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On Wednesday, the head of the International Monetary Fund (IMF) Gita Gopinath said that digital currencies are becoming a problem for emerging markets, so strict rules are needed.
However, she acknowledged that a ban on cryptocurrency is not an option supported by the IMF. In addition, there are practical obstacles to banning cryptocurrencies given their decentralized nature.
I think cryptocurrencies pose a particular challenge to emerging markets. It would seem that they are more attractive to emerging markets compared to developed countries. However, they also have control over exchanges, capital flows, and cryptocurrencies can influence this.
Many exchanges are offshore and not subject to regulation [самими странами]… We need a global compact, because no single country can do it … and it is urgently needed, ”said Gopinath.
These words coincide with the position of the Indian government under the leadership of Prime Minister Modi, which does not plan to ban digital currencies, but will take into account the international experience in regulating the crypto space.
India was supposed to present cryptocurrency regulation bills during the current winter parliamentary session. It will end in a week, and the trade union ministry has not yet approved the bill. Apparently, the legislators still have a lot of work to do.
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