Cryptocurrencies a challenge for emerging markets, regulation needed: IMF chief economist Gita Gopinath
3 years ago

Cryptocurrencies a challenge for emerging markets, regulation needed: IMF chief economist Gita Gopinath

The Hindu  

International Monetary Fund Chief Economist Gita Gopinath has made a strong case for regulating cryptocurrencies, saying it will always be a challenge to ban them as they operate from offshore exchanges. Countries around the world are trying different things, there is obviously challenges to banning,” Ms. Gopinath, who is slated to be the first deputy managing director of the IMF early next year, said. “India’s fiscal policy should maintain its accommodative stance for a few more quarters and after that slowly unwind,” the IMF’s Indian-American chief economist said, adding that “but do it gradually”. “The impact of the Great Depression was longer and more far-reaching; in contrast, after the COVID-19 pandemic, there has been an economic rebound even if an uneven one,” Ms. Gopinath pointed out.

India Policy Cryptocurrencies Gopinath Needed Imf  inflation  particular  markets  needed  imf  gita  economist  cryptocurrencies  ms  policy  pandemic  chief  gopinath  global  regulation  emerging  monetary

History of this topic

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod
1 year, 2 months ago

A timeline of crypto regulations: From ‘illegal tender’ to G20’s nod

Live Mint  

Finance ministers of G20 nations have now adopted the synthesis paper released by Financial Stability Board and International Monetary Fund that carries a number of suggestions on regulations of cryptocurrencies. Here is the timeline of regulatory evolution that the digital currencies have undergone: Feb 1, 2018: Then Finance Minister Arun Jaitley, during the Budget Speech, said government did not consider …

G20 summit 2023: Crypto market hopeful for constructive dialogue on global regulation
1 year, 4 months ago

G20 summit 2023: Crypto market hopeful for constructive dialogue on global regulation

India TV News  

As world leaders are gathering in India to attend G20 summit 2023, the crypto market is hopeful for a dialogue on the revival of the industry with a common regulation in place. Under the leadership of India's presidency, the G20 countries are reportedly poised to introduce what could be recognised as the first-of-their-kind regulations governing cryptocurrencies and crypto assets worldwide. …

Crypto issue requires immediate attention, says FM Sitharaman
1 year, 8 months ago

Crypto issue requires immediate attention, says FM Sitharaman

The Hindu  

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister Nirmala Sitharaman has said. Ms. Sitharaman was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at …

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala
1 year, 10 months ago

Moving towards regulation on Cryptocurrency under India\'s G20 presidency: Nirmala

Deccan Chronicle  

Bengaluru: Union Finance Minister Nirmala Sitharaman on Saturday said that the government is progressing towards regulation on Crypto Currency under India's G20 presidency. "Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors," she said. Speaking on the issue, …

Crypto needs an ‘international framework’: RBI Governor Das at G20
1 year, 10 months ago

Crypto needs an ‘international framework’: RBI Governor Das at G20

Live Mint  

RBI Governor Shaktikanta Das has once again pointed out that currently, there is risks associated with cryptocurrencies or crypto assets, and has mentioned that there is need for an international framework to deal with these risks. Das said, "there is now wide recognition and acceptance of the fact that cryptocurrencies, or crypto assets, or crypto products, or by whatever name …

IMF, FSB to flesh out crypto regulation in the wake of India’s push at G20
1 year, 10 months ago

IMF, FSB to flesh out crypto regulation in the wake of India’s push at G20

The Hindu  

The International Monetary Fund and the Financial Stability Board are set to formulate a technical paper in a bid to attain a coordinated global approach for the regulation of crypto assets as proposed by the Indian Presidency of the G20. The idea had found backing from U.S. Treasury Secretary Janet Yellen, who also mooted international cooperation to set high regulatory …

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto
1 year, 10 months ago

India Asks IMF, FSB To Prepare Technical Paper On Regulating Crypto

News 18  

India, which is currently holding G20 Presidency, has asked the IMF and Financial Stability Board to jointly prepare a technical paper on crypto assets, which could be used in formulating a coordinated and comprehensive policy to regulate them. In their entirety, the IMF’s discussion paper, the policy seminar and the joint IMF-FSB paper are expected to integrate the policy questions …

Banning private cryptocurrencies should be an option: IMF chief
1 year, 10 months ago

Banning private cryptocurrencies should be an option: IMF chief

Live Mint  

Banning private cryptocurrencies should be an option, said IMF Managing Director Kristalina Georgieva on Saturday, on the sidelines of a G20 meeting. "We have to differentiate between central bank digital currencies that are backed by the state and stable coins, and crypto assets that are privately issued," said IMF chief Georgieva. "On debt restructuring, while there are still some disagreements, …

The way forward on crypto regulations
1 year, 10 months ago

The way forward on crypto regulations

Hindustan Times  

The finance ministers and the heads of central banks of G20 countries gathered this past weekend for a crucial meeting that could lay the foundations of future of crypto regulations. Finance minister Nirmala Sitharaman indicated ahead of the meeting that on the agenda will be the need for a standard operating procedure of sorts, for which all participants will need …

G20 exploring cryptocurrency regulation, says India's Finance Minister Sitharaman
1 year, 10 months ago

