IMF chief on cryptocurrency: Geeta Gopinath says cryptocurrencies need to be regulated, not banned

Business Desk, Amar Ujala, New Delhi

Published by: Deepak Chaturvedi
Thursday, 16 December 2021 04:37 PM Updated to IST

Summary

IMF chief Geeta Gopinath on cryptocurrency: International Monetary Fund (IMF) chief economist Geeta Gopinath has said that instead of banning cryptocurrencies, it is important to regulate them over the ongoing concerns in India over cryptocurrencies. In particular, the negotiating market for cryptocurrencies in India is hot.

IMF Chief Economist Geeta Gopinath
– Photo: PTI

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Cryptocurrency remains the biggest problem in India right now. The government has also prepared a bill to manage this. However it is difficult to pass in the current winter conferences. Meanwhile, International Monetary Fund (IMF) chief economist Geeta Gopinath on the ongoing concerns over cryptocurrencies in India said it was important to bring cryptocurrencies under control instead of banning them.

Global policy design
Gita, the IMF’s chief economist, said emerging economies need to control cryptocurrencies without banning them. It was suggested that a global policy should also be formulated on this. Addressing a function, Gopinath said that there were many challenges in the process of banning. Can you really ban crypto, because most exchanges are offshore and are not subject to the regulations of any particular country.

Said about the cryptocurrency transaction
Supporting global policy, Geeta Gopinath said that cryptocurrency transactions are easy to do across borders and no country can solve this problem on its own. He said there was an urgent need for a global policy on this. The chief economist says cryptocurrencies are not currently a global threat. But without a regulator, there are so many fears about this business that it is important to take care of them.

Has very close relations with India
The 49-year-old prominent Indian-American economist joined the IMF in January 2019 as chief economist. Born in Mysore, Gopinath is the first woman Chief Economist for the Global Financial Institute. Geeta Gopinath is one of the leading economists and is also known for her research on international finance and macroeconomics. Apart from this, in the year 2019, he was given the Expatriate Indian Summons. She has been working with the International Monetary Fund since 2019 and was recently appointed as the Chief Economist by Geeta Gopinath.

The RBI’s preparations for crypto are in full swing
The Reserve Bank of India has intensified preparations for cryptocurrencies. The RBI Central Board meeting will be held on December 17 in Lucknow. Relevant sources say the meeting is likely to discuss cryptocurrencies seriously. A report quoting sources said that the RBI was very conscious of bringing crypto under regulatory control and was very concerned about the misuse of cryptocurrencies while protecting the interests of small investors. It is credible information that these issues will be taken seriously at the Central Board meeting. RBI Governor Shaktikanta Das has repeatedly stressed that the rise in the share of small investors and volatility in its prices is a cause for concern.

Range

Cryptocurrency remains the biggest problem in India right now. The government has also prepared a bill to manage this. However it is difficult to pass in the current winter conferences. Meanwhile, International Monetary Fund (IMF) chief economist Geeta Gopinath on the ongoing concerns over cryptocurrencies in India said it was important to bring cryptocurrencies under control instead of banning them.

Global policy design

Gita, the IMF’s chief economist, said emerging economies need to control cryptocurrencies without banning them. It was suggested that a global policy should also be formulated on this. Addressing a function, Gopinath said that there were many challenges in the process of banning. Can you really ban crypto, because most exchanges are offshore and are not subject to the regulations of any particular country.

Said about the cryptocurrency transaction

Supporting global policy, Geeta Gopinath said that cryptocurrency transactions are easy to do across borders and no country can solve this problem on its own. He said there was an urgent need for a global policy on this. The chief economist says cryptocurrencies are not currently a global threat. But without a regulator, there are so many fears about this business that it is important to take care of them.

Has very close relations with India

The 49-year-old prominent Indian-American economist joined the IMF in January 2019 as chief economist. Born in Mysore, Gopinath is the first woman Chief Economist for the Global Financial Institute. Geeta Gopinath is one of the leading economists and is also known for her research on international finance and macroeconomics. Apart from this, in the year 2019, he was given the Expatriate Indian Summons. She has been working with the International Monetary Fund since 2019 and was recently appointed as the Chief Economist by Geeta Gopinath.

The RBI’s preparations for crypto are in full swing

The Reserve Bank of India has intensified preparations for cryptocurrencies. The RBI Central Board meeting will be held on December 17 in Lucknow. Sources say the meeting is likely to discuss cryptocurrencies seriously. A report quoting sources said that the RBI was very conscious of bringing crypto under regulatory control and was very concerned about the misuse of cryptocurrencies while protecting the interests of small investors. It is credible information that these issues will be seriously considered at the Central Board meeting. RBI Governor Shaktikanta Das has repeatedly stressed that the rise in the share of small investors and volatility in its prices is a cause for concern.

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