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Cryptocurrencies are a challenge in the coming markets, rules are needed: IMF chief financial officer Gita Gopinath


“I think cryptocurrencies are very difficult in the coming markets. It seems more exciting to adopt cryptocurrencies and goods in developing countries than in developing countries,” he said.

The International Monetary Fund (IMF) Chief Economist Gita Gopinath has filed a lawsuit against cryptocurrencies, saying it is always difficult to restrict them when they operate from other countries. Ms. Gopinath also provided an overview of global principles and coordinated corrective action crypto currency.

Directing the crypto genie

“I think cryptocurrencies are very difficult in the coming markets. It seems to be more attractive to adopt cryptocurrencies and assets in developing countries than economies in the future,” he said in a statement organized by the National Council of Applied Economic Research (NCAER) on Wednesday. .

India is considering bringing a Bill to Parliament to address the problems that come with unregulated securities. Currently, there are no special rules or restrictions on the use of cryptocurrencies in this country.

“The law is very important for the sector (cryptocurrencies and assets) … Countries around the world are experimenting with different things, obviously there are restrictions (cryptocurrencies and assets),” Ms. Gopinath, who is supposed to be the first second. The IMF’s managing director early next year, he said.

According to the IMF chief financial officer, no country can solve this problem (cryptocurrencies) on its own in light of the financial crisis.

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“Because most of these crypto exchanges are located on the coast, they are not under the control of a particular country … Therefore, there is an urgent need for international action on this,” he said.

Responding to a question on India’s economic and social policy, Ms Gopinath said India’s inflation rate was more than 6%; so, in the environment, and in the planning process, when realizing that the economy is not well recovered is a big issue.

“India’s financial statements should remain in place for some sessions gradually and gradually,” he said, adding that “but do it slowly”.

The November Price Index (WPI) inflation for November has risen to 12 years to 14.23%, the highest since April 2005. The recent CPI inflation rate rose to three months of 4.91%.

On Monetary Policy, he said, “We see a reason to remain steadfast in terms of interest rates.” But Gopinath stressed that at the same time, it is important to monitor inflation.

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According to him, due to the recurrence of the plague in the third phase, global recovery was halted.

“While we still have a positive growth, we are still not recovering from globalization but we are losing energy,” he said.

Newer versions of COVID called B.1.1.529 or Omicron were first reported to the World Health Organization (WHO) from South Africa on November 24.

He added that one of the great discoveries was that although the plague had been spreading for almost two years, it could not be compared to the Great Depression of the early 20th century. On the contrary, in the aftermath of the COVID-19 epidemic, there have been economic setbacks despite the unsettled complexity, “Gopinath said.

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