G20 exploring cryptocurrency regulation, says India's Finance Minister Sitharaman

Firstpost  

Prime Minister Narendra Modi’s government has for several years debated drafting a law to regulate or even ban cryptocurrencies but has not made a final decision The Group of 20 big economies is exploring whether the group could collectively regulate cryptocurrencies, Finance Minister Nirmala Sitharaman said on Saturday. Given the sophisticated technologies involved with these virtual assets, countries must discuss …

Yellen moots global cooperation on cryptocurrency regulation
2 years, 1 month ago

Yellen moots global cooperation on cryptocurrency regulation

The Hindu  

United States’ Treasury Secretary Janet Yellen and Finance Minister Nirmala Sitharaman discussed issues relating to cryptocurrency regulation during her maiden official visit to India on Friday, with Ms. Yellen mooting international cooperation to set high regulatory standards for crypto assets and reduce the cost of cross-border payments. Ms. Yellen said India was a key part of the United.States.’ ‘friendshoring’ approach …

Countries to face ‘grey list’ in anti-terror crackdown on crypto
2 years, 2 months ago

Countries to face ‘grey list’ in anti-terror crackdown on crypto

Al Jazeera  

The Financial Action Task Force is planning to ramp up oversight of crypto providers, sources say. The Financial Action Task Force is preparing to conduct annual checks to ensure countries are enforcing anti-money laundering and terrorist financing rules on crypto providers operating in their jurisdiction, two sources with knowledge of the matter told Al Jazeera. The use of yearly reviews …

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA
2 years, 7 months ago

Cryptocurrencies Akin to 'a World of Carribean Pirates' in Absence of Regulation: CEA

News 18  

Chief Economic Adviser V Anantha Nageswaran on Thursday said cryptocurrencies are akin to ‘a world of Carribean pirates’ in the absence of a centralised regulatory authority and is yet to pass the test of a fiat currency. He said that the government is pursuing a ‘high-wire balancing act’ to ensure that the gains in growth, inflation, rupee stability of the …

Global crypto regulation body likely in next year, top official says
2 years, 7 months ago

Global crypto regulation body likely in next year, top official says

The Hindu  

Global market regulators are likely to launch a joint body within the next year to better co-ordinate cryptocurrency rules, a senior watchdog official has said. The collapse of so-called 'stablecoin' TerraUSD saw the chairman of the Senate Banking Committee on Wednesday urge U.S. lawmakers to toughen up crypto regulations, while bitcoin has also slumped nearly 20% this week. Alder said …

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change
2 years, 11 months ago

Budget 2022: Cryptocurrency sector riddled with bottlenecks; time to bring policy change

Firstpost  

Union Budget 2022-23: The finance minister should consider formulating policies to leverage growth from emerging technology such as blockchain tech which serves as the backbone of crypto The cryptocurrency sector in India is riddled with regulatory bottlenecks which makes it challenging to operate retail businesses. Given that crypto exchanges will have to undertake operations to keep markets from turning illiquid, …

As of 2021, Over 50 Countries Have Bans on Cryptocurrency
3 years ago

As of 2021, Over 50 Countries Have Bans on Cryptocurrency

News 18  

Cryptocurrencies gained extraordinary popularity in 2021. In May 2021, the Asian country decided to ban Chinese financial institutions from providing services relating to cryptocurrencies. According to the Law Library of Congress report of November 2021, 51 countries have taken the step of banning cryptocurrencies, either implicitly or absolutely. In its report, the Law Library of Congress lists 103 countries that …

Why regulating cryptocurrencies is a big challenge for govt | OPINION
3 years, 1 month ago

Why regulating cryptocurrencies is a big challenge for govt | OPINION

India Today  

Much has been debated over the cryptocurrencies that has posed a significant regulatory challenge to policymakers. As free people of free nations, one is free to buy anything that they want with their tax-paid money, and hence people are free to buy cryptos. But why did the rest of the world give credence to such a currency, to the extent …

Regulation, not ban: on cryptocurrencies
3 years, 1 month ago

Regulation, not ban: on cryptocurrencies

The Hindu  

Eight years after the RBI issued its first advisory cautioning holders of virtual currencies about the potential financial and security risks, and two years after drafting a Bill to ban cryptocurrencies, the Government is set to introduce legislation that would, if passed, officially proscribe such currencies. Prime Minister Narendra Modi had in a video address to the Sydney Dialogue earlier …

Nigeria’s crackdown on Bitcoin echoes global crypto conundrum
3 years, 9 months ago

Nigeria’s crackdown on Bitcoin echoes global crypto conundrum

Al Jazeera  

The backlash against a Nigerian central bank directive on cryptocurrencies echoes a dilemma facing governments around the world: how to regulate Bitcoin and other cryptocurrencies without stifling innovation. Lagos, Nigeria – When the Central Bank of Nigeria issued a circular in early February warning banks and financial institutions that “facilitating payments for cryptocurrency exchanges is prohibited” and that they needed …

Cryptocurrency has the power to revolutionise a corrupt banking system
4 years, 2 months ago

Cryptocurrency has the power to revolutionise a corrupt banking system

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Since the late 90s, thousands of …

Discover Related