IMF chief economist calls for global policy on cryptocurrency

The economist's remarks come as nations around the world consider how to control cryptocurrencies. Read the full article by Arnold Kirimi “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

Plenty of times we have heard that a country is banning crypto from China earlier in the year to India most recently trying to ban “private” currencies. Even Russia is putting restrictions on crypto by banning it from being offered through mutual funds in the country. The IMF is responsible for the creation and maintenance of the international monetary system.

Gita Gopinath, the chief economist of the International Monetary Fund (IMF), is going to use a more forward-thinking approach by calling for a global Policy rather than an outright ban of crypto. Part of her argument was that if a country does ban it then they would not be able to control offshore exchanges allowing them to possibly go unnoticed since they do not have to comply with that countries regulations.

“There are challenges to banning it whether you can end up with truly banning crypto because many exchanges are offshore and they are not subject to regulations of a particular country,” said Gopinath. We see that even in the United States where investors utilize a virtual private network (VPN) to access exchanges that are not available in the country.

Even in the UK just the other day their advertising watchdog issued six rulings on ad violations by crypto-related firms. Since these are technically global “currencies” each country is going to try and do what they think is best for them in the moment. Going forward; however, we will need more cohesion from all countries to get a more uniform policy in place.