It is learned that the Center is all set to introduce a bill to regulate cryptocurrencies in the Parliament. Central banks in various countries have called for a ban on cryptocurrencies, with the International Monetary Fund (IMF) backing the decision. IMF Chief Economist Gita Gopinath, who will soon take over as the Deputy Managing Director of the IMF, made significant comments on the cryptocurrency.
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Control is better than ban..!
Gita Gopinath commented on cryptocurrencies at an event organized by the National Council of Applied Economic Research (NCAER). He was of the view that instead of banning cryptocurrencies, it would be better to bring them under control. He added that cryptocurrencies pose a particular challenge to the economies of developing countries. He added that cryptocurrencies are more attractive to emerging markets than to economies in developed countries. However, developing countries have exchange rate controls. Gita said that cryptocurrencies can affect capital flow controls.
Geeta pointed out that cryptocurrencies are being used by investors as investment assets and that investment rules in those countries should be applied to digital currency as well. Gopinath’s statement comes at a time when the Indian government is considering introducing a bill on cryptocurrencies in the Parliament. The winter session of Parliament ends on 23 December. The Center is yet to take a decision on the cryptocurrency bill. We will have to wait till the central government brings a bill on cryptocurrency.
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