The world community should adhere to the policy of regulating cryptocurrencies because if they were to ban them, the authorities would completely lose control over the market, IMF Chief Economist, Gita Gopinath, said at a conference of the National Council for Applied Economic Research (NCEAR).
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Gopinath noted that it is impossible to completely ban cryptocurrencies as their owners can turn to decentralized tools that are not subject to any legal rules and regulations. She said:
"Many [cryptocurrency] exchanges are offshore and not subject to the rules of a particular country."
The move comes after reports said Russia might not only follow China in its battle against the cryptocurrency market but even go ahead of Beijing with an outright ban on holding cryptocurrencies. According to Anatoly Aksakov, the chairman of the Russian State Duma Committee, the authorities are discussing two approaches on how to regulate the cryptocurrency market: from a complete ban to legalization of cryptocurrency exchanges.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.