No Plans to Ban Crypto, Says IMF

No Plans to Ban Crypto, Says IMF

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Amid the intense crypto regulations by regulators of different countries, doubts have surfaced in the community on whether the world’s financial agencies are looking to ban crypto.

The India IMF Managing Director Kristalina Georgieva in a recent G20 finance meeting in Bengaluru, spoke about how the International Monetary Fund views crypto, and contrary to the worries of some crypto enthusiasts, the IMF have no plans to ban cryptocurrency, instead, it will regulate it.

“We are very much in favor of regulating the world of digital money,” and this is a top priority, Georgieva said in the meeting.

In an interview with Bloomberg, when asked about the possible ban on cryptocurrencies, Georgieva responded that there are still discussions regarding the classification of cryptocurrencies, she’s quoted saying;

“Our first objective is to differentiate between central bank digital currencies that are backed by the state and publically issued crypto assets and stablecoins.”

 She furthered that fully backed stablecoins create a “reasonably good space for the economy,” unlike non-backed crypto assets that are speculative, have high risk, and not money, she posited.

Crypto assets can not be legalized because they’re not backed, she added while citing a recent paper recommending global standards.

She however furthered that good regulation, predictability, and consumer protection would be a better alternative, therefore, banning crypto is likely not to be considered.

She was questioned on what could likely lead to a total ban on crypto, according to her, the inability to protect consumers would be a leading reason.

Both the Bank of International Settlements as well as IMF are in collaboration to prepare and release a proper framework for crypto regulation before the end of this year.  

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