Gita Gopinath – Chief Economist for the International Monetary Fund – recently said that developing economies should refrain from banning crypto. Instead, she called global regulation of the industry “the need of the hour”.
The Global Challenge of Crypto
Gopinath outlined the regulatory difficulties around crypto at an event by the National Council of Applied Economic Research (NCAER) on Wednesday. She said that global policy on crypto is an urgent need to address the challenges the technology poses to emerging markets.
Moreover, she said banning them was simply impractical, given the global presence that exchanges possess.
“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,” she said.
This September, China announced a ban on all crypto exchanges from the country, after which exc
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