IMF calls for the regulation of cryptocurrency - page 2.

CageMabok

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Quote from: sokani on June 24, 2023, 08:41:00 AM

The International Monetary Fund (IMF) after standing firm on it's position all this while on the need for countries to ban cryptocurrency makes a u-turn. This is coming as a result of the widespread usage of digital assets and CBDCs in latin America and the Caribbean. IMF is coming to terms with reality of the benefits of digital assets and feels cryptocurrency should not be outrightly banned but should be regulated.

It would have been better if it had been managed without any sacrifice or disadvantage, but I doubt they could have managed it better without wanting to profit from it. However, regulation would be slightly better than completely banning cryptocurrencies, moreover the use of cryptocurrencies and CBDCs almost look the same at a glance so that the IMF knows that cryptocurrencies will be much better if there are specific regulations for them.

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I wonder what could really be responsible for the sudden change of IMF's position on the subject matter but I still think it's a win for the crypto community.

Hopefully this can actually be a victory for the crypto community, so that crypto can grow more widely in this world and also doesn't make people in the crypto community hesitate to continue to be in crypto. But if the goal of the IMF itself is to make crypto grow and also get better for the future, I think this really needs to be well supported by everyone in the crypto community.

SquirrelJulietGarden

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Quote from: sokani on June 24, 2023, 08:41:00 AM

The International Monetary Fund (IMF) after standing firm on it's position all this while on the need for countries to ban cryptocurrency makes a u-turn. This is coming as a result of the widespread usage of digital assets and CBDCs in latin America and the Caribbean. IMF is coming to terms with reality of the benefits of digital assets and feels cryptocurrency should not be outrightly banned but should be regulated.

Is it new or not predictable?

No. Because IMF with pressure from big nations, will not allow totally freedom in finance and cryptocurrency if they see threats. They did not touch on this market years ago when it was like infant and very small. When this market becomes big enough, governments, IMF will pay more attention on it and do more regulations. It is very predictable.

Is it coincidence that after hype news with Bitcoin ETF, we have bad news from IMF?

Z-tight

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Quote from: sokani on June 24, 2023, 08:41:00 AM

I wonder what could really be responsible for the sudden change of IMF's position on the subject matter but I still think it's a win for the crypto community.

The IMF keeps on repeating the same thing everytime and their position does not really matter. They would never support anything that's not a centralized financial system, so they'll never support BTC, that's the reason why the IMF are not in support of El Salvador making BTC a legal tender, and they have openly spoken against it.

As for regulation of cryptocurrencies, it isn't bad if centralized altcoins and exchanges are regulated because of how shady they operate, but i don't think decentralized cryptocurrencies like BTC or services that provides privacy for crypto users should be regulated, the government don't like censorship resistant services or currencies because they want to spy on everyone and totally control the financial sector.

Faisal2202

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AFAIK, IMF is not against crypto from the start, as IMF has also showed there interest towards crypto before, but they also mentioned some points that should be taken into account before making crypto legal in your country, after those 9 points mentioned by IMF, Idk why our country banned crypto. Source to 9 points

Yeah, i totally agree, but it will be a win for crypto only if those countries who banned it and will unban crypto. And provide some legal ways too. This will streamline the adoption of crypto and thus it will be considered as a win. But yeah it do have good impact on the market and it will help market to go beyond its limitations.

sokani

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While a few countries have completely banned crypto assets given their risks, this approach may not be effective on the long run. The region should instead focus on addressing the drivers of crypto demands, including citizen's unmet digital payment needs, and on improving transparency, by recording crypto asset transactions in national statistics.

The International Monetary Fund (IMF) after standing firm on it's position all this while on the need for countries to ban cryptocurrency makes a u-turn. This is coming as a result of the widespread usage of digital assets and CBDCs in latin America and the Caribbean. IMF is coming to terms with reality of the benefits of digital assets and feels cryptocurrency should not be outrightly banned but should be regulated.

I wonder what could really be responsible for the sudden change of IMF's position on the subject matter but I still think it's a win for the crypto community.

SOURCE: https://cointelegraph.com/news/imf-banning-crypto-not-effective-in-long-run/

Topic: IMF calls for the regulation of cryptocurrency - page 2. (Read 271 times)