IMF suggests coordinated, consistent & comprehensive global crypto regulation

 The deputy director and assistant director of the International Monetary Fund (IMF) suggested an international regulatory framework.

The International Monetary Fund (IMF) is an international American agency and also an international financial institution which is headquartered in Washington. This agency consists of 190 countries. The main mission of this agency is to “work to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth in the world. 

Recently Aditya Narain, deputy director of the department of IMF Monetary and Capital Markets, and Marina Moretti, assistant director of IMF department, shared research & analysis about the need for an international regulatory framework to ensure the safety of crypto investors. 

According to IMF officials, the international regulatory framework should be coordinated, consistent & comprehensive.

“(Global Crypto regulatory framework should be) (1) coordinated, so it can fill the regulatory gaps that arise from inherently cross-sector and cross-border issuance and ensure a level playing field; (2) consistent, so it aligns with mainstream regulatory approaches across the activity and risk spectrum; and (3) comprehensive, so it covers all actors and all aspects of the crypto ecosystem.”

IMF officials noted that such a regulatory approach will help to boost the confidence of crypto investors. 

Narain and Moretti asserted that the crypto regulation framework in different countries follows different kinds of policies. In particular, they said that there are those countries where the use of crypto or even holding is prohibited strictly but opposite of this there are countries where governments are welcoming this industry as a useful financial tool.

In this way, the IMF agency asserted that there is no full clarity & agreement among all the countries toward the crypto space and this is keeping a significant portion of the population away from crypto & vice versa.

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