to cryptocurrencies having a negative attitude towards International Monetary Fund (IMF), He said they did not want to impose a direct ban.
Speaking to Bloomberg ahead of the G20 Finance ministers’ meeting in Bengaluru, India IMF chief Kristalina Georgievastated that they would prefer to differentiate and regulate instead of imposing a direct ban on cryptocurrencies.
“We are in favor of regulating the digital money world” said the IMF chief, adding that this is their top priority.
Bitcoin (BTC) Stating that there are many ideas about the nature of cryptocurrencies, Georgieva continued her speech as follows:
“Our initial goal will be to differentiate between government-backed central bank digital currencies and publicly traded crypto assets and stablecoins.
Because fully-backed stablecoins create a pretty good space for the economy, unsupported cryptoassets are not money because they are speculative, high-risk.”
Citing an article on global crypto regulatory rules, the IMF chief argued that cryptocurrencies cannot be considered legal currency either because they are not supported.
Finally, the IMF chief said that they will continue to monitor cryptocurrencies, adding that if they start to pose a greater risk to financial stability, the option to ban crypto should remain on the table.
*Not investment advice.
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