to trade in them, even if they are banned. Geeta Gopinath said.

Complex delimitation of cryptos is impossible. They also made it clear that no individual country can solve this problem. So there is an urgent need for a global policy, ‘she added.

Geeta Gopinath also warned that the adoption of crypto assets poses a challenge to emerging and developing economies, as most of them are foreign transactions. They have restrictions. For emerging and developing economies, exchange control laws can cause problems in cryptocurrencies. Geeta Gopinath said. ‘Crypto assets and currencies may be used to escape those restrictions,’ she added.

 

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Crypto banning may not work, Gita Gopinath: Prohibition and control of crypto assets: What is Geeta Gopinath's view?

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