States should adhere to the policy of regulating cryptocurrencies, because if they are banned, the authorities will completely lose control over the digital asset market, as stated by the chief economist of the IMF Gita Gopinath at the conference of the National Council for Applied Economic Research (NCEAR).
According to Gopinath, it is impossible to completely ban cryptocurrencies due to the fact that their users can use decentralized tools that are not subject to any legal rules and regulations. She said:
“Many exchanges are offshore and do not obey the rules of a particular country.”
The IMF announced in early December that Gita Gopinath would take over as First Deputy Managing Director Geoffrey Okamoto. She will be the first woman to hold this post.
Reuters reported on December 16 citing its own sources that the Bank of Russia wants to ban crypto investments in the country. The regulator claims the growth in the number of crypto transactions carries risks for financial stability